Tatem said:

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Husky Boy Jr. said:

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There is a lot of confusing things being said here. It would be highly unusual for the OP to have zero access to an employer sponsored 401k. Maxing that or both is the easiest answer.

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My husband is in education So he has teacher retirement. I don't know if we've ever had access to a school 401k
We have 1 child and we have two incomes.
I'm not great with finances
I think I'll talk to an accountant after tax season

Thanks

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If you are looking for a way to reduce your taxable income next year your husband should sign up for the 403b or 457 plan offered through work. Any money contributed will reduce your income. You pay tax on it when you withdraw at retirement. A target date fund is a good choice that almost all plans have. Pick the date you plan on retirement.

Your husbands plan also probably offers access to an advisor who can answer your basic questions.

YouBet said:

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Husky Boy Jr. said:

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Charismatic Megafauna said:

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There are plenty of employers that don't offer 401ks. Most small businesses don't. Many have sep/ simple iras

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Ok I just googled this as it's not my experience at all. Turns out about half of businesses with less than 50 FTEs offers a 401k. That's crazy - should be the first EE benefit as it's very inexpensive.

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I think it's simply a reflection of the lack of financial education in this country and what's available to you. Take this board as an example...it's easily one of the more educated populations when it comes to personal finance and we still have posters on here unaware (and routinely at that) that they can contribute to a Roth despite income limits.

One of my best friends is a freaking CEO and wasn't aware of this until I told him about it a couple of months ago. He pulled trigger on a financial advisor because he was so embarrassed about this and started panicking about what else he didn't know. Lol.

This country is simply not educated in money, how it works, and options for growing it. The primary reason I'm as knowledgeable as I am (and not an expert) is because i grew up in a CPA household.

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It also shows how complex it can be, often for no reason. Why limit Roth by income yet allow the back door?

The bigger problem is we do have so few educated, those of us that know it and do save will be paying for all.

YouBet said:

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evestor1 said:

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200k huh?

Sorry I cannot help you because I make over 300k and spend most of my time on the millionaire thread!

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When you get to a certain point, you might receive an invite via PM to join us on the "8 Figures+" board.

It's not listed on the public Forums list, for obvious reasons.

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Dude. The first rule of the 8 fig club is don't talk about the 8 fig club. Now everyone is going to want in, even Hedge.

No thanks I'm shooting for the nine figure club

Hedge said:

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No thanks I'm shooting for the nine figure club

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Invitation only

Husky Boy Jr. said:

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Charismatic Megafauna said:

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There are plenty of employers that don't offer 401ks. Most small businesses don't. Many have sep/ simple iras

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Ok I just googled this as it's not my experience at all. Turns out about half of businesses with less than 50 FTEs offers a 401k. That's crazy - should be the first EE benefit as it's very inexpensive.

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Been running a "small business" for past 12 years and while setup one the 1st day, most employees ask about healthcare first, then vacation, bonuses, etc before they get into 401k's.

Along with that, participation is a challenge, particularly as you work your way down the experience and comp levels. This in turn takes you into another challenge when it comes to 401k non-discrimination testing.

Many small business have owners and/or exec management that is highly compensated - and they are ones looking for ways to save in a tax efficient manner. It would be a challenge to keep the plan compliant so you have to make it a safe-harbor plan - and sometimes those requirements are beyond what a small business wants to offer.

I am somewhat surprised the number is close to 50% of small businesses.

If your husband is in education he would have a 403b or 457 plan available to him to put in 20,500 pre-tax in 2022. If he is not doing that he should be. It is his version of the 401k.

Tatem said:

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Husky Boy Jr. said:

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There is a lot of confusing things being said here. It would be highly unusual for the OP to have zero access to an employer sponsored 401k. Maxing that or both is the easiest answer.

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My husband is in education So he has teacher retirement. I don't know if we've ever had access to a school 401k
We have 1 child and we have two incomes.
I'm not great with finances
I think I'll talk to an accountant after tax season

Thanks

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You fired your financial advisor (maybe you needed a better one, I don't know), and now you plan to talk to an accountant AFTER tax season. You said yourself you aren't good with finances.. why are you bending over backwards to avoid utilizing professionals to help you out?

You make over $200, 000. I guess you've bought into the line that paying for financial help is uniformly shameful.

Judging from your questions, I think you would greatly benefit from someone to guide you.

this roth topic is interesting.

Signed,

7 figure club village idiots.

evestor1 said:

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200k huh?

Sorry I cannot help you because I make over 300k and spend most of my time on the millionaire thread!

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Lolpoor!

SEP IRA is the way to go if your income is too high and doesn't allow for traditional or Roth IRAs.