Hi long time reader first post. I have a high paying job in a crazy high COLA (NYC) and therefore a very high effective tax rate. I have a Roth and tIRA but haven't contributed to the Roth in 15 years and the tIRA was a 401k rollover from an old job. I have never made non-deductible contributions to the tIRA as I assume at some point my tax rate will be lower (even if its just lower city/state taxes).
I max out my 401k for 18,000 every year and get the company match. As a "highly compensated employee", I am not allowed to make after-tax contributions above that (I looked into moving the tIRA into my 401k and then doing a backdoor Roth).
My question is... is there anything else I can be doing? I am not putting away much in tax advantaged accounts and thus the majority is going into taxable. In the future will have a 529 I'm sure as well but no need for that yet.
Please let me know your thoughts. Thank you!
NYCtoER
I max out my 401k for 18,000 every year and get the company match. As a "highly compensated employee", I am not allowed to make after-tax contributions above that (I looked into moving the tIRA into my 401k and then doing a backdoor Roth).
My question is... is there anything else I can be doing? I am not putting away much in tax advantaged accounts and thus the majority is going into taxable. In the future will have a 529 I'm sure as well but no need for that yet.
Please let me know your thoughts. Thank you!
NYCtoER