Hello all,
2 years into practice, trying to understand my retirement contribution limits and our sponsoring financial institution is of little help.
About me:
With most of my disposable income going to aggressively pay off my loans before opening 529's next year, I am also trying to maximize my employer plans which include:
My questions:
Thanks in advance, much appreciated advice for a novice.
2 years into practice, trying to understand my retirement contribution limits and our sponsoring financial institution is of little help.
About me:
- Early thirties, surgical specialist, family of four, spouse at home
- Base salary: $800k+; bonuses/teaching/ancillary income: ~$150-200k
- Student loans: refinanced ~$500k @ 3.115% in March '17, aggressively paying, now down to $200k with goal to pay off by 7/1/18
With most of my disposable income going to aggressively pay off my loans before opening 529's next year, I am also trying to maximize my employer plans which include:
- Pre-tax 403(b): $18,000
- Post-tax 403(b): $18,000
- 457(b): $18,000
- 401(a) employer contribution: $16,824
My questions:
- Can I safely maximize contributions to all three accounts (pre-403b, post-403b, 457b) without exceeding limits?
- Is a "Post-tax 403(b)" plan the same as a Roth 403(b)?
- If I max a Roth 403(b), can I still open a traditional IRA and perform backdoor Roth conversion?
- Can I still open a spousal IRA and perform backdoor Roth conversion?
- Any advantage to superfunding 529's this year ($70,000 x 2) rather than paying an additional $150,000 toward my loan burden next month?
Thanks in advance, much appreciated advice for a novice.
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