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?
- Anonymous2 weeks ago
what you consider normal may be different to someone else so this question is moot
- John PLv 73 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.
- HernandoLv 51 month ago
You can increase your Roth all you want but it's still not a performing art, picklehead.
- DannyLv 71 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.
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- HenryLv 41 month ago
I don't know if those really work, you still have to pay the tax.
- Rick BLv 71 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.