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I am in the same situation as you, but offer one consideration no one has mentioned. This is only applicable if you have already max out your 401(k) every year and have plenty of retirement funds already in taxable accounts.

I started a non-deductible IRA about 5 years ago just to use as a kind of mad money investment account to pursue flyers in the market where I wanted to get in and out of stocks or other investments very quickly, often in less than one year. The advantage of doing so in a IRA is that you do not have to pay taxes on any gains. If I did these trades in a taxable account, I would pay 40% state and federal taxes on these types of investments. I find it to be very lucrative to do this in my IRA. I know people shouldn't normally gamble with an IRA, but I don't consider my traditional IRA to be retirement money, but rather tax free investment money for short-term investments. My 401(k) and other taxable accounts are my retirement.

Edgy
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