I'll keep this simple as possible and will discuss with my money man.
I currently contribute to a work sponsored 403b. Work doesn't match any funds ( I'll receive a state pension). The 403b contribution limit is like 22k? I contribute $9800 per year @ $800 per month.
I have concerns as I'll be paying taxes at retirement age on my withdrawals/earnings.
Since the market is low, and I don't have much (if any) earnings to report, should I move my funds over and start a ROTH IRA?
With the ROTH, I pay tax upfront, but not on my future earnings/withdrawals. Since the ROTH is capped @ $6000 per year contribution ($500 per month), I would use the extra funds ($300) and purchase ETFs or put the funds towards something else like a cash out insurance policy, etc.
I'm 38 years old. My wife and I each currently earn about 80k. I don't know what I'll be earning at retirement as that's 25+ years from now. I can guess a combined income of 240k?
Thoughts?
I currently contribute to a work sponsored 403b. Work doesn't match any funds ( I'll receive a state pension). The 403b contribution limit is like 22k? I contribute $9800 per year @ $800 per month.
I have concerns as I'll be paying taxes at retirement age on my withdrawals/earnings.
Since the market is low, and I don't have much (if any) earnings to report, should I move my funds over and start a ROTH IRA?
With the ROTH, I pay tax upfront, but not on my future earnings/withdrawals. Since the ROTH is capped @ $6000 per year contribution ($500 per month), I would use the extra funds ($300) and purchase ETFs or put the funds towards something else like a cash out insurance policy, etc.
I'm 38 years old. My wife and I each currently earn about 80k. I don't know what I'll be earning at retirement as that's 25+ years from now. I can guess a combined income of 240k?
Thoughts?
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