Hi there. So my spouse and I already max out our workplace retirement plans but we also make too much for Roth IRA. Is it worth it to do the “backdoor IRA”? I’m not sure I want to deal with that in case I do it wrong. So I’m thinking should I next contribute to a Traditional IRA or just brokerage account?
Hi Chrissy,
Wow, what a great problem to have! Yes a backdoor IRA is quite complicated and we recommend that you consult a CPA in that situation. There are also stipulations when solely contributing to a traditional IRA - since you have a workplace retirement plan and a high income it most likely will not work out for you.
Maybe some backdoor IRA folks can provide their input and share their experiences. But if you would rather not deal with it and just put it in the brokerage account - that is TOTALLY FINE! Investing early and often is more important than doing it ‘perfectly’!