I am a 27 old who needs to start investing

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  • #80532 Reply

      Need an advice. I am a 27 old who needs to start investing. I have 170k in my bank account and 20k in a fidelity roll over IRA from my previous job. I want to start maximizing roth IRA.

      But what is the next step? I will be starting a new job soon so I don’t know if I have time to move the roll over IRA to the new 401k and I don’t want to be taxed by moving that money into the 2022 roth IRA.

      I plan on moving about 130k into an individual account to start investing.

      Thank you in advance!

      #80533 Reply

        Would depend on you current income level / tax bracket, and the timeline for use of the money you invest.

        #80534 Reply

          Since your current IRA is Roth, just leave it where it is. Keep contributing to the backdoor Roth IRA with Fidelity and start contributing to your new 401k.
          Then the $130k invest it in a regular taxable brokerage account.

          #80535 Reply

            Have you already educated yourself about investing? Do you feel solid in your understanding of the market being volatile, but just investing in index funds and letting it ride for many years? Because if you aren’t there, then first I’d focus on building your education. If you don’t you could handle “losing” half your money temporarily, then you’re probably not ready and/or not ready to invest just in equities.

            If you feel you’re ready to invest, it sounds like you could start your taxable brokerage account now, then you can tackle moving your rollover Ira into your job account and also investing in that 401k until you get the backdoor Roth IRA figured out.

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