Will be buying my first car, a used boxster - 986 Forum - The Community for Porsche Boxster & Cayman Owners

Flavor 987S · 09-19-2013, 06:56 AM

Quote:

Originally Posted by steved0x

Can you do both 3 & 4 at the same time now? Or does #4 have to be a spousal IRA?

Thanks,

Steve

Ps. First car was a late 70's pinto wagon with no ac in FL. 2nd car was a 77 fiat x1/9 I bought for $500 working at McDonald's and my friend's dad helped me fix it up

Hey Steve, I am no expert, but, yes, you can have a company 401K/Roth 401K fund and max out at the $17.5. And you can stash away another $5.5 in an after tax self directed IRA account. No tax deductions for the the extra $5.5. Your spose can do the same, so yearly you can bank $46,000 away. If you turn 50 years old this year, add another $11,000 ($5.5 each) to the "catch-up" at your company's plan. For a grand total of $57,000.

RIGHT RANDALL?????????