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Reply to "Should i invest in 401(k) or Roth?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How much do you have saved currently? If very little, I'd focus on maxing out the Roth IRA first then saving in the 401K.[/quote] This advise doesn't make sense to me. If the OP doesn't have much saved, and is limited in how much they can save, then the thing to do is save as much as possible, which means saving in a 401k. I have a Roth, but I save in it after I max out my 401k, not instead of it.[/quote] Well the OP probably makes too much for a Roth IRA, but I was suggesting this initially because at 55, there isn't much time to save. Might as well save post tax so at least the earnings/growth can be withdrawn during retirement without paying taxes on them. There isn't much time to build up a nest egg. I would focus on paying off my mortgage asap.[/quote]
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