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Retirement accounts
Posted on 1/14/13 at 9:03 pm
Posted on 1/14/13 at 9:03 pm
I have a retiremenet set up through work, MPERS, as a main retirement fund.
In addition, I started a ROTH IRA many years ago. I contributed to it for 10 years. Then about 10 years ago, I started a deferred compensation plan (457) through work and basically took the money I was putting in the ROTH and started putting it in the 457 plus some.
Should I end the Roth and move the money to the 457?
Should I split the contributions to both accounts?
I know each account has its own benefits.
Is the money better served in one place or split up?
In addition, I started a ROTH IRA many years ago. I contributed to it for 10 years. Then about 10 years ago, I started a deferred compensation plan (457) through work and basically took the money I was putting in the ROTH and started putting it in the 457 plus some.
Should I end the Roth and move the money to the 457?
Should I split the contributions to both accounts?
I know each account has its own benefits.
Is the money better served in one place or split up?
2
Posted on 1/14/13 at 10:21 pm to Walkertiger
Do both. 457 is pre-tax, Roth post-tax. Considering no one really knows what tax policy will be on these accounts in 20-30 years, it's best to be diversified.
Posted on 1/15/13 at 9:57 am to Walkertiger
Depending on how far you are from retirement, I would focus on the Roth.
If you are 10+ years from retirement/drawing money from Roth, here is how I would do it.
1)Put as much as you can to max employer match in job related account.
2)Put all savings of what is left into a Roth
3) Go back to maxing 401k
4) If you are still saving, put the rest into personal accounts.
Then you pull first from the personal account, then the 401k, then the Roth in retirement.
There is literally no situation I can think of where it is a good idea to take money already in a Roth and put it in another type of retirement account.
And if there is no employee match, I would strongly consider maxing Roth limits first.
If you are 10+ years from retirement/drawing money from Roth, here is how I would do it.
1)Put as much as you can to max employer match in job related account.
2)Put all savings of what is left into a Roth
3) Go back to maxing 401k
4) If you are still saving, put the rest into personal accounts.
Then you pull first from the personal account, then the 401k, then the Roth in retirement.
There is literally no situation I can think of where it is a good idea to take money already in a Roth and put it in another type of retirement account.
And if there is no employee match, I would strongly consider maxing Roth limits first.
This post was edited on 1/15/13 at 10:00 am
Posted on 1/15/13 at 10:04 pm to Siderophore
Thanks.
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