Do not let the alphabet soup of retirement accounts keep you from saving for your future. The Roth IRA versus Traditional IRA argument is discussed in this episode of Preserving Your Wealth with Mike McCormick. Planning for retirement is tricky. It is crucial for you to understand how your plan may benefit from Roth IRA and Roth 401k or Pre-Tax IRA and 401(k). Here are the top five things to consider before you decide how they fit in your plan.
- If you are likely to earn significantly more in the future than you are today, consider Roth.
- If you are young, consider Roth.
- Your income earning is at its peak and you are in higher tax brackets, consider Pre-Tax.
- You are nearing retirement and you do not have enough saved, then consider Roth.
- You are not likely to access your retirement savings due to other sources of income from real estate or trusts, then consider Pre-Tax.
Listen to learn more, or visit us online at www.mccormickfinancialadvisors.com