Max It Out Tomorrow [your IRA]

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kenyan
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Re: Max It Out Tomorrow [your IRA]

Post by kenyan » Tue Jan 02, 2018 10:56 pm

Contributed $5500 today. Wife no longer eligible for tax-advantaged IRAs (above Roth limit and can't Backdoor due to SIMPLE IRA), but I can backdoor Roth. It'll be in money market initially, and I might try a limit order. This is the first year I contributed the full amount immediately; last year was the first year we had to backdoor Roth (and it was unexpected; started out with direct Roth contributions but had to switch due to income increases during the year).
Retirement investing is a marathon.

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StevieG72
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Re: Max It Out Tomorrow [your IRA]

Post by StevieG72 » Tue Jan 02, 2018 11:47 pm

Thanks for the reminder.

I plan on maxing out IRA, HSA, and throwing some money in the kiddos 529 in January.
Fools think their own way is right, but the wise listen to others.

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FIREchief
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Re: Max It Out Tomorrow [your IRA]

Post by FIREchief » Wed Jan 03, 2018 4:23 pm

Jan 2 looking pretty good after Jan 3 close! 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

crit
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Re: Max It Out Tomorrow [your IRA]

Post by crit » Wed Jan 03, 2018 7:10 pm

I was waffling about it because it'll reduce our cash buffer right as spouse's 401k gets front-loaded and our take-home is reduced, but ... we do have the money so I pulled the trigger on the first step of the backdoor Roths today.

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Toons
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Re: Max It Out Tomorrow [your IRA]

Post by Toons » Wed Jan 03, 2018 8:02 pm

For those that were able.
Did you max out your IRAs ?
Yesterday :mrgreen:
Put the compounding machine to work ASAP
Time NOT Timing :happy
Happy New Year
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

Traveller
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Re: Max It Out Tomorrow [your IRA]

Post by Traveller » Wed Jan 03, 2018 8:19 pm

$11k transfered today from ally to vanguard. In a few days I'll move that into out TIRAs and then roll over to our Roth's.

Also moved another $40k to vanguard as it looks like my tax obligations this year will be lower than expected!!! :beer

Bacchus01
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Re: Max It Out Tomorrow [your IRA]

Post by Bacchus01 » Wed Jan 03, 2018 9:20 pm

crit wrote:
Wed Jan 03, 2018 7:10 pm
I was waffling about it because it'll reduce our cash buffer right as spouse's 401k gets front-loaded and our take-home is reduced, but ... we do have the money so I pulled the trigger on the first step of the backdoor Roths today.


It’s funny, by psychologically I like this. Each Jan our taxes shoot up, 401k/HSA/Def Comp go up, 529s get funded and cash accounts and take home pay drop. It varies at levels through the first 6 months and then increases dramatically at the end of year. This drives us to live on less as we get accustomed to the lower balances and paycheck for half the year. The back half feels like riches and we take a nice vacation at XMas and start over again.

arsenal_fan
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Joined: Tue Nov 17, 2015 8:57 pm

Re: Max It Out Tomorrow [your IRA]

Post by arsenal_fan » Wed Jan 03, 2018 9:22 pm

If I have to do a recharacterization for 2017, should I still max out my Roth IRA with $5500 before that? Waiting on the recharacterization since I don't know my overall income for 2017.

GridironGems
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Re: Max It Out Tomorrow [your IRA]

Post by GridironGems » Wed Jan 03, 2018 9:38 pm

Put in my $5,500 into my Vanguard Roth IRA 2050 Target Retirement Fund!

akpataego
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Joined: Sun Nov 26, 2017 8:43 pm

Re: Max It Out Tomorrow [your IRA]

Post by akpataego » Thu Jan 04, 2018 3:20 am

I plan to max mine out before the end of January.
Put 1800 in it today, will put 850 next week, 2000 next week and 850 on January 26. Then roth conversion.

I'll come back on January 26th with an update.

achen9291
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Re: Max It Out Tomorrow [your IRA]

Post by achen9291 » Thu Jan 04, 2018 2:46 pm

Just maxed mine today! Just in time for my b-day tomorrow. :mrgreen:

Image

bgf
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Re: Max It Out Tomorrow [your IRA]

Post by bgf » Thu Jan 04, 2018 3:01 pm

oh. my. god.

this never even occurred to me... :oops:

i have been investing roughly ~917.00 per month into our Roths on a monthly basis... just like our tax-deferred contributions.

that is going to change today.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

3dream3
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Re: Max It Out Tomorrow [your IRA]

Post by 3dream3 » Thu Jan 04, 2018 3:09 pm

Transferred 11k in to our TIRAs the other day and just converted both to our Roths today. Had some money leftover so just transferred the rest in to taxable too.

akpataego
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Joined: Sun Nov 26, 2017 8:43 pm

Re: Max It Out Tomorrow [your IRA]

Post by akpataego » Thu Jan 18, 2018 8:37 pm

akpataego wrote:
Thu Jan 04, 2018 3:20 am
I plan to max mine out before the end of January.
Put 1800 in it today, will put 850 next week, 2000 next week and 850 on January 26. Then roth conversion.

I'll come back on January 26th with an update.
Back with an update. I maxed it out today January 18th. :-)

Grt2bOutdoors
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Location: New York

Re: Max It Out Tomorrow [your IRA]

Post by Grt2bOutdoors » Thu Jan 18, 2018 9:13 pm

akpataego wrote:
Thu Jan 18, 2018 8:37 pm
akpataego wrote:
Thu Jan 04, 2018 3:20 am
I plan to max mine out before the end of January.
Put 1800 in it today, will put 850 next week, 2000 next week and 850 on January 26. Then roth conversion.

I'll come back on January 26th with an update.
Back with an update. I maxed it out today January 18th. :-)
Great job! :sharebeer See you next year! :happy
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Prov227
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Location: Milwaukee, WI

Re: Max It Out Tomorrow [your IRA]

Post by Prov227 » Sat Apr 07, 2018 1:59 am

Reading this thread back in January was the first time I ever even considered contributing all at once early in the year instead of contributing installments throughout the year. After a couple months of scraping together funds, we've now maxed out DW's Roth and will plan to jump on it right away next January. Might play both sides and do her Roth as an early year lump sum and continue doing mine as a steady contribution throughout the year.

To have the funds available each January, I think we'll boost our cash reserves throughout the year, building it up to a peak just before maxing, reverting to a still-comfortable lower bound upon maxing, then building it up again over the next year. This works well for us as a compromise between where DW wants to be for cash / emergency fund (the upper bound) and where I'd like to be (the lower bound).

Thank you all for the enlightenment!
"...and the borrower is slave to the lender." -Proverbs 22:7

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