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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.[/quote]

My sister worked in law firm accounting and she said half of the lawyers contributed ZERO to their 401K. This was about 10 years ago. [/quote]

Ok this is really interesting.

A buddy of mine works in Big Law in NYC (top 50 firm). His firm does no matching on 401K contributions. He’s not a partner and makes $300K salary + bonus.

His firm offers the ability to do a Mega Backdoor Roth. He called the HR investment services to set it up. They told him he’s the second person in the entire firm that was taking advantage of the Mega Backdoor Roth. It blew his mind, because he’s definitely no where near the highest paid people at the firm and he would’ve expected “savvy” Big Law lawyers to take advantage of the benefit. You should be maxing money in a mega backdoor Roth before you put $1 in a brokerage account.

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So he doesn’t save in a 401k than can allow for you to put 22k away roth (with no income limits) to only save $7k in an IRA that needs to be converted? 
Um ok. Should probably consult a financial planner for direction but sure HES PUTTING MONEY IN A MEGA BACKDOOR ROTH omg. [/quote]

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