Traditional and Roth IRA contributions are linked to the tax calendar.
The 2021 IRA contributions can be made anytime from January 1st 2021 until the day tax returns are due in April 2022.
The 2022 IRA contributions can be done anytime from January 1st 2022 until the day tax returns are due in April 2023.
During the period between January 1st each year and ...
I get around to doing it in December, can I make the maximum contribution all at once in that month
IOW make your max 2021 contribution.
and then also make the maximum contribution for the next year in January?
Meaning you make your max 2022 contribution.
Thus... yes, you can make a contribution each calendar year for that specific year.
Take the FREE MONEY
I have to agree that the 50% match is free money. 50%, even though it only applies one time, constitutes years of growth even in the best conditions.
My own personal style is to max out the 401(K) up front - i.e. I fund the full $19,500 in the first few months of the year. It makes for an irregular paycheck, but it locks in the ...
There is at least a tiny bit of consideration for diversity of retirement savings: tax deferred 401k with already-taxed Roth. But as has been said here, an instant 50% return on funds is virtually unbeatable, even if income taxes will need to be paid on it and its earnings in the future.
With that in mind, OP should check out his plan to see if they have ...
The answer to this question is not set until the time you leave your employer. You could max out the 401K in July, and cut it back to 3% in August. That is the key to understanding the right course of action.
Given your fully funded emergency fund and the match, I would max out the 401K whenever you can. You may want to cut back on that savings for ...
It's very tempting to max out the 401(k), for the reason Hilmar mentioned. Remember, though, that there's more in life to save for than emergencies. For example:
House down payment
Vehicle maintenance and eventual replacement (I don't count easily foreseeable irregular expenses as emergencies)
Continued 529 contributions.
I've already posted answers to your related questions, but since nobody has responded to this one yet, I'll take a stab at it too. Obviously parts of this will be repetitive.
This is a variation of the classic pre-tax versus Roth question. In general I lean toward the pre-tax side for most people. Since you mentioned your income is over the Roth limit, I ...
A separate traditional IRA won't allow you to avoid so-called "pro rata" taxes on a Roth conversion. In general the IRS treats multiple accounts of the same type as one, and this is certainly the case here. Look at Form 8606 - Nondeductible IRAs, where you would report your non-deductible contributions and conversions. For line 6 it says: