What type of Retirement Accounts do you have?

[skives]

Just wondering what type of retirement accounts people have here (401k, ira, roth ira, roth 401k). Do you have one one a combination and how do you contribute to each?

[disneysteve]

Me:
Traditional IRA
Rollover IRA
Roth IRA
401k

Wife:
Traditional IRA
Rollover IRA
Roth IRA
403b
401k

I currently contribute to the 401k. Up until 2018, we were both funding our Roths but may not be able to this year due to the income cap.

[bjl584]

I have a 401K and a ROTH IRA.

I also have a lot of investments in taxable accounts.

[Like2Plan]

Me:
401k
tIRA
Roth

DH
2-401K
rollover tIRA
tIRA
Roth

Me--I'm retired, so no more 401k contributions. I contribute to a (spousal) tIRA and convert to Roth each year.

DH--contributes to the 401k with his current employer--pretax and also after-tax. After-tax rolled over to Roth each year.

[disneysteve]

I also have a lot of investments in taxable accounts.

We've got that too. I didn't mention that since they aren't "official" retirement accounts even though that is what the money is for.

As for our mess of accounts, one of these days I will consolidate. We need to get her 403b and 401k rolled into her existing rollover IRA. I just haven't tackled that yet.

[Thrif-t]

Me:

DH--contributes to the 401k with his current employer--pretax and also after-tax. After-tax rolled over to Roth each year.

Wait, Like, can he roll over his 401k Roth to an individual Roth IRA? I'd love to be able to do that with my work plan, but I didn't think it was allowed, maybe I need to check?

Me
401k, & Roth 401k
Rollover Roth IRA
Traditional IRA
Roth IRA
small pension from past employer

DH
gov't pension
Deferred Comp account(does this have a number? 403b? not sure?)
Roth IRA

We don't have money in taxable investments. I can't remember the year but there was a time when I was able to roll everything to Roth IRA's and not have to pay any taxes on it, so I did. It was mostly done as planning for when our kids reached college age to help qualify for more financial aid. Retirement accounts aren't counted as money that can be used to pay for college. A % of money in savings accounts and taxable accounts are expected to be contributed.

Plus, I would always get ticked when I had to add the interest or capital gains to my income and pay taxes on it, I always felt that was double taxation as I had already paid taxes on it when I earned it, so now that is all in Roths, hopefully never to be taxed again!

[corn18]

I have a 401k and Roth IRA. Wife has a Roth IRA. Also have a large taxable account that is specifically for retirement.

New annual Contributions

$24,500 his 401k before tax + 4% match (~$18,000)
$18,000 his 401k after tax (mega backdoor Roth)
$6,500 his IRA/Roth IRA (backdoor Roth)
$5,500 her IRA/Roth IRA (backdoor Roth)
$75,000 taxable

$146,500 Total annual contribution

This is my baseline plan. I plan to add a lot more to taxable over the next 3 years as I have funds available from my pension, bonus and stock options.

[Like2Plan]

Wait, Like, can he roll over his 401k Roth to an individual Roth IRA? I'd love to be able to do that with my work plan, but I didn't think it was allowed, maybe I need to check?

Thrif-t,
He is rolling over his after-tax contributions to his individual Roth IRA (and I should also note that the gains from these after tax contributions are rolled over to his tIRA). It is different from Roth 401k contributions. (It is like corn's mega backdoor Roth).

But, Yes! Do check and see if your employer offers it. And, make sure your employer offers in service rollovers for your after tax contributions. It might be good to check your plan documents, too.

[Thrif-t]

Thrif-t,
He is rolling over his after-tax contributions to his individual Roth IRA (and I should also note that the gains from these after tax contributions are rolled over to his tIRA). It is different from Roth 401k contributions. (It is like corn's mega backdoor Roth).

But, Yes! Do check and see if your employer offers it. And, make sure your employer offers in service rollovers for your after tax contributions. It might be good to check your plan documents, too.

Oh that would be great, but I highly doubt it. Maybe it would be better for me to check with Schwab they administer our plan, our people are rubes! I don't know how some of these people get to the positions they do and not know the basics of business or finance. Thanks!

[Like2Plan]

As for our mess of accounts, one of these days I will consolidate. We need to get her 403b and 401k rolled into her existing rollover IRA. I just haven't tackled that yet.

Would it make sense to roll the other way--everything into her 401k (if the 401k plan allows and the fees aren't too bad)? Then, she could contribute to tIRA and convert that to Roth.

[kork13]

Wait, Like, can he roll over his 401k Roth to an individual Roth IRA? I'd love to be able to do that with my work plan, but I didn't think it was allowed, maybe I need to check?

I'm pretty that you can absolutely roll Roth 401k funds to Roth IRAs. However, you may or may not be able to do so while still working at the company. Those are called 'in-service rollovers', and while 100% legal, your specific 401k might not allow them. You'll need to check with your HR or 401k servicer.

As for us, we both each have a Traditional TSP, Roth TSP, and Roth IRA account. Our TSP (401k equivalent) contributions are split about 70% Roth, 30% Traditional, and we max the Roth IRAs. At least for now, I don't consider my taxable as "retirement funds"... I figure we've started young enough in the IRAs/TSP that we'll have plenty in there come the time it's needed.

[disneysteve]

Would it make sense to roll the other way--everything into her 401k (if the 401k plan allows and the fees aren't too bad)? Then, she could contribute to tIRA and convert that to Roth.

She's no longer working so I don't know if she'd be able to put anything into the 401k. Is that usually allowed?

[Like2Plan]

She's no longer working so I don't know if she'd be able to put anything into the 401k. Is that usually allowed?

This I don't know--each plan has their own set of rules. (My 401K does allow it.)
It would be worth asking the question--the worst that could happen is they say no.

[phantom]

I have a 401k, a Traditional IRA, and a Roth IRA. I contribute to the 401k automatically out of my paycheck, and I max out the Roth IRA at the beginning of each year. The money in the Traditional IRA is partly from the one year I couldn't contribute to my Roth and partly from an old 401k.

My husband has a 403b, a Traditional IRA, a Roth IRA, and a Rollover IRA. He contributes to the 403b out of his paychecks and contributes $500/month to the Roth IRA for 11 months of the year. The money in the Rollover IRA is from his old 401ks, and the money in the Traditional IRA is from the one year he couldn't contribute to a Roth. I wish he would combine those two, but he's been dragging his feet about it.

My husband's employer also offers a cash balance plan, which I don't fully understand. But, he's got to stick with them a couple more years for it to vest, so I'm not counting it or worrying about it right now.

[Like2Plan]

Oh that would be great, but I highly doubt it. Maybe it would be better for me to check with Schwab they administer our plan, our people are rubes! I don't know how some of these people get to the positions they do and not know the basics of business or finance. Thanks!

Somewhere--your company has to have plan documents for your plan. For example, this is what DH's plan documents say:
Regular withdrawals.
You may make a regular withdrawal while actively employed for any reason at any time. If you’re not yet 59½, a regular withdrawal can come only from these amounts, and in this order:
First: after-tax contributions, if any
Second: rollover contributions, if any
Third: Vested amounts of Employer matching contributions, only after you reach age 55
If you are at least 59½ and have withdrawn all of the above amounts, a regular withdrawal can also come from your pre-tax or Roth contributions in this order:
First: pre-tax contributions, if any
Second: Roth contributions, if any

The reason I mention researching your plan documents is because I think maybe the after-tax contributions are not too common. (And, of course each plan has their own rules.)

We had a minor hiccup when we did the first rollover because the 401k provider representative did not think it was an allowable transaction and referred us to her supervisor. (Had we not read the plan documents we might have just let it go. )