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Too much in taxable - am I missing any tax-advantaged opportunities?

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  • Too much in taxable - am I missing any tax-advantaged opportunities?

    Good morning,

     

    I am a newly minted academic attending, single, living like a resident and saving a total of about 180K/year in the following accounts, which are all maxed out (I think):

    Backdoor Roth IRA: 5500

    457: 18000

    403(b): 18000

    401(a): 30000 (all contributed by employer. I don't see any option to add to this but haven't specifically asked).

    This leaves about 110K/year in taxable, which is sub-optimal for both tax and liability reasons. Am I missing anything? Do I have any more room in tax-advantaged accounts? Should I see if I can personally add more to the 401(a)?

     

    I really appreciate any advice.

  • #2
    HSA if high deductible health plan.

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    • #3




      I am a newly minted academic attending, single, living like a resident and saving a total of about 180K/year in the following accounts, which are all maxed out (I think): Backdoor Roth IRA: 5500 457: 18000 403(b): 18000 401(a): 30000 (all contributed by employer. I don’t see any option to add to this but haven’t specifically asked). This leaves about 110K/year in taxable, which is sub-optimal for both tax and liability reasons. Am I missing anything? Do I have any more room in tax-advantaged accounts? Should I see if I can personally add more to the 401(a)?
      Click to expand...


      I know! Whole life insurance and a variable annuity.

      Not.

      Be sure you have adequate umbrella insurance, disability, term life, P&C, liquidity (MMA) for short-term goals and then continue adding to the taxable. You'll be glad you did one day.

      ps - great job!
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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