As a 60 year old working female, I've increased my roth and decreased the normal 401  Is it smarter to add more to Roth?  TIA?

6 Answers

Relevance
  • Anonymous
    2 weeks ago

    what you consider normal may be different to someone else so this question is moot

  • John P
    Lv 7
    3 weeks ago

    What is "Roth" and what is the "normal 401"??!!

    From other answers it seems that those items have some connection with taxes in the country in which you live. But that country is certainly not the UK.

  • 1 month ago

    You can increase your Roth all you want but it's still not a performing art, picklehead.

  • Danny
    Lv 7
    1 month ago

    Please be advised your Q is assigned to Performing Arts, which you may wish to change over to something under Business & Finance. We readers can no longer do this for you.

    Meanwhile, Rick B's answer is short but solid. Also, delay your Social Security retirement as long as possible.

  • How do you think about the answers? You can sign in to vote the answer.
  • Henry
    Lv 4
    1 month ago

    I don't know if those really work, you still have to pay the tax.

    • Rick B
      Lv 7
      1 month agoReport

      Please don't "answer" a question if you have nothing to contribute.

  • Rick B
    Lv 7
    1 month ago

    The ROTH will give you tax-free income in retirement, but you have to pay taxes on it now. If you are currently in a high tax bracket, it makes more sense to take the tax break and contribute to a traditional IRA. If you are in a low tax bracket (and think taxes will increase in the future, which they typically do) then go ahead and pay the taxes now and contribute to a ROTH.

    There are many other factors, but that is the long and short of it.

Still have questions? Get your answers by asking now.