SkinsFan0521
Dryer sheet aficionado
- Joined
- Nov 17, 2016
- Messages
- 48
Hi,
My wife & I are both 33 and planning to retire around 50-55. 2017 will be the first year that we both max out both of our Roth 401k & Roth IRA accounts. We just switched to Roth 401k this year and were previously both contributing to traditional 401k. We have basically no real amount of money in any brokerage accounts or other non-retirement accounts.
My question is about what to do after maxing both of those?? Maybe later this year or definitely in 2018,we'll have additional money to contribute to our retirement and I'm not quite sure where to put it.
We have cash emergency savings. No kids, so we don't need a 529. We don't have access to a HSA.
My wife's 401k allows additional after-tax contributions, so I was considering that. But I'm unclear on the rules to access that money. Something about needing to withdraw some of the 401k at the same time as the after tax money? If that's true then we'll be hit with the 10% penalty if we wanted access to that money before 59 1/2. That doesn't sound appealing!
Then, the other option that I was considering is to contribute to a brokerage account.
Are there other options that I'm missing?
Thoughts or suggestions on what to do next??
Thanks!
My wife & I are both 33 and planning to retire around 50-55. 2017 will be the first year that we both max out both of our Roth 401k & Roth IRA accounts. We just switched to Roth 401k this year and were previously both contributing to traditional 401k. We have basically no real amount of money in any brokerage accounts or other non-retirement accounts.
My question is about what to do after maxing both of those?? Maybe later this year or definitely in 2018,we'll have additional money to contribute to our retirement and I'm not quite sure where to put it.
We have cash emergency savings. No kids, so we don't need a 529. We don't have access to a HSA.
My wife's 401k allows additional after-tax contributions, so I was considering that. But I'm unclear on the rules to access that money. Something about needing to withdraw some of the 401k at the same time as the after tax money? If that's true then we'll be hit with the 10% penalty if we wanted access to that money before 59 1/2. That doesn't sound appealing!
Then, the other option that I was considering is to contribute to a brokerage account.
Are there other options that I'm missing?
Thoughts or suggestions on what to do next??
Thanks!