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Been reading this blog a lot of last couple months and have learned a lot. Want to get some advice or how my plan looks and what I should do next.
My wife makes $125k a year and I make around $175k.
She has a 401k at work that we are now maxing out with an employer match of essentially 3%. So with max 401k and her employer match that is around $21,500 in her 401k a year.
I have a simple IRA at my work I am maxing out. It has to go into Morgan Stanley account first. I am then pulling it out to a Vanguard traditional IRA and investing in Vanguard Index funds. My match is also 3% so my totally a year should be $17,500.
So we have $39,000 going into tax deferred accounts. We are going to do a backdoor Roth in my wife's name since she has no IRA. That will be another $5,500.
My question is. If we have another $5-15k to invest what should we do? The balance on my work IRA will mean I will essentially be pro rata taxed on the entire $5,500. Should I go ahead and do backdoor IRA in my name also?
Should we max out HSA?
I might be able to do a solo 401k but I don't do a lot of consulting. Maybe once a year if that. I read about rolling over IRA to a solo 401k to avoid pro rata of backdoor. Vanguard solo 401k don't allow rollovers into them from Ira but I think I read somewhere that Fidelity does.
Thank you in advance for the advice. Love this site.
My wife makes $125k a year and I make around $175k.
She has a 401k at work that we are now maxing out with an employer match of essentially 3%. So with max 401k and her employer match that is around $21,500 in her 401k a year.
I have a simple IRA at my work I am maxing out. It has to go into Morgan Stanley account first. I am then pulling it out to a Vanguard traditional IRA and investing in Vanguard Index funds. My match is also 3% so my totally a year should be $17,500.
So we have $39,000 going into tax deferred accounts. We are going to do a backdoor Roth in my wife's name since she has no IRA. That will be another $5,500.
My question is. If we have another $5-15k to invest what should we do? The balance on my work IRA will mean I will essentially be pro rata taxed on the entire $5,500. Should I go ahead and do backdoor IRA in my name also?
Should we max out HSA?
I might be able to do a solo 401k but I don't do a lot of consulting. Maybe once a year if that. I read about rolling over IRA to a solo 401k to avoid pro rata of backdoor. Vanguard solo 401k don't allow rollovers into them from Ira but I think I read somewhere that Fidelity does.
Thank you in advance for the advice. Love this site.
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