Anonymous
04/10/2023 19:33
Subject: How much do you have in your Roth IRA?
50K at 39. I started contributing also to my Roth TSP through work. I opened the Roth prior to joining the govt.
Anonymous
04/10/2023 19:28
Subject: How much do you have in your Roth IRA?
I'm 37, I have 250k. I've been actively doing conversions to move all my money to Roth and have another 80k to go over the next couple of year. The plan eventually is to live off my spouses pension and pre tax 401k, hopefully never touch the Roth and let the kids inherit tax free.
Anonymous
04/10/2023 19:02
Subject: How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:why is everyone focused on the income limits when anyone could've converted an old traditional IRA into a ROTH? I converted about 90K in 2016 I now have 440K in the account. I invest it completely differently than my regular accounts, more aggressive, individual stocks, shorting, Puts and Calls. I have a pension and 7 figure regular IRAs and 401k, I looked at the ROTH as a way to diversify tax streams. I hope to retire and just use the ROTH for income. I am 48 this month.
I have been told Roth is the last thing you should use since there is no minimum distribution.
PP here usually that would be the case. i think my Roth will out grow my other IRAs it could be a scenario where I take RMDs and nothing else from my regular IRAs. I could use up the ROTH over a 20-30 year period and just let my heirs worry about the tax on the regular IRAs
Anonymous
04/10/2023 14:45
Subject: How much do you have in your Roth IRA?
~200K my Roth IRA and ~150K in DH. All of this through Mega Backdoor Roth and Traditional Roth IRA ($6K per person per year).
My DH now has access to Deferred Comp Plan, and we are contemplating deferring 50% of his income to minimize taxes. We have 600K HHI and taxes are significant. Will likely do more DCP + continue maxing 401K, and if anything is left over by Oct or so then add to 529 or Roth
My DH now has access to Deferred Comp Plan, and we are contemplating deferring 50% of his income to minimize taxes. We have 600K HHI and taxes are significant. Will likely do more DCP + continue maxing 401K, and if anything is left over by Oct or so then add to 529 or Roth
Anonymous
04/10/2023 14:04
Subject: How much do you have in your Roth IRA?
Anonymous wrote:why is everyone focused on the income limits when anyone could've converted an old traditional IRA into a ROTH? I converted about 90K in 2016 I now have 440K in the account. I invest it completely differently than my regular accounts, more aggressive, individual stocks, shorting, Puts and Calls. I have a pension and 7 figure regular IRAs and 401k, I looked at the ROTH as a way to diversify tax streams. I hope to retire and just use the ROTH for income. I am 48 this month.
I have been told Roth is the last thing you should use since there is no minimum distribution.
Anonymous
04/10/2023 13:57
Subject: How much do you have in your Roth IRA?
why is everyone focused on the income limits when anyone could've converted an old traditional IRA into a ROTH? I converted about 90K in 2016 I now have 440K in the account. I invest it completely differently than my regular accounts, more aggressive, individual stocks, shorting, Puts and Calls. I have a pension and 7 figure regular IRAs and 401k, I looked at the ROTH as a way to diversify tax streams. I hope to retire and just use the ROTH for income. I am 48 this month.
Anonymous
04/10/2023 09:03
Subject: Re:How much do you have in your Roth IRA?
28,000 via back door and started last year allocating some to the TSP Roth. What do people thing of TSP Roth option?
Anonymous
04/09/2023 23:49
Subject: Re:How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.
+1
I exceeded the income limit for this stupid program the same year I started working. Ridiculous
+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.
Not true at all. My employer and my DHs both have a mega Roth program. We contribute over 50k/yr in addition to maxing out our 401ks. I’m pretty excited to be able to drive my tax bracket down for many of my retirement years.
Us to. We have about $700k in our Roth from mega back door contributions. Plan to retire early and draw from it tax free and not counted as income so we can qualify for ACA subsidies.
Same here. will start drawing on it at 59.5 and will report no income and get subsidies to cover us until 65. Any extra medical expenses will come from our HSA that we’ve also been contributing for years. That is also not counted as income.
I don’t know what these people are talking about. I love the tax posture roth will be giving us.
AMEN. This is a key element in an early retirement scenario if you have any meaningful health needs (which many people, by late 50s, do).
Anonymous
04/09/2023 22:15
Subject: How much do you have in your Roth IRA?
Op here. Thanks for the responses everyone. I read about many doing the back door option, so I assumed it was fairly common. That method does strike me as complicated. In the end, it is nice to have one investment where you do not have to worry about paying taxes.
Anonymous
04/09/2023 22:15
Subject: Re:How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.
+1
I exceeded the income limit for this stupid program the same year I started working. Ridiculous
+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.
Not true at all. My employer and my DHs both have a mega Roth program. We contribute over 50k/yr in addition to maxing out our 401ks. I’m pretty excited to be able to drive my tax bracket down for many of my retirement years.
Us to. We have about $700k in our Roth from mega back door contributions. Plan to retire early and draw from it tax free and not counted as income so we can qualify for ACA subsidies.
Same here. will start drawing on it at 59.5 and will report no income and get subsidies to cover us until 65. Any extra medical expenses will come from our HSA that we’ve also been contributing for years. That is also not counted as income.
I don’t know what these people are talking about. I love the tax posture roth will be giving us.
Anonymous
04/09/2023 21:00
Subject: Re:How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.
+1
I exceeded the income limit for this stupid program the same year I started working. Ridiculous
+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.
Not true at all. My employer and my DHs both have a mega Roth program. We contribute over 50k/yr in addition to maxing out our 401ks. I’m pretty excited to be able to drive my tax bracket down for many of my retirement years.
Us to. We have about $700k in our Roth from mega back door contributions. Plan to retire early and draw from it tax free and not counted as income so we can qualify for ACA subsidies.
Anonymous
04/09/2023 20:56
Subject: How much do you have in your Roth IRA?
I'm 53 and have been contributing to an IRA since about 23, so 30 years, fairly steadily - I probably missed a handful of years. And I've only got about $280k in those accounts. Pretty sad - mostly because I figure my returns are pretty average and that's all that I have.
I'm not worried for myself because I also have a healthy TSP. I do worry for folks who can only save in IRAs though. $280k at 53 after saving for 30 years sucks.
I'm not worried for myself because I also have a healthy TSP. I do worry for folks who can only save in IRAs though. $280k at 53 after saving for 30 years sucks.
Anonymous
04/09/2023 16:23
Subject: How much do you have in your Roth IRA?
Anonymous wrote:Not helping low income either. Didn't have any extra left to put there for years. I have money in investment accounts but since my taxes are super low, not too exited about Roth.
Will put money in there slowly and to leave to my kids. Easy to leave as an inheritance.
Started contributing the max to a Roth when I was making under $20k a year. At that time, that max was $2k. Have done it every year since as the limits went up. Twice it had to be back-doored—which gives you a sense of what our income has been. The beginning was about 25 years ago. Now it’s worth $450k, tax free. I am under 50.
It is NOT a crap program. Don’t talk about what you don’t know about.
Anonymous
04/09/2023 13:48
Subject: Re:How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.
+1
I exceeded the income limit for this stupid program the same year I started working. Ridiculous
+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.
agreed, ridiculous idea
In 2023 the max MFJ AGI for a full Roth IRA contribution is $218K. For single filers, the max AGI is $138K. https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023
Maybe that is DCUM "low wage" but is hardly low wage for most of America.
Anonymous
04/09/2023 13:25
Subject: Re:How much do you have in your Roth IRA?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Roth? Zero. Never made under the income limit and back door felt like too much work.
+1
I exceeded the income limit for this stupid program the same year I started working. Ridiculous
+2 Crap program. Only people qualified to use it are kids doing internships and low wage earners.
agreed, ridiculous idea