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Posted: 5/25/2017 8:57:22 PM EDT
[#1]
Why do you want to invest less in the 401k? Do you not like the fund choices available?
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Posted: 5/25/2017 9:08:38 PM EDT
[#2]
I may be wrong one but my thought is if I'm putting 18k in my 401k but retire between 45-55 I would take a big hit to use those funds right?
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Posted: 5/25/2017 9:27:03 PM EDT
[#3]
Have taxable accounts to cover 5 years of living expenses,. Begin Roth conversion ladder from your 401k once you retire.
No penalties, just ordaniry income tax at your AGI rate. |
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Posted: 5/25/2017 9:37:31 PM EDT
[#4]
Just save the money you are paying taxes one way or the other..The KEY point is saving money to retire early.
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Posted: 5/25/2017 11:10:34 PM EDT
[#5]
So I need a traditional IRA and then start a roth conversion ladder 5 years before I will need it?
Also a HSA maxxed out and If I need to I can roll the money from my IRA to the HSA and the taxes and deductions would nearly balance out? |
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Posted: 5/26/2017 12:44:12 PM EDT
[#6]
Can't roll from a IRA to an HSA.
You also have the option of SEPP from your rollover IRA. Is your IRA Traditional or Roth? Maybe switch your IRA contributions to a Roth account: Roth contributions can be withdrawn any time without penalty or tax. |
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Posted: 5/26/2017 2:59:40 PM EDT
[#7]
Currently I have a Roth but my main concern is penalty for early withdrawal.
Sounds like the best option is to have enough to cover the years between when I retire and when I hit 59 1/2. |
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Posted: 5/26/2017 3:18:11 PM EDT
[#8]
Quote HistoryQuoted:
Currently I have a Roth but my main concern is penalty for early withdrawal. Sounds like the best option is to have enough to cover the years between when I retire and when I hit 59 1/2. Say you've contributed $100k to your Roth in your lifetime, and the total account value is $200k. The first $100k you withdraw from the account prior to 59.5 will not be subject to penalty as they are your original contributions. The next 100K WILL be subject to penalty, as they are earnings. |
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