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ToothPicker2 OP t1_jdsxktd wrote

Reply to comment by BastidChimp in Should my dad max out his 401k? by ToothPicker2

So $7.5k/year in Roth IRA until retirement?

And max out the Traditional IRA simultaneously too?

Invest in the covered call ETFs just in the Roth? Currently, he’s only invested in a 2-fund portfolio of VT & BNDW (Boglehead philosophy) since our investment knowledge is zilch.

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wanttostayhidden t1_jdt1fzo wrote

>So $7.5k/year in Roth IRA until retirement?

>And max out the Traditional IRA simultaneously too?

No, for those over 50 the limit for IRAs is $7500 total across all your IRAs. Doesn't matter if that is 1 IRA or multiple, traditional or Roth.

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ToothPicker2 OP t1_jdt1o7b wrote

Oh that’s right.. so I’m wondering if he’s making a mistake by holding a traditional IRA instead of Roth IRA

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