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Reply to "401k plan is being terminated, what are my options "
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[quote=Anonymous][quote=Anonymous]If your spouse makes more than $228,000 you can't contribute to an IRA and get a deduction, even if your employer doesn't offer a 401k. https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work I'd do a Roth, and if your income is too high for a Roth, I'd max out your spouses retirement and then do a brokerage account since it offers so much flexibility. (Capital gains taxes are much lower than income taxes, and if you are forced into early retirement you can access the money without penalty. Also, no RMDs.)[/quote] we file jointly and will be over 228K, so I assume no tax advantages. Ugh this sucks.[/quote]
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