@mitchrad Main reason, maybe less so now that HSA is a thing, is that a 401(k) is usually not enough to save for your retirement due to the IRS maximum allowed. Unless you're lucky enough to have a place that allows you to put in over $30,000 a year. 10% of your salary is not enough. 15% is recommended and often that is not enough.
@mitchrad If you are already maxing out your 401(k) and do not qualify for a deductible IRA, there may be limited benefits to having a traditional IRA. Directly investing in stocks can provide more liquidity and flexibility. However, it's worth considering a Roth IRA, which allows for tax-free growth and tax-free withdrawals in retirement. Roth IRAs have income limits, but there are backdoor Roth IRA conversion strategies available. Consult with a financial advisor to explore your options and determine the best approach based on your specific circumstances and long-term financial goals.
@mitchrad I opened my first IRA when I changed employment and wanted to roll my 401K into it. Over the years I’ve done the same a few times and added to it when I could. I was able to self direct it and the money in it grew tax free.
@mitchrad your last two questions are very ill-formed.
disregarding those, if your 401k contributions reduce your income below the Roth IRA threshold, then there's no reason not to put money in it if you can afford to
