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- Jul 8, 2010
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I will be completing my residency June 2016 and was wondering if I should:
a) convert to Roth IRA
b) convert to taxable investment account
c) leave in employer's 403b
My financial situation:
-single, 29-years-old
-total debt: $0
-403b: 65k (Fidelity target retirement fund)
-Roth IRA: 15k (Total market ETF)
-taxable vanguard investment account: 500k in mutual funds (from trust)
I was thinking that converting to a Roth IRA may be worthwhile in 2016 as I will be in a much lower tax bracket than for the rest of my career. From January 2016 - June 2016, my residency salary will be ~30k. For the remainder of 2016, I will likely generate another 80-150k depending on how many hours I choose to work. Upon graduation of residency, I plan to take over a family-owned private practice in my specialty.
My questions:
1. What should I do with my 403b through my current employer (residency program) and why?
2. Assuming that I will be maxing out a SEP-IRA yearly beginning in 2017, would I be eligible for the backdoor Roth IRA conversion in the future?
a) convert to Roth IRA
b) convert to taxable investment account
c) leave in employer's 403b
My financial situation:
-single, 29-years-old
-total debt: $0
-403b: 65k (Fidelity target retirement fund)
-Roth IRA: 15k (Total market ETF)
-taxable vanguard investment account: 500k in mutual funds (from trust)
I was thinking that converting to a Roth IRA may be worthwhile in 2016 as I will be in a much lower tax bracket than for the rest of my career. From January 2016 - June 2016, my residency salary will be ~30k. For the remainder of 2016, I will likely generate another 80-150k depending on how many hours I choose to work. Upon graduation of residency, I plan to take over a family-owned private practice in my specialty.
My questions:
1. What should I do with my 403b through my current employer (residency program) and why?
2. Assuming that I will be maxing out a SEP-IRA yearly beginning in 2017, would I be eligible for the backdoor Roth IRA conversion in the future?