Submitted by emmyloo22 t3_zzoa07 in personalfinance
maedocc t1_j2cukzp wrote
>(i.e Can I open my own retirement account separate from my employer? And if so, should I?)
Yes you can.
You can't open a 401k or anything, but you can open an IRA on your own and invest inside that tax-advantaged retirement account. You can contribute up to $6,000 for 2022, and that's increased to $6,500 in 2023.
A helpful post:
emmyloo22 OP t1_j2cv3vt wrote
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.
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.
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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