- February 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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Two questions from a financial planning noob
I am 30, making just over 112k/yr, and contributing 10% of my income to my employer-sponsored 401k. Employer matches 4%. No IRA set up yet. I have two major debts; (1) a home improvement loan, 40k at 9.99% interest, and (2) a mortgage at 6.875% interest. No other debt, except my spouse has student loans and is working towards public service loan forgiveness. I have two credit cards that are paid in full each month. My emergency fund is set up, 22k in a MMA earning 5.3% interest and I also have an additional 10k in a CD earning 4.5%. The CD matures at the end of this month, and I am thinking I’ll just put that back into another CD offered by my bank at 5ish%. I also have $1200 in a brokerage account.
How should one prioritize finances given the above? Paying down the home improvement loan? Maxing out my 401k? Or starting a traditional IRA/backdoor roth (spouse and I file jointly and exceed the income limit for a standard roth)? I’m thinking I should focus on the home improvement loan since it has the highest interest. We had to get a new roof for our house and decided to get solar as well due to a $9k rebate we will receive when we file our taxes. Our roof is also perfectly positioned for this and it will save us big time on electricity in the summer. However, I have barely anything in my 401k, only about 3k or so, which leads me to my next question.
I recently took a new job in the private sector leading to a pay increase of around 24k. I was working in government for about 4 years, and so I was contributing to a 457b account that has about $7500 in it. Should I roll this money into my current employer’s 401k plan? Since I have both it seems like I could potentially double my tax deferrals, so I’m not sure what the best coarse of action is.
I have 900,000 sitting in a savings account earning me 4.35%. I have zero idea if IÔÇÖm doing the right thing with it. IÔÇÖm afraid to put it in stocks because everything is at the highest point. Does anyone recommend any high interest safe places? IÔÇÖm in my 40s. Own a home free and clear. Zero debt. And really hope IÔÇÖm not working past 55. My kids college funds are fully funded. And I still work.
I feel like an idiot for asking this but does anyone know how to actually add money to a blue cross blue shield HSA? I enrolled in the “BluePreferred PPO Silver 1600 BlueFund HSA” for the start of the year. I’ve received the cards and even used the insurance so I know that it all works but can’t figure out how to actually add money to the HSA that supposedly exists with this account? Google is not turning up answers. Has anyone dealt with this before?
I’m trying to be more proactive about my retirement, I’m 34 turning 35 this year. Married with 2 kids under 3. I have started maxing out my Roth IRA and get a 3% contribution to my 401k from my company no matter what I put in. I have been dumping all my commission into my 401k to try and reduce my taxable income as I became self-employed in Jan 2023 and my husband got a big promotion. I have a YTD 16%+ return on my Roth IRA with a mix of large cap, small cap, energy and s&p. I just noticed that my entire 401k is in the Empower Trust Drive Balanced Fund. The annualized return for the past 5 years is 6.42% with a cumulative return of 36.52%. Is having the entire balance in this one fund a mistake? Should I diversify it?
Can someone explain the back door Roth IRA to me like IÔÇÖm stupid? We exceed the income threshold to do it in a non backdoor fashion. IÔÇÖm just anxious about doing it wrong and creating an IRS nightmare more costly and stressful than just investing in a cash brokerage account. But, I know this is done and it seems like we are missing out on the opportunity for this better tax treatment (which on the time horizon would be loads and loads of money) if we just let it sail by. I also donÔÇÖt want to hire someone to do this and end up paying fees for someone to handle this.
Specifically:
-does my husband having a SIMPLE from a prior employer make this more complicated/trigger taxes, and if so, what do we do with it to ameliorate this?
-same question about a small Roth IRA in my name, traditional 401(k) money from a prior employer that I rolled over into my current employerÔÇÖs 401(k), and my husbandÔÇÖs Thrift Savings Plan from when he worked for the federal government!
-will I be able to self file taxes using commercially available software, still? Or have I doomed myself to shelling out for an accountant to do them if I do this? Does the software know about this technique?
-literally what am I doing/setting up in Vanguard to effectuate this? ItÔÇÖs separate accounts for my husband and I each, right? And then what? How do I make it convert, etc?
-are there any pitfalls IÔÇÖm not understanding?
Thanks!
Should I withdraw from my IRA or other “protected” savings to pay $65K of debt at 9.2%?
I’m 50. I have $65K of debt in a home equity loan, and am paying it down at about $1.5K a month. It is my only debt, and I have no intention of getting into any new debt whatsoever once it is paid off. I don’t have any money in a regular savings account. I make $140K, and I have $522K in my IRA, $129K in Roth, $65K in 401k, $57K in 529, and $36K in an HSA.
I really want to be done with this debt. Does it make sense to take money from one or more of these accounts? Or should I stay the course with payments? Thanks.
My boyfriend has like around 600k worth of vested and unvested stock from the major tech company he works at. He said he wants to sell some and diversify it once the certain stocks become at least a year old (tax purposes) so itÔÇÖs not just relying on that companyÔÇÖs stock performance. He wants my help making decisions.
But like, where do we even begin?ƒÿ¡ Like what google search do I even make? Because I have been making google searches and the results are not really what IÔÇÖm looking forÔǪI think. I know nothing about anything and itÔÇÖs really scary and overwhelming.
Any advice would be appreciated!!!