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re: Company doesn't offer any retirement benefits, what to do?
Posted on 8/21/13 at 3:08 pm to LNCHBOX
Posted on 8/21/13 at 3:08 pm to LNCHBOX
quote:
Solid post. Makes perfect sense to me. So it all comes down to deciding if my tax rate will be higher or lower in the future compared to now.
I agree. Thanks Volvagia. +1
0
Posted on 8/21/13 at 3:40 pm to LNCHBOX
Pretty much
If you are in a 15% bracket, go balls deep into a Roth IMO
If you are in a 15% bracket, go balls deep into a Roth IMO
Posted on 8/21/13 at 3:45 pm to Volvagia
quote:
Pretty much
If you are in a 15% bracket, go balls deep into a Roth IMO
Well we get married this year, and will be at roughly 105k combined income. Currently for just me, I'm in the 25% bracket now, and my effective rate is is ~12%. Looks like we'd be around the same when we file jointly with that income level. Any recommendation?
This post was edited on 8/21/13 at 3:57 pm
Posted on 8/21/13 at 4:15 pm to LNCHBOX
Tough call.
I love my Roth a lot, but you are on the far side of a borderline example.
Assuming you do have some tax deferred investments and the fact she has no employer contributions at all, go 5500 in a Roth due to the post tax dollar advantage.
One important element of a Roth not already meationed: no required distributions. Where an IRA requires you to start taking a certain amount by a certain age, a Roth does not. This is an valuable asset as the tax free growth means it should be the very last asset tapped in retirement.
I love my Roth a lot, but you are on the far side of a borderline example.
Assuming you do have some tax deferred investments and the fact she has no employer contributions at all, go 5500 in a Roth due to the post tax dollar advantage.
One important element of a Roth not already meationed: no required distributions. Where an IRA requires you to start taking a certain amount by a certain age, a Roth does not. This is an valuable asset as the tax free growth means it should be the very last asset tapped in retirement.
Posted on 8/21/13 at 4:29 pm to Volvagia
quote:
Assuming you do have some tax deferred investments
I work for the state, so I take out 8% pre tax toward my pension (which will hopefully be around when I'm eligible
).
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