Ask Terry Questions Near Retirement — Roth or Traditional IRA

Near Retirement — Roth or Traditional IRA

By Terry Savage on January 31, 2018 | Investments

Dear Terry, I'm a 57yr man, all kids are adults, not much debt, married still working, which IRA should I get traditional, Roth,or Sep which is best for me to get with modest amount of money

Terry Says

Assuming you earn under $200,000 and file a joint return, you qualify for a Roth IRA.  You don't get a tax deduction for your contribution, but all the money grows and is withdrawn tax-free. Here is a link to the rules at  The real question is where and how you should open that IRA account.  I would suggest contacting Vanguard ( or Fidelity ( and they will guide you through the process.  At your age, and given the huge run-up in the stock market, I would suggest investing in their Equity-Income fund at either place.  It's a bit more conservative.  And when the market declines, stick with your regular investment plan and don't get scared out!

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