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

[bocephus]

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.

[Kamban]

HSA if high deductible health plan.

[jfoxcpacfp]

bocephus wrote:

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!