I’m getting deeper into retirement planning options than I ever had been before, and I am getting overwhelmed with information, and feeling somewhat regretful of my planning up until now.

My wife and I are in our mid-30’s and have both have been solely contributing to our 401Ks for our entire working life (since our early-20’s). Currently, the combined value of our 401Ks is around $600K. We both contribute around 15% of our earnings each, yearly.

We have a healthy (6+ month expenses) emergency fund saved, as well as a good amount of other various savings accounts. We pay our credit cards off monthly, have no car payments, and our mortgage is currently our only debt. So, in general, I know that we’re set up fairly well at this point.

Where I am getting thrown is if I should consider opening a Roth IRA for us both at this stage, primarily to serve as a basis for a dividend portfolio that could grow for the next 20 years until we consider retirement in our mid/late 50’s. Our HHI is around $220K now and are in the 22% tax bracket. I know that we’re very close to the normal Roth IRA income limits, so we’d have to look the Backdoor Roth route which seems daunting to me – I wouldn’t want to do things wrong and have the IRS banging on my door.

My wife has a very modest ($6500) Rollover IRA from her first job that we recently converted to a Roth, but now I am afraid that was a poor move and I will be paying for it come tax time.

From the community here, what would be a route to go?

  • Max out our 401ks and go from there?
  • Start a Traditional IRA/Roth anyway, and do the backdoor conversions yearly?
  • Start a taxable dividend portfolio?
  • Just seek out a good quality financial advisor who can help steer things?

EDIT: Thanks to everyone for the awesome advice. I feel a little better about planning, but now it’s time to execute!

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Title Of post: Retirement planning confusion – help!!!
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