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emmyloo22 OP t1_j2cv3vt wrote

Reply to comment by maedocc in Please help — I don’t understand my pension… can somebody ELI5?? by emmyloo22

Thanks! This is really helpful. Based on my other retirement accounts, would you recommend I try to max out the IRA each year? (Or is that unnecessary?) I usually save around $2000 a month after all my expenses, which I’ve been putting in a HYSA because I don’t know what else to do with it.

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maedocc t1_j2cvbtq wrote

Yes!

Maxing out your Roth IRA when you have $2k going into your HYSA is a no-brainer.

Oh, and you have until April 18, 2023 to max out your Roth IRA for the year 2022. So no huge rush to get it done before the end of the year.

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emmyloo22 OP t1_j2cvz4e wrote

Awesome! Thanks again, this has been super informative. I’ve read a little about IRAs but didn’t know if it was an option for me. Excited to delve further in and get one started!

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