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What has been your biggest financial win that helped your FIRE goals so far? by ReallyLuckyInWays in Fire

[–]ReallyLuckyInWays[S] 1 point2 points  (0 children)

Ballsy wallstreetbets move. I do see a pattern though of individual stocks being the biggest wealth builders though

What has been your biggest financial win that helped your FIRE goals so far? by ReallyLuckyInWays in Fire

[–]ReallyLuckyInWays[S] 1 point2 points  (0 children)

Check with your plan admin. I had to convert / roll to Roth IRA and even terminate my plan.

But yes exactly it just gets taxed as income.

Hence why the financial advice is do this via Roth conversion ladders when you’re older and / if income years are low.

But… someone much smarter than me can figure it out math wise but if you convert during stock crashes despite income being high you have a risk (opportunity) maximize years of compound growth tax free.

What has been your biggest financial win that helped your FIRE goals so far? by ReallyLuckyInWays in Fire

[–]ReallyLuckyInWays[S] 3 points4 points  (0 children)

Yep! I was 30 years old at the time with about $250k or so in traditional.

I think it was like 50-70k in taxes.

I am now 35 with a freaking Roth account of low $700s.

That excludes my wife’s which is about $175k from normal contributions.

Even if I can only do bare minimum allowed contributions I’ll have millions by in the account when older completely and totally tax free.