Roth
I am 64 work for corporate America. I’m putting 6% of my paycheck into my 401K should I be putting it into a Roth instead? I hope to retire in 3 to 4 years. Thank you very much.
Terry Says
If you’re getting a matching contribution, then keep contributing to the company plan. If it offers a pre-tax Roth option, do that.
Depending on your income you can also contribute additional money to a Roth IRA.
For single filers, in 2024 your Modified Adjusted Gross Income (MAGI) must be under $146,000. In 2025 your MAGI must be under $150,000 to make a full Roth IRA contribution. For joint filers, in 2024 your MAGI must be under $230,000. In 2025 your MAGI must be under $236,000 to make a full Roth IRA contribution.
If you qualify you can still make a 2025 contribution until April 15th.
