Aiming_4_55
Thinks s/he gets paid by the post
Over the last few years, I've concentrated on funding/maxing company 401k, roth ira, paying off all mortgages (personal and investment real estate), and increasing taxable accounts. I felt the taxable accounts were important for funding early retirement years (age 50 - 59.5) if needed.
I find myself with extra cash to invest, so I'm considering non-deductible IRA contributions for DW and myself for 2016 & 2017. We have Rollover IRAs and 401ks that have not been taxed so backdoor Roth isn't a good option at this time. I'm guessing, I won't need to touch this money for 15 - 20 years, if ever, besides RMD.
Should I have separate Deductible and Non-Deductible IRA accounts for DW and I to keep the bookkeeping easier for us? Or, should I just add to my existing Rollover IRA and the Form 8606 deals with the bookkeeping.
For example: Deductible IRA $$ in Vanguard and Non-Deductible IRA $$ at Fidelity.
I find myself with extra cash to invest, so I'm considering non-deductible IRA contributions for DW and myself for 2016 & 2017. We have Rollover IRAs and 401ks that have not been taxed so backdoor Roth isn't a good option at this time. I'm guessing, I won't need to touch this money for 15 - 20 years, if ever, besides RMD.
Should I have separate Deductible and Non-Deductible IRA accounts for DW and I to keep the bookkeeping easier for us? Or, should I just add to my existing Rollover IRA and the Form 8606 deals with the bookkeeping.
For example: Deductible IRA $$ in Vanguard and Non-Deductible IRA $$ at Fidelity.