Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I have been reading a lot regarding how to rule my retirement, but I still kind of confusing.
I am at my late 30s with a full time job with 403(b) account, my income MAGI is in the range of 165k to 210k. My wife is a stay home mom, she is tutoring on the side, but only makes 4k a year, and this income goes into our LLC.
My CPA has been advising me to maximize my 403b so I have been doing that and save $6,000 into my wife's IRA.
MY first question is:
If my income MAGI is below that's say $196,000, could I still save money $6,000 into roth IRA? Even I already maximize my work retirement account (403b), and I saved $6000 into my wife's traditional IRA account?

second question:
If my MAGI is above $206,000, could I do a back door IRA? If I understand right, I have a work retirement account and MAGI is more than $124,000,I can't even save money into traditional IRA so back door IRA won't be an optional for me.

third question:
Will that be a point, I couldn't save anymore for my wife's traditional IRA account? (such as income goes beyond a range)

Last, what's the best way to maximize our retirement?
I am thinking to keep maximize my 403b, and Roth IRA is that's possible for myself.
For my wife, keep saving $6,000 into her traditional IRA (if roth is not allowed ) and open a sep IRA for her if our LLC could generate more income.

any suggestions and answers would be appreciated.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.