Advice on growing my portfolio and anything I could be doing different?

Potentially, yes.

However:

  1. Roth IRA
    1. all gains are thereafter tax free
    2. no tax to spend money
    3. basis is fully liquid
    4. a clear win!
  2. Taxable account
    1. pay taxes now (lower capital base)
    2. long-term gains and qualified dividends garner preferential tax treatment for decades
    3. no tax to spend money
    4. fully liquid
  3. 401k or traditional IRA
    1. defer taxes now (higher capital base)
    2. defer taxes on all gains and dividends (again, higher capital base)
    3. basis and gains remain locked for decades
    4. pay marginal tax rates on withdrawals after reaching retirement age
      1. withdrawals are mandatory after a certain age

So, one must really consider one's future and current financial reality when making the choice between tax-deferred accounts versus regular accounts. The answer is different for each of us and will even vary year to year for a given individual. When I was young and pulled a minuscule salary, stashing money in retirement accounts did not make sense. Some years later, I lamented that I could not stash more of my earnings in a retirement account.

/r/stocks Thread Parent