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Reply to "Explain like I'm 5... maxing out retirement"
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[quote=Anonymous]I feel like I am smarter than this post will make me sound, but I cannot figure out what maxing out retirement means. Let's say I have access to four retirement vehicles: Traditional 401k through work Roth 401k through work Roth IRA Traditional IRA My income puts me out of the running for a Roth IRA, so I'm down to three options. I can put $6k into my Traditional IRA, right? Regardless of any 401k investments? Now where I'm really stuck... $20,500 is the maximum for the TOTAL of my traditional and Roth 401ks, right? Or can I contribute that in EACH? So if I'm understanding correctly, the absolute maximum I can contribute in a given year is $26,500? (for the sake of this question let's ignore Backdoors, that feels like a problem for another day...)[/quote]
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