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Hi,
I have joined ACTI a month back in Kolkata in L9. I wanted to opt for Company Car Lease policy just to save TAX but finding it too complicated.
I had raised queries to payrole and they have replied with a suggestion to think twice before opting for this benifit.
What do you all suggest, who have already opted for it?Accenture
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Personal brokerage accounts + investments (mostly VTSAX).
Roth IRAs.
Mega Backdoor Roth (allowed through my company plan).
HSA (max out each year but do not spend any of it yet).
For us (married with 2 kids, HCOL city and not homeowners/not sure where we'll settle/retire, since we're immigrants), 401(k)s alone would be wholly inadequate to get to the amount we think we'll need. If we knew for sure where we'd want to be, we'd look at property for the long term, but we don't.
@SC1, a mega Backdoor Roth is tied to your workplace 401k. Not all plans have it. Check with your company.
If you DO, it's an amazing thing to take advantage of, if you are prioritizing retirement savings.
Basically, it allows you to contribute up to an extra $37k, after your 401k limit ($19k or whatever it is now), and that money can either be in a Roth IRA or a Roth 401k. So you're putting aside $56k a year for retirement.
I discovered it a few years ago (it's in Google's plan), and have maxed it out the last 2-3 years. It's 100000% worth it to me to trick myself that I have less money now to allow it to compound for my retirement.
Chief
I have a folder full of first edition holographic Charizard cards.
My 6 year old would kill you for them 😂
Roth IRA!
My partner and opened a Vanguard account where we put money every month into a target retirement fund. It's the lowest risk, lowest cost way of investing. We're not picking individual stocks or timing when to buy and sell, and we have accumulated almost half a million in the past five years.
Rental properties, Roth IRA.
Aside from 401K, Roth IRA and beokerage, for mmme and my husband, it's Frugal living, saving up a lot of money and investing them.