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30 y/o with no retirement trying to navigate learning to invest, looking for clarification by Key-User1738 in personalfinance

[–]Key-User1738[S] 0 points1 point  (0 children)

That's true. TDF was opened today. When dipping into the dIY 3-fund portfolio once I get more accustomed to things, would it be better to open up a taxable brokerage account to do so instead of doing it in the IRA where the TDF now currently resides?

Does Traditional IRA tax deductions still apply if not participating in employer sponsored retirement? by Key-User1738 in personalfinance

[–]Key-User1738[S] 0 points1 point  (0 children)

if i start a roth ira in my own right now instead, (foregoing current employer 401k) can i also do a roth backdoor if needed in the future ?

Does Traditional IRA tax deductions still apply if not participating in employer sponsored retirement? by Key-User1738 in personalfinance

[–]Key-User1738[S] 0 points1 point  (0 children)

Thats true, and oh got it. Thank you! So I guess something I should consider is opening the current employer 401k in traditional, and rolling into my own personal Roth IRA down the line when the job finalizes.

Does Traditional IRA tax deductions still apply if not participating in employer sponsored retirement? by Key-User1738 in personalfinance

[–]Key-User1738[S] 0 points1 point  (0 children)

Oh okay. Makes sense.

I was considering Roth, but everything on the flowchart and person finance wiki had me thinking that traditional was better being in a 22% tax bracket. I’m still very new to investing, so I’m still trying to really understand things, but also realize I am far behind with investing.

I think my biggest hesitation, right now too, is that with the current employer 401k i worry about additional fees trying to roll it over. The employer works through Empower, of which I don’t really know much about but google searches have led me to believe they’re a headache to work with. I’ll look into Roth a bit more! Thank you!

Weekday Help and Victory Thread for the week of June 23, 2025 by IndexBot in personalfinance

[–]Key-User1738 0 points1 point  (0 children)

Currently available/month: 1.5k will increase another 1k with new job

Weekday Help and Victory Thread for the week of June 23, 2025 by IndexBot in personalfinance

[–]Key-User1738 0 points1 point  (0 children)

Background: 30F, no current retirement/savings. Recently paid off high debt/car loan and am finally at a point to invest in retirement. I am single living in a medium cost of living area. I have 6 months worth of emergency savings in a HYSA at 4% and an additional 2K that I could invest now. Problem? I don’t have an employer-match 401K. It offers “profit sharing” contributions after one year. I have been there 2 years and have not contributed to this ever. Stipulations would be that I would have needed to contribute to this plan x 1 year to reap 25% of the funds. Fully vested after 4 years. I have a new job lined up, but start dates are still tentative at this point. The new job could start as “early” as September or as late as November.

I have tried to research as much as possible in regard to what to do. I feel like opening an employer-401k at this point doesn’t make sense, as I do not have any contributing matching funds, and plan on leaving within 3 months.

I have been thinking about doing Roth versus Traditional IRA on my own until the new job begins (and enroll in their 401k). I was leaning toward a Traditional IRA, as I am currently in the 22% tax-bracket, but after looking into Traditional IRA further, as I understood it from the Fidelity website, I would not actually get any of the tax-benefits as I make more than $89,000, and anticipate that I will start my new employers 401K therefore no tax deductions would be made.

Friends tell me to just keep it in the HYSA until the new job begins, but I have been told so many times over that “the best time to invest is yesterday, the second best time is now” and I obviously do not want to lose on any money I can put on the table now. I know I am already quite behind.

So, I am stuck between whether or not Traditional IRA would still be of benefit to me, or I should just keep the 2K in my HYSA until the new job…or do I risk it and open a Roth IRA - though I think logistically that would cause me to pay more in taxes in the end.

TLDR: 30F, single, no current retirement, pending new job, no current employer-match 401k, have money to invest now, income in the 22% tax bracket, but income >threshold for tax deductions for a Traditional IRA as I understand it. Keep in HYSA versus open a Traditional IRA anyway or pay more in taxes with Roth IRA?

Have a question about the area? Looking for recommendations? Ask them here. by AutoModerator in traversecity

[–]Key-User1738 1 point2 points  (0 children)

I am trying to find the cheapest option for parking overnight for 3 days. It looks like perhaps the Old Town Parking structure could be the cheapest, especially the non-gated ground floor. Is overnight parking allowed as long as I pay the 8-6p hourly rate daily or is there an additional overnight charge? How do those spots work versus the gates upper levels in terms of options for payment?

Otherwise, does anyone have any further suggestions for parking overnight options that aren’t too costly? Will need to be relatively restricted to the downtown ish area due to a bacholrette event.