The answer to this question depends on the following items:
• Do you want to contribute to a Roth IRA or Traditional IRA?
• What is your income level?
• Will the contribution qualify for a tax deduction?
• Are you currently eligible to participate in a 401(k) plan?
• Is your spouse covered by a 401(k) plan?
• If you have the choice, should you contribute to the 401(k) or IRA?
• Advanced tax strategy: Maxing out both and spousal IRA contributions
Video for Backdoor Roth Contributions:
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
What if I changed jobs and had a 401k until April. My new position does not have a 401k .
Married joint / over $120k combined / spouse has 401k. Can I contribute to a traditional 401k? If it matters both over 60.
@ 8:20 Roth IRA coupled with 401(k) is generally a superior over just a 401(k). @ 9:30 Advanced Tax Strategy: spouse should favor Roth IRA over traditional IRA since 401(k) contributions can be traditional. Roth IRA generally superior to traditional IRA.