https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 11 Apr 2026 18:10:48 +0000 https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1210248 Tue, 12 Nov 2013 09:16:48 +0000 MsLipGloss 1210248@https://boards.hellobee.com/ <p>@MamaMoose: @sunny: Thank you lovelies so much for sharing. And yeah, I would not attempt any financial gymnastics without help! </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209706 Mon, 11 Nov 2013 21:07:38 +0000 BSB 1209706@https://boards.hellobee.com/ <p>Ok, I only have a 401k but I wish I had more in there. I was only putting about 4% of my income in there for the past 6 years that I've had a job. I know I can't contribute my own money to my 401k so I... 1) already increased my contributions and set an auto increase 2) plan to open up an IRA. </p> <p>But... That's all I know. </p> <p>As for traditional or Roth... I need to do some research. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209643 Mon, 11 Nov 2013 20:20:49 +0000 littlek 1209643@https://boards.hellobee.com/ <p>@MamaMoose: okay.. I'm a CPA but I specialize in<br /> Corporations.. I'll see if I can find someone in my that can help.. :) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209580 Mon, 11 Nov 2013 19:38:14 +0000 MamaMoose 1209580@https://boards.hellobee.com/ <p>@littlek: @MsLipGloss: .... @sunny: described exactly what I would suggest as a work around. But you DEFINITELY want to do this with the assistance of a financial advisor and a CPA </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209549 Mon, 11 Nov 2013 19:24:24 +0000 littlek 1209549@https://boards.hellobee.com/ <p>@MamaMoose: can you share with me too? </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209541 Mon, 11 Nov 2013 19:21:47 +0000 littlek 1209541@https://boards.hellobee.com/ <p>@MamaMoose: yes we don't qualify for Roth. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209540 Mon, 11 Nov 2013 19:20:51 +0000 sunny 1209540@https://boards.hellobee.com/ <p>@MamaMoose: @MsLipGloss: If your income is too high to contribute to a Roth directly, you can still contribute via a "back door" method to a Roth though it isn't simple.</p> <p>Since anyone can contribute to a traditional IRA (though higher incomes cannot deduct taxes) and income limits for IRA conversions were removed, basically anyone can contribute to a traditional and then immediately covert to a Roth.</p> <p>However, there are tax implications. I found an article that explains it: <a href="http://www.forbes.com/sites/josephsteinberg/2012/12/12/warning-about-roth-ira-conversions-often-misunderstood-irs-rule-can-cost-you-money-and-aggravation/" rel="nofollow">http://www.forbes.com/sites/josephsteinberg/2012/12/12/warning-about-roth-ira-conversions-often-misunderstood-irs-rule-can-cost-you-money-and-aggravation/</a></p> <p>I suppose once you have maxed out your IRA and 401k you just start saving in a non tax advantaged account. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209537 Mon, 11 Nov 2013 19:19:51 +0000 MamaMoose 1209537@https://boards.hellobee.com/ <p>@MsLipGloss: leaving for a dinner meeting. I'll text you tonight with some guidance. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209514 Mon, 11 Nov 2013 19:11:26 +0000 MsLipGloss 1209514@https://boards.hellobee.com/ <p>@MamaMoose: what do you do when you can't contribute to an IRA/Roth IRA? just max out your 401k? That has been my plan for the last couple of years . . . </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209503 Mon, 11 Nov 2013 19:05:19 +0000 MamaMoose 1209503@https://boards.hellobee.com/ <p>@sunny: is exactly correct. </p> <p>However @littlek: forgive me for being presumptuous but from what I can tell you and your husband do pretty well financially. It's possible your income level is high enough that you are ineligible to contribute to a Roth. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209492 Mon, 11 Nov 2013 18:53:47 +0000 Raindrop 1209492@https://boards.hellobee.com/ <p>@sunny: Ditto to what Sunny said. :) Sunny = One smart cookie... or sun in this case. :) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209429 Mon, 11 Nov 2013 18:23:05 +0000 twodoghouse 1209429@https://boards.hellobee.com/ <p>We max out my husband's 401K and both our Roth IRAs. I'm in a branch of local government so I'm enrolled in a pension program instead of the traditional 401K. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209402 Mon, 11 Nov 2013 18:05:31 +0000 Adira 1209402@https://boards.hellobee.com/ <p>We have both (traditional 401k and roth IRAs) and we max out both. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209376 Mon, 11 Nov 2013 17:42:02 +0000 littlek 1209376@https://boards.hellobee.com/ <p>@Mrs. Lemon-Lime: we max out our 401k contributions each year </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209355 Mon, 11 Nov 2013 17:22:47 +0000 Mrs. Lemon-Lime 1209355@https://boards.hellobee.com/ <p>@littlek: what do you mean by fully funded 401k?</p> <p>I had an IRA prior to us getting married and would regularly max out what I could put in it. Now that we are married we both contribute more than what our company match. I still contribute to my IRA, but just not the max. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209348 Mon, 11 Nov 2013 17:19:33 +0000 sunny 1209348@https://boards.hellobee.com/ <p>I have a traditional 401k and a Roth IRA. I think there is value in having both since it's a way to shelter more of your money from taxes, either now or in the future.</p> <p>I think the priority order for contributions should be something like this, provided you don't have debt to pay off. </p> <p>1. 401k up to company match<br /> 2. Max out a Roth IRA<br /> 3. Max out 401k </p> <p>If you have high interest debt, it gets a bit more complex. I would think you might want to pay off consumer debt either before step 2 or 3 but I'm not sure. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209324 Mon, 11 Nov 2013 17:10:44 +0000 mlm2934 1209324@https://boards.hellobee.com/ <p>@lisa1783: just to clarify whether you pay taxes now or later will depend on whether it's traditional (pre-tax) or Roth (after tax) IRA. Also Many 401k plans allow for Roth deferrals, but you'd have to check your plan to see if it does. (Sorry it's the retirement admin in me coming out) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209311 Mon, 11 Nov 2013 17:06:16 +0000 lisa1783 1209311@https://boards.hellobee.com/ <p>I guess it depends on what you think your income levels will be at retirement when you plan to cash out. With your 401k you'll pay taxes when you withdraw whereas for your IRA, you'll pay taxes now. So if you don't have a high tax rate now and can afford to put money away and you think you'll be in a higher tax bracket in the future, maybe it makes sense. Or if you've maxed out your 401k contribution this year but want to contribute more, then that's when you would open an IRA. But that's a great problem to have - I wish that were my case! ;) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209284 Mon, 11 Nov 2013 16:55:48 +0000 LindsayInNY 1209284@https://boards.hellobee.com/ <p>We do not and, per our financial adviser, will not have one. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209280 Mon, 11 Nov 2013 16:54:27 +0000 littlek 1209280@https://boards.hellobee.com/ <p>When we talked about it, I didn't see the point of both. But maybe I'm missing something. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209277 Mon, 11 Nov 2013 16:53:53 +0000 littlek 1209277@https://boards.hellobee.com/ <p>For those that have a fully funded 401k, do you have a IRA as well? DH is wanting to set up an IRA for me as well.. </p>