Hi -
I’m trying to completely understand the benefits of a backdoor Roth IRA for me. I am 40 years old, single dad, and significantly behind on retirement savings. 2023 would be the first year starting this.
2023 will also be the first year maxing the IRS limit ($22.5k) for my 401k.
An HSA is available, but I’m not sure that I am comfortable with one (maybe my lack of understanding), as I have two children that I need to provide coverage for, and of course, myself.
Rather than a Roth IRA, would it be wise to just invest more into my brokerage account instead? I’m dollar cost averaging with VTI.
I’m finally at a point in my life where I have very little debt left (spent the last year aggressively paying it off), and now I’m hyper focused on getting on track with retirement savings. I currently make $150k annually and receive an annual bonus of anywhere between 8% - 15%.
Thanks in advance to everyone that can calm my anxiety a bit :)
Submitted April 21, 2023 at 12:32AM by baby__steps https://ift.tt/RbmndVx
