Author Topic: On track for maximum contributions  (Read 1082 times)

TomTX

  • Magnum Stache
  • ******
  • Posts: 3978
  • Location: Texas
On track for maximum contributions
« on: February 24, 2020, 06:54:20 PM »
On track this year (finally!) for the family to hit 2x 457 max + 2x 401k max + 2x IRA max. Big promotion for me last year, wife got a permanent slot late in the year.

That's $19,500 x4 + $6000 x2 = $90k set aside in tax sheltered accounts.

RWD

  • Magnum Stache
  • ******
  • Posts: 3965
  • Location: Mississippi
Re: On track for maximum contributions
« Reply #1 on: February 24, 2020, 07:24:08 PM »
Wow, that's incredible!

coldestcat

  • 5 O'Clock Shadow
  • *
  • Posts: 77
Re: On track for maximum contributions
« Reply #2 on: February 25, 2020, 11:53:12 AM »
thats awesome @TomTX . My wife has access to a 457 and a 401, while I have a 457 and 403. We are not close to maxing out those accounts but once we do, we would want to look into an IRA like you and your wife have done?

TomTX

  • Magnum Stache
  • ******
  • Posts: 3978
  • Location: Texas
Re: On track for maximum contributions
« Reply #3 on: February 25, 2020, 07:28:12 PM »
Yes, once you max the work-related retirement accounts, IRAs are available as well.

Presuming your work accounts are low fee, of course. If not, I would prioritize IRA higher, just after putting enough in work accounts to get an employer match.