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401k or Roth IRA
Posted on 12/12/13 at 2:18 pm
Posted on 12/12/13 at 2:18 pm
Brief Synopsis: Married & Household income of $145,000; Age = mid 30's; 2 kids under 5; 14 years remaining on mortgage
These are the 2 options:
1) Max out my 401k contribution ($17,500 pre tax)
2) Max out a Roth IRA for my wife ($5,500 post tax) and for myself ($5,500 post tax)
If I choose option #2, I will still contribute 4% of my salary ($4,040) to earn the 4% of my company's match. Also, wife contributes 8% of her salary to fund her pension that will end up paying her about 70% of her highest salary when she retires.
I wish I could do both 1 & 2, but at this moment, can only choose 1, so which should I do?
These are the 2 options:
1) Max out my 401k contribution ($17,500 pre tax)
2) Max out a Roth IRA for my wife ($5,500 post tax) and for myself ($5,500 post tax)
If I choose option #2, I will still contribute 4% of my salary ($4,040) to earn the 4% of my company's match. Also, wife contributes 8% of her salary to fund her pension that will end up paying her about 70% of her highest salary when she retires.
I wish I could do both 1 & 2, but at this moment, can only choose 1, so which should I do?
Posted on 12/12/13 at 3:54 pm to Springlake Tiger
So I probably should keep contributing to my Roth 401k even after my tax bracket shoots up to the 25% next year? (Worked for a partial year, so low tax bracket relative to paycheck.)
Even if I don't anticipate being in the 25% tax bracket (under current rules) in retirement?
Fringe benefits to putting away post tax?
(question mostly directed to broke)
Even if I don't anticipate being in the 25% tax bracket (under current rules) in retirement?
Fringe benefits to putting away post tax?
(question mostly directed to broke)
This post was edited on 12/12/13 at 3:55 pm
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