During my working days, with the exception of the first few years I always contributed the maximum amount to my 401k. I wasn’t as tax savvy back then, and either wasn’t aware of the option to also contribute to a Traditional IRA or wasn’t eligible. Similarly, we hadn’t contributed...
When most people hear the term “IRA” they think Individual Retirement ARRANGEMENT, that mainstay of defined contribution retirement planning. You may have a traditional IRA, you use its cousin the Roth IRA via the backdoor, and you can even rollover your 401K or 403B from work into an IR...
Note: Bear in mind that this planning doesn’t apply to inherited IRAs and the RMDs – only to your own regular distributions from your own IRA. In addition, if you have a 401(k), 403(b) or other employer-oriented retirement plan instead of an IRA, your first year for distribution mi...