Yes. 100% should change back to pretax as above. In fact, the additional info you gave after makes pretax even more beneficial. In addition, you can take that tax savings and contribute additional to your 401k if it meets you needs/wants for higher income in retirement. The pretax saves you about $5k taxes each year. You could contribute up to the max 23k with that tax savings vs roth. Gives you about $1k extra per year if retiring at 65Arrrgh, sorry I didn't read my W-2 correctly...
2023 Taxable Income was $98,852 (Single Filer)
Federal = 24% tax bracket on $95,376 to $182,100 Taxable Income
State (Missouri) = 4.95% tax bracket on $8,449 or more
Both of my Fidelity accounts below have not been taxed and Beneficiary is my friend because I have no kids/family.
$447,000 in FXIFX (0.12 expense ratio, rollover IRA, no contributions being made)
$110,000 in FID FRDM BLND 2030 T (0.20 expense ratio, fund offered by employer, 19% taken out each paycheck (employer doesn't offer the FXIFX so I went with the 2030 Target Fund that employer offered even though expense rate is higher)
Should I stop doing the Roth I just started a couple of weeks ago and just keep doing pre-tax for the entire 19% that is being taken out of my paychecks?
Statistics: Posted by FIRWYW — Sun Jun 09, 2024 12:49 am — Replies 21 — Views 1626