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Question about retirement as new attending

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  • Question about retirement as new attending



    Recently just finished residency and am a new attending. My question is about the amount I'm allowed to contribute to my retirement for the remainder of this year 2017.  My last year of residency I contributed about 7,000 to a 403B, most of which was a roth. Now that I am an attending with a much higher salary, am I allowed to contribute the 5,500 to a newly opened ROTH IRA at vanguard that I opened on my own, even though I contributed 7,000 into the roth 403b During residency? I don't anticipate being over the maximum of 133,000 income for the short time between now and December


    Thanks for your help!

  • #2
    the 403b and IRA are separate. so you get 18K to the 403b, and 5500 to the IRA.


    • #3
      You can contribute $5500 to your Roth IRA.  It is separate.

      The $7000 in the 403b will aggregate with any other 403b, 401k, or Simple IRA/401k to a limit at your age of $18000/year.  It doesn't matter Roth or not for the $18000 limit.



      • #4
        Go ahead and do both. Next year, contribute to the Roth account via the backdoor.

        The title had me wondering if you were contemplating retirement already. Podiatrists must be making a killing!


        • #5
          If you're single and your Modified Adjusted Gross Income is less than $118,000 or married filing jointly and your Modified Gross Adjusted Income is less than $186,000; then, yes you can put $5,500 into your Roth IRA and if you're married your spouse can do likewise.

          If your Modified Adjusted Gross Income is higher than these income thresholds, you will need to do at least a partial Backdoor Roth.