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  • New attending

    Hello members,

    This is my forst post in Whitecoat investor. Have been following the threads for sometime.

    I am a new attending starting July this year.

    - I am contributing 18k to  401k with minimal contributions from group.

    -I invested 5500 into the Traditional IRA 2 years ago on which  I took a deduction. Its value now is 2500.(losses in shares)

    I am exploring Backdoor Roth IRA and wanted to ask how should I proceed and if it will be a good idea to consider backdoor Roth?

    Thanks

     

  • #2
    Sorry your Roth is down so much. That's rather surprising considering what the market has been doing, even though 2015 was flat.

    It's difficult to recommend whether a backdoor Roth is appropriate without knowing much more about your financial situation, resources, and goals. Given the drastic change in your finances and the half-year split in income, some financial planning may be worthwhile. I also recommend you read the 2013 version of Simple Wealth, Inevitable Wealth. Applying the information in it would have prevented your Roth slide - fortunately, it's "only" a couple thousand rather than with more zeroes.

    Additional resources:

    Financial Guide for New Attendings

    What is a Backdoor Roth IRA?

    PS - a hearty welcome to the forum!
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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