(Closed) What to do after 401k

posted 7 years ago in Money
Post # 4
Member
544 posts
Busy bee
  • Wedding: November 2009

D/t to my hubby’s job, we are over the income limit for a Roth IRA.  We both have traditional IRAs and also invest in mutual funds.  I’m really not the savviest financial person either…..but am trying to learn. 

Any financial whiz Bees out there with advice???!!!???

Post # 5
Member
293 posts
Helper bee

Well, in my opinion putting money in a Roth IRA is still useful in addition to the maxed out 401k. Even without an additional tax advantage, it means you’re paying the tax now and will be able to take out the money tax-free when you retire. Might be a good counterbalance to the 401k (in case tax rates are way up in the future!) I believe you can contribute $5000/year to this unless your income is over a certain limit, in which case you cannot contribute at all.

Other than that, I’d say look into long term CDs which often have better interest rates, though right now those are looking pretty close to 1% too.  I don’t work in the finance industry so I have no ideas about other types of investments. Hope this is a bit helpful! 🙂

Post # 6
Member
7689 posts
Bumble Beekeeper

I don’t know-but we have an Ameriprise Financial advisor-I’ve used them in both Massachusetts and Oregon.  They have done great for us! I don’t know who you have available in NY or in other states.  Also, I have thought about taking Community College non-credit community courses to become more investment savvy or read books/articles by Susan Orzman.

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