Would it surprise those of you that have known me for long that I’m into modeling? Okay, maybe not the kind where very skinny pretty people make duck faces for photo shoots in exotic locales, but I model every day. Or, maybe I should say, I use them very often.
Get the Max Out of Your 401(k)
Are you leaving 401(k) meat on the bone?
While we are on the subject of 401(k)s, let’s talk about making sure you are maximizing your potential with yours. First off, the elective deferral maximum for 2018 is $18,500 (plus another $6,000 catch-up amount for those age 50). If you don’t update your deferral percentage, you may not be fully taking advantage of your pre-tax saving opportunity.
How to Turn Your 401(k) Into a "Super Roth IRA"
A few weeks ago, I discussed Roth IRAs and specifically, the Back Door Roth IRA, as a tactic for high earners to take advantage of the tax-free growth afforded to Roth IRAs. With Retirement Season in full swing, hardly a day goes by that I’m not asked about how to save more while minimizing taxes.
For the next few weeks, I will offer several ways investors may take advantage of lesser known tactics to fatten up those retirement account balances and maybe save some tax money in the process. This week, we’ll start with the Super Roth IRA.