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Reply to "What to do with an extra $750K?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] I always max out the tax advantaged savings accounts first--IRAs, 529s, etc.[/quote] NP. Would it make sense to contribute to a traditional IRA if it is non-deductible? As opposed to putting extra $ in a brokerage account? Last year, one spouse did a backdoor Roth IRA, but the other spouse did not contribute to an IRA because that spouse had pre-tax money in other IRA accounts. [/quote] The benefit of the traditional IRA is that the money grows tax-free. So yes, it still makes sense to max those out each year before putting extra money in a taxable brokerage account. Of course, if you need to access the money quickly, then you'd have to look at other options besides an IRA and all of those are taxable. But with a windfall like this, there's plenty of money to put aside for retirement and still have money left for short-term expenses.[/quote]
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