Where to save after tax $? IRA, 529, or brokerage taxable account?
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Anonymous
| We are in our fifties and have 2 kids to get thru college. We have the 529 half funded for 4 years college. We fully funded our work related 401K and retirement plans. We have excess $ from divendends and capital gains. I'd like to avoid taxes until we get into retirement. Can we each fund an IRA (our total income is around $250k) for $6500 each at our brokerage? Or should we instead fund 529? These would be with after tax $. I don't think we are eligible for Roth otherwise i would do that. |
Anonymous
|
You can still do a Roth through the backdoor:
http://www.bogleheads.org/wiki/Backdoor_Roth_IRA |
Anonymous
| Boglehead has a nice chart on its wiki about the best order to fund savings vehicles. I believe it's 401k, then IRA, then 529, then low dividend mutual funds. |
Anonymous
| Thanks! i did the backdoor roth for 2013 for both us. Wasn't that difficult after all! Will do for 2014 as well. |
Anonymous
| Can pp link to the bogle heads order page? I tried searching and couldn't find it. |