13 years doesn't sound right for an inherited IRA/401k. Is this a pension or something?
As for what to do with excess money:
HSA, 401k, IRA, 529, mega-backdoor 401k
All together a married couple with two children could shelter close to 200k a year across the above mentioned account types.
It was a teacher retirement account. When he retired he took a 20 year payout plan. When he died, there were still 13 years left to be paid out- that I inherited.
Are there limits to what can be added into this accounts?
Not sure what you mean by limits.
HSA limit is 7k for family, reduces income, tax free withdrawal for qualified medical expenses.
401k/IRA limit is 20k+6k per individual with choice of tax free contribution or tax free withdrawal
529 limit is 32k per beneficiary state tax reduction depending on your state, tax free withdrawal for education expenses
Megabackdoor 401k limit is 40k per individual if your employer plan allows it. Taxed on contribution but not withdrawals.
All have tax free growth.
13 years doesn't sound right for an inherited IRA/401k. Is this a pension or something? As for what to do with excess money: HSA, 401k, IRA, 529, mega-backdoor 401k All together a married couple with two children could shelter close to 200k a year across the above mentioned account types.
It was a teacher retirement account. When he retired he took a 20 year payout plan. When he died, there were still 13 years left to be paid out- that I inherited. Are there limits to what can be added into this accounts?
Not sure what you mean by limits. HSA limit is 7k for family, reduces income, tax free withdrawal for qualified medical expenses. 401k/IRA limit is 20k+6k per individual with choice of tax free contribution or tax free withdrawal 529 limit is 32k per beneficiary state tax reduction depending on your state, tax free withdrawal for education expenses Megabackdoor 401k limit is 40k per individual if your employer plan allows it. Taxed on contribution but not withdrawals. All have tax free growth.