What are you doing- Roth or Traditional 401k??
(I live in NYC now, will probably retire elsewhere, but am not sure the tax benefit will be that substantial.)

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A1, there is no income cap on traditional 401k. You have your retirement accounts mixed up, there is a cap on IRA account above which there is no tax advantage and it makes sense to do a backdoor conversion to a Roth because you can't directly contribute to the Roth IRA with that income. If that is the case, you most definitely should be contributing to a traditional 401k instead of the Roth.

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OP: unless your marginal tax rate is 15%, you should contribute to a traditional 401k. If you think you will be earning enough to ever exceed the income limits for an IRA (which you probably will if you stay in this industry) then I would only ever make Roth IRA contributions so as to not run into the Pro Rata rules years in the future.

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Both

There is a cap for traditional 401k so there isn't much benefit if you hit that ceiling. I only do Roth

Income* cap

@SMs oh sorry, thought they were asking about IRA!

Thanks SM1- really helpful

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