$23k. Need to check if my employer offers MBR. Thanks for info on Backdoor Roth. I’ve always just assumed I couldn’t do Roth contributions.When you say you are maxing out your 401k, do you mean you are making the maximum employee elective deferral ($23k for 2024) or are you also doing a mega backdoor Roth (MBR) if offered by your plan (2024 total 401k limit is $69k)? BH MBR wiki page:
https://www.bogleheads.org/wiki/Mega-backdoor_Roth
You and spouse should consider opening/contributing to Roth IRAs to start the 5 year clock on initial Roth IRAs. Make annual maximum contributions ($7k each for 2024). If you are over the limit for direct Roth contributions, do a backdoor Roth. Here is the BH wiki page about it (read the section about Form 8606):
https://www.bogleheads.org/wiki/Backdoor_Roth
Statistics: Posted by morfigero — Wed May 22, 2024 5:57 pm — Replies 11 — Views 1158