The 2023 contribution limits for 401k/403b/457 plans and Traditional/Roth IRA will go up substantially due to high inflation.
A 401(a) plan allows additional contributions on top of 401(k), 403(b), and 457 plans.
A taxable account should still be the last resort. Max out all tax-advantaged accounts before investing in a taxable account.
You still have good access to your money before age 59-1/2 when you do the after-tax 401k or 403b rolled over to Roth IRA.
You can still take advantage of non-Roth after-tax 401k or 403b contributions even if it will make your paycheck very small.
Even if your plan does not allow in-service distributions, chances are you should still make non-Roth after-tax contributions. Just wait until you change jobs and roll them into a Roth IRA.
If your 401k/403b plan cooperates, you can put up to additional $35,000 per year into your Roth IRA. Find out if you are lucky or not.
The news media, Internet discussion boards and Twitter are full of protests about two things in President Obama’s budget proposal, leaked to the press before its official release: chained CPI for Social Security and cap on retirement accounts. First of all, these are only proposals. The President does not make law. The proposals get fed […]
Happy New Year! News came that Congress passed a fiscal cliff deal, official known as the American Taxpayer Relief Act of 2012. Whether you like it or not, that’ll be the law for now. Rather than doing a run-down for what’s in it, which I’m sure you read everywhere, I will look at one item […]