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Traditional IRA or Roth IRA
Posted by Allthatfades on 1/18/20 at 8:18 am00
I have several thousand dollars in a 401k from a previous job. My new job is with the govt and offers a pension plan but nothing to roll the 401k into. So I was thinking of opening an IRA or Roth and rolling into that and contribute each month to it. Just trying to get an idea of the advantages or disadvantages of each one. Thanks.
re: Traditional IRA or Roth IRAPosted by Azazello on 1/18/20 at 8:42 am to Allthatfades
quote:
Just trying to get an idea of the advantages or disadvantages of each one.
There are hundreds of thousands of articles online dedicated to this exact subject - I would start with a google search.
Be aware that if you have both a Roth and Traditional IRA - the contribution limit applies to both accounts combined.
re: Traditional IRA or Roth IRAPosted by notsince98 on 1/18/20 at 8:57 am to Allthatfades
If your old 401k is traditional, you will need to open a traditional IRA to roll that into.
for monthly contributions and deciding whether to contribute monthly to an IRA or Roth IRA, answer the following:
- Will you want to withdraw from the account before you hit the eligible retirement age?
- Will your income in retirement be higher or lower than your current income?
Good luck.
for monthly contributions and deciding whether to contribute monthly to an IRA or Roth IRA, answer the following:
- Will you want to withdraw from the account before you hit the eligible retirement age?
- Will your income in retirement be higher or lower than your current income?
Good luck.
re: Traditional IRA or Roth IRAPosted by PlanoPrivateer on 1/18/20 at 9:43 am to Allthatfades
I would roll the 401K into a Traditional IRA and then start contributing to a Roth IRA. I am a big believer in having both.
re: Traditional IRA or Roth IRAPosted by SippyCup on 1/19/20 at 8:33 am to Allthatfades
Roth contributions and earnings are tax free when distributed after 59 1/2.
Traditional contributions and earnings are fully taxable when distributed after 59 1/2.
While I am a fan of having both, In my opinion, the Roth is better.
Traditional contributions and earnings are fully taxable when distributed after 59 1/2.
While I am a fan of having both, In my opinion, the Roth is better.
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