17

No one at fidelity told you to save more. Some poorly coded notification system suggested you save a higher percentage of your income with no consideration that your current election is taking you within spitting distance of the maximum. It's probably important to remember that the custodian is just a vendor of the company you work for. You're entering a ...


7

Anyone can sue for any reason, so technically yes they can sue. The only thing that they might run up against is a statute of limitations, but that would be state dependent and you did not specify the state. Additionally, I would think that 2 years is within most statute of limitations. I am no lawyer, and as such this is not legal advice. This is what I ...


7

You didn't mention how old you are, which may be a factor, but as you observe you are already contributing the maximum you can to a 401(k) (or at least close to it). Most retirement systems have some sort of "retirement calculator" that look at your current savings rate, time to retirement, other retirement assets, and cost of living to determine if you are ...


4

I understand that I'm supposed to remove all earnings attributable to this ineligible contribution--is there a formula for computing this? That's if you withdraw (aka remove or correct) the excess contributions (by Oct. 15). See pub 590a 'Excess Contributions Withdrawn' for Roth and the more detailed version for trad which links to the same worksheet ...


4

You do not need to withdraw, you can recharacterize your contribution as a Traditional IRA then roll it over to a Roth. Contact the brokerage. Source: https://investor.vanguard.com/ira/ira-recharacterization


3

Neardupe Where to enter earnings income when correcting excess Roth IRA contributions? (which I just updated). How much to withdraw? .... Is this right? It looks right to me, but when you request this Vanguard should (re)compute it for you, using the figures for the date the correction is executed. (AFAIK all IRA custodians do this, but you asked ...


2

From the excerpt you posted: Contributing the suggested 15%† or more? This makes it pretty clear that they simply have a rule that people contribute 15% or more. It's obviously a silly rule in your case, but I suspect that most people receiving that message make less than the $180,000 per year that you apparently do. For anyone making $120,000 or ...


2

It is virtually certain that the reason your investment manager is encouraging you to invest more is because he will make more money if you do. He may have targets to meet and your additional investment would help him reach them. That is not to say his advice is necessarily bad, but we would need a lot more information to be able to pass an opinion on that. ...


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