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Money Matters
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Old 08-23-2013, 09:19 AM   #1
Mike Larry
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Mike Larry needs financial management advice

I'm going to be done with my student loans at the end of the month. Right now, I have only about $10k in the bank, but that's going to be rising quickly. I have no immediate plans to buy a house because I live rent-free at a property that my parents own. In about 3 years, I'll probably buy my parents a property in the destination of their choice for their retirement, but that's a ways off.

I talked to my banker friend and he said that I should tax shelter as much money as I can afford, up to and including maxing out my 401k (my company doesn't match) and an IRA, which would come to about $22k a year off my paycheck. Is he right?
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Old 09-02-2013, 09:05 PM   #2
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Yes. The limits are:

401(k) elective deferral limit is $17,500 (http://www.irs.gov/uac/2013-Pension-Plan-Limitations)
IRA contribution limit is $5,500 (http://www.irs.gov/Retirement-Plans/...ibution-Limits)

However, contributing to both an IRA and 401(k) may affect the tax deductions for your IRA contributions. I'm not entirely sure but if you have a tax accountant, that would be a quick question to ask. I've never done taxes and haven't taken that portion of the CPA yet.

Last edited by JTLaz; 09-02-2013 at 09:05 PM.
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