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Message
Extra $ into 401(k) or Roth IRA
Posted on 1/17/18 at 3:53 pm
Posted on 1/17/18 at 3:53 pm
Have 401k (TSP govt) with 5% employee match I do like the funds they offer. Have been doing well
My elective deferral limit is $18,500 per year. I am assuming that is how much I can put in per year. Should I max this out or max out a Roth IRA?
Question is what are the advantages/disadvantages of 401k vs IRA? Thanks
My elective deferral limit is $18,500 per year. I am assuming that is how much I can put in per year. Should I max this out or max out a Roth IRA?
Question is what are the advantages/disadvantages of 401k vs IRA? Thanks
3
Posted on 1/17/18 at 3:57 pm to Ron Cheramie
Depends on a few factors. It's all about taxes. Do you want to reduce your taxable income now, or get the earnings tax free when you retire? You can max out your employer 401K and your personal ROTH IRA each yr.
ETA: forgot to add, you can max out your personal IRA if you are still within the income limitations.
ETA: forgot to add, you can max out your personal IRA if you are still within the income limitations.
This post was edited on 1/17/18 at 3:58 pm
Posted on 1/17/18 at 3:59 pm to Ron Cheramie
Taxes higher now or when you retire?
Posted on 1/17/18 at 4:51 pm to Ron Cheramie
quote:
Have 401k (TSP govt) with 5% employee match I do like the funds they offer. Have been doing well My elective deferral limit is $18,500 per year. I am assuming that is how much I can put in per year. Should I max this out or max out a Roth IRA? Question is what are the advantages/disadvantages of 401k vs IRA? Thanks
I have the same options as you.
I do the Roth TSP and I also have a Roth IRA. I max out both.
Posted on 1/17/18 at 5:00 pm to Cousin
On the Roth TSP can I send them $ to max it every year or do you have to get it deducted from payroll?
Posted on 1/17/18 at 5:18 pm to Ron Cheramie
Roth TSP will have your contributions but your government match will go into traditional TSP account of you goth the Roth TSP route
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