Yes, I have a Roth IRA as well. I’m contributing the max to it every year. I’m hoping that it grows exponentially so I can retire sooner! I didn’t realize that you could open more than one account. I’ll have to look into that.
MOORE INCOME for me i’ve no clue what a ROTH IRA / IRA is
and I’ve to watch what i do and how much money i’ve because
it comes out of my SSI. Is you have to much in assets they will
take me off of ssi.
Standard IRA for years. I will pay taxes on the RMDs but my tax bracket is much lower than it was when working. I considered Roth, but the standard IRA just seemed like it made more sense based on my past career income vs. retirement income. Guess I’ll find out !
We were really hit during the recession and could not make payments beyond what I automatically got through my job into a 503B. (My husband is self-employed). In one year both our salaries went way up as I got a new job and he got a LOT more business. I did not check, but I assumed that the taxes we would have paid on a Roth during the boom years would be more than what I would pay in retirement, pulling it out a portion at a time. Is my thinking logical?
@thrifty I am not sure in your specific situation which one would have been the most beneficial later on. There are a lot of factors including inflation that can have an impact on the profitability of such investments in later years.
Nerd Wallet did put together a great article explaining the key differences with the Traditional and Roth IRA.
Moore Income, thanks for that link to Nerd Wallets comparison. There is information there about Roths I did not know. I just reached 70.5 and have been working with my financial adviser as to how best/when take my RMDs and then what I’m going to do with it. The hope is that I can tighten the belt enough to reinvest some of it!