How much do you have in your Roth IRA?

[Anonymous]

Curious what others on this board have in this account? I’m sure I am on the low end at 200k.

[Anonymous]

Roth? Zero. Never made under the income limit and back door felt like too much work.

[Anonymous]

I love when people come on here and assume that it's just full of people in their same financial situation and ask these very broad questions as though it will be an apples to apples comparison.

OP, I have like 20k in a Roth I opened while I was in grad school because I didn't want to get too far behind on retirement savings while delaying the start of my career. But then I wound up in jobs with generous 401k matches, plus bought into some Vanguard funds independently, then married someone with a pension. I wound up reducing my Roth contributions to focus on those other investments and eventually stopped contributing. I am just starting up again now (in my mid-40s) because I am self-employed after years of working in jobs with full benefits. So yes, my Roth is paltry but I have very sizable other retirement funds plus am married to someone with a pension that will vest soon AND additional 401k and other retirement investments. So I don't really stress about my tiny Roth and am actually still glad I set it up for myself way back wen because it has grown a bit and now it's ready to go as I enter a new phase.

Lots and lots of ways to skin this cat.

[Anonymous]

Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.

+1

I exceeded the income limit for this stupid program the same year I started working. Ridiculous

[Anonymous]

Abut $270K.

[Anonymous]

Roth IRAs is a stupid program? I guess for people w ample government pensions and fat 401-ks it may seem frivolous. Have about 130k in the Roth, considerably more in Traditional IRAs. As you get older, retired, and closer to RMD age you realize the importance of the Roth. NO RMDs and they can be passed on to heirs with no Tax liability for them. Just another type of bucket to draw upon in retirement with no Tax consequence. Great vehicles for estate planning purposes. I will continue to do Roth conversions when the stock market dips.

[Anonymous]

I have $1.5M (45) and dh has $500k (46). I do not have a separate 401k. Dh has $350k in a 403b and 25k in a 457b, plus a pension that if he stopped working now would pay out (at 65) $28k/ year

[Anonymous]

Anonymous wrote:

Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.

+1

I exceeded the income limit for this stupid program the same year I started working. Ridiculous

how lucky you are!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.

+1

I exceeded the income limit for this stupid program the same year I started working. Ridiculous

+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.

[Anonymous]

I have 50k. Used the back door option to fund it a while ago but then stopped adding to it, too much hassle

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.

+1

I exceeded the income limit for this stupid program the same year I started working. Ridiculous

+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.

You mean... most people? the income limit is 144k for one person or 214k for a couple, and is going up in 2023. How much do you think most people make? Most people even in white collar jobs will not exceed those income limits in their lifetime.

Some of you are deranged. Or trolls. Do you actually think MOST people start making more than 150k in their first job and then just go up from there? Bananas.

[Anonymous]

Not helping low income either. Didn't have any extra left to put there for years. I have money in investment accounts but since my taxes are super low, not too exited about Roth.
Will put money in there slowly and to leave to my kids. Easy to leave as an inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.

+1

I exceeded the income limit for this stupid program the same year I started working. Ridiculous

+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.

Not true at all. My employer and my DHs both have a mega Roth program. We contribute over 50k/yr in addition to maxing out our 401ks. I’m pretty excited to be able to drive my tax bracket down for many of my retirement years.

[Anonymous]

I'm 37 and have like $20k in my Roth. I have a TSP and FERS for myself, though, and 529s for kids. I also make over the income limit so am limited to backdoor contributions. I've only done it a couple of years. I just haven't prioritized it. Meh.

[Anonymous]

I'll play. The below is for DH and me.

My IRA: $28K- started contributing the year I became a SAHP. I couldn't contribute the max that year because my earned income + DH's put us into the zone of reduced contributions, but I've maxed every year since.
DH's IRA: $13.8K- started contributing the end of last year when DH realized he could. We reduced the 401K contributions so he's getting enough to get the employer match plus the max IRA contribution.
TSP: $400K
401K: $640K