Quick facts: 28 y/o engineer making roughly 72k/yr, salaried, including bonus (consistent 4-5% bonus)
This year I am trying to save >60-70% of my gross income. I am maxing 401k at 22.5k, maxing HSA at 3350+500 employer match, and maxing Roth IRA at 6500 in 2023.
With standard deductions, this puts my federally taxable income at around 32.5k.
Instead of contributing all 22.5k into my employers traditional 401k, should I do more like 11k traditional and 11.5k roth? This would still keep me at the 12% bracket, pay an extra 12% taxes on the 11.5k roth contributions, and get the tax free withdrawals later on?
If it matters, I expect me and my wife to have over 5mil+ between our various retirement accounts by the time we are 60-65.
Thank you
Submitted January 02, 2023 at 10:34PM by Ok_Stretch_6624 https://ift.tt/1NVLwea
