re: #35 Jack Burton

I thought if you made more than a certain amount you couldn’t contribute to a 401k or IRA?

To have a 401(k) you have to have an employer that offers one. Then you can donate up to $18k tax deductible.

Anyone can have an IRA, but you cannot deduct contributions to a traditional IRA above a certain income. All contributions to a Roth IRA are not tax deductible, but the growth can be withdrawn in retirement tax-free so they’re a pretty sweet deal if you can manage that. However, there is an income limit on contributions to a Roth that are supposed to restrict their availability to folks in higher income brackets.

Of course, there’s the backdoor around that (post-tax contribution to a traditional that’s then rolled over to a Roth) that’s been around since about 2010.