Hello,
My wife and I run our own business. Following the advice of MMM, I setup Vanguard traditional IRA accounts for us and moved all our money from a local broker. That has been a great move. Along with the IRA, I also setup a 401k plan under our company and have been contributing to that (not to IRA). However, it just occurred to me yesterday that we should probably be contributing the maximum allowable per year to the IRAs first since they have a higher balance.
So I'm wondering if I should move the money over from the 401k to the IRA and contribute the maximum allowable to the IRA each year, and then contribute a smaller portion to the 401k, or if we should contribute to it at all (for example, maybe we'd be better off doing extra mortgage payments on rental property before 401k).
Thanks!