At the moment I have a small personal investment account which is invested in ETF and Stocks. I also have a 401(k) and an HSA which I contribute to. I was looking into an IRA or Roth IRA. I would like to liquidate my investment account and take advantage or some type of IRA to grow my earnings tax free since the ultimate goal with my investments is not for cash now but money to be used in my 60's. I liked the idea of the IRA for the tax benefits of deducting contributions. I started researching and I'm stuck with what makes more sense now considering the following:
We both have employee sponsored retirement accounts.
We are both in the age range of 35-45
Our married filing jointly AGI is above the $101,000 and $121,000 limit to be able to deduct contributions.
With that in mind it would seem that a Roth IRA make more sense since I would not qualify for the tax deductible contributions. I'm already make post tax dollars to an investment account. The Roth would allow for tax free withdrawals on investment income after I'm 59 1/2. If needed in a pinch I can still withdraw my contribution amount for unforeseen expenses.
So overall are my thoughts are leaning toward the Roth IRA correct or should I still consider a traditional IRA?
Submitted September 27, 2018 at 03:49PM by crxyem https://ift.tt/2xYaEhE
