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Roth IRA vs Standard IRA - 6/9/2008 12:52:18 AM
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Ironworker
Posts: 32
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I'm a Blue collar worker . I just opened a Roth IRA I made $71,600 I'm 51 years old . I plan on working till I'm 59 1/2 Lord willing. Is this the right thing to do?
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RE: Roth IRA vs Standard IRA - 6/9/2008 1:29:46 AM
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peace77
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You haven't given enough information to determine if that was the best thing to do or not.
Do you mean is it right to retire at 59 1/2 or is it right to have a ROTH IRA? It's certainly not wrong to have an IRA. Your retirement age depends on what assets you have and how you plan to pay for your retirement years. Keep in mind that people are living longer and you may need to have enough to live on for 45 years after you retire.
Do you have an emergency fund?
Does your employer offer a 401(k)? If your employer matches funds placed into a 401(k), then that is the better place for your retirement funds.
Peace,
Anne
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RE: Roth IRA vs Standard IRA - 6/9/2008 9:10:48 AM
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Ironworker
Posts: 32
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My union retirement plan consist of a Pension and annuity . I've made big mistakes in money management . Now I'm trying to turn over a new leaf. I have almost $200,000 in my annuity and I'll get $106 a month for every year in the trade. Currently I'm vested for 33 years. For every full year I work I get 1 1/3 pension credits. Thanks for your time reading this post.
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RE: Roth IRA vs Standard IRA - 6/9/2008 9:17:16 AM
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fist.sensei
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It depends on which tax bracket you will be in when you retire.
If you are in the higher tax bracket now, you need a traditional IRA.
If you are in the lower tax bracket now, a Roth IRA is the best way.
Being so close to retirement, I assume you will be making less money than you do now, so a traditional IRA would be the better way in that case.
I would suggest paying a financial advisor to help you plan your retirement with it coming up so quickly. These last 10 years can be absolutely crucial, so it would be best for you if you knew exactly what you need to do.
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RE: Roth IRA vs Standard IRA - 6/9/2008 11:25:43 AM
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NoShow
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Not knowing your filing status and current "deductions", you very well can stay in the same tax bracket, based on the information you provided.
But tax bracket may be a moot point, your union retirement plan may disqualify you from making deductible contributions into a traditional IRA.
As Anne said, it's certainly not wrong to have an IRA.
< Message edited by NoShow -- 6/9/2008 11:35:47 AM >
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