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Reply to "Should i invest in 401(k) or Roth?"
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[quote=Anonymous][quote=Anonymous]55, make $130/year and work for a company with no 401(k) match. Don't have enough money to fully fund both. So which would you do first and why?[/quote] Usually people are told to fund 401K to get the full employer match, then fully fund Roth, then go back and fully fund 401K. If you still have extra at the end of this you can start a regular savings plan (or college plan if you have children). Since your employer does not match, I would fully fund Roth, then go to 401k. HOWEVER, if your company tends to give bonuses through the 401k, you have to be a participant- so then I would put int he minimum 401k first, then Roth, then rest of 401k. Since you are over 50, your maxes for Roth and 401k are higher than younger people. [/quote]
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