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Reply to "Anyone have a 401k and a MEGA Roth at work?"
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[quote=Anonymous][quote=Anonymous]This is not a mega roth.[/quote] Yes it is. We have one too. OP, no, it is not too good to be true. It is a great tool to beef up your retirement. Here is how it works. We are allowed up to 53k into retirement contributions. 18,500 comes from me pre tax, employer contributes 10k I to my 401k, pre tax. We then can contribute $24,500 into our mega roth via our 401k of post tax income and yes, then it gets converted by my own personal FA into a backdoor roth. It is complicated. However, if you have the money to do it, you can, like me, end up contributing 53k/yr into retirement in your 30s/40s wich will pay tremendous returns. My wife has only a 401k, with an~8k employer contribution, so we are saving at a clip of $79,500/yr for retirement. I absolutely see a poi t in time where we no longer need to contribute before we even hit retirement age.[/quote]
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