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Reply to "Explain like I'm 5... maxing out retirement"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thank you!! I don't think Roth makes sense for me... My tax bracket is 32%, it can't possibly be any worse in retirement right? [b]Seems like I should stick to traditional everything[/b]. [/quote] Your contribution to your traditional IRA will not be deductible because you are covered by a retirement plan at work and have a high income (https://www.irs.gov/retirement-plans/ira-deduction-limits). Thus, you absolutely should do a backdoor Roth IRA so that your future earnings will be tax free (unlike if you leave your contribution in the traditional IRA). There is not downside to this.[/quote] NP adding to this - you should carefully consider your overall needs. It may be that you'd rather invest the amounts you can put into a backdoor Roth into a taxable account, trading liquidity for tax advantages. Particularly if you envision retiring early. [/quote]
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