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Hello Experts , I have offer from Fidelity investments , currently serving NP , the hike outside is 75% , current company is also offering band progression with hike 15%. Please suggest is it good to stay at IBM or to join other company,considering coming recession too. Fidelity Investments IBM
Please help and suggest something.
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HSA should be further up the list. I would say the following
Get 401k match (pre or Roth dependent on client)
Max Roth (if able)
Max HSA
Max 401k ( again- pre or Roth)
Taxable investments
+1. This makes way more sense.
Generally those in a position to max their 401k won't have the option to make a deductible Trad IRA contribution. If they make less than the Roth limit you'd definitely go that route.
Otherwise what you have seems about right.
As a sort of follow up. Can a self employed/small business owner set up both a SEP IRA and a solo 401k? Trying to figure out a way to maximize deductible retirement contributions.
One or the other, but not both. Solo k gives you max sooner (lower required income).
In some states your spouse is a co-owner, so you can pay them a salary that goes into their solo k as well, but there are landmines there if they have a work plan too, so get a good CPA.
For example: I have a realtor client who's husband didn't have 401 at work so she pays him $30k/yr to"help with signage and staging. Then he puts the max in his account, then she matches 3%, and uses the profit share at tax time to drop another $7500 in.
What FA2 said.