Did you splurge on anything

[Jones]

Roth is great if you have more time for the interest to compound. If you are close to retirement it probably isn't worth trying to switch to a Roth.

How you figure?

 

[oldngray]

How you figure?

It depends on the tax bracket you are in whether it is better to get the pre or post tax deduction. Roth is definitely better long term but short term - not really.

 

[Browndriver5]

If you're under 50 you can only put 5,500 a year

 

[Jones]

It depends on the tax bracket you are in whether it is better to get the pre or post tax deduction. Roth is definitely better long term but short term - not really.

Your tax situation can change even after retirement especially if you live another 30 years ( I'm planning for it fingers crossed). It's good planning to have two different buckets to draw from depending on the situation. Even if you only have couple years to go that's still enough time to put 40-50k in the Roth.

 

[Jones]

If you're under 50 you can only put 5,500 a year

Better check again.

 

[IVE GOTTA PACKAGE 4U]

If you're under 50 you can only put 5,500 a year

That's an IRA. The 401k is different. Much higher limits.

 

[oldngray]

Your tax situation can change even after retirement especially if you live another 30 years ( I'm planning for it fingers crossed). It's good planning to have two different buckets to draw from depending on the situation. Even if you only have couple years to go that's still enough time to put 40-50k in the Roth.

It does depend on your situation but my point was a Roth isn't always best.
http://freefrombroke.com/tax-free-vs-tax-deferred-ira/

 

[Browndriver5]

Better check again.

I have a Roth IRA for the last 5 years I started it when I was 18. Take a look

 

[oldngray]

I have a Roth IRA for the last 5 years I started it when I was 18. Take a look

Starting at 18 a Roth is undoubtedly the way to go.

 

[Browndriver5]

http://www.rothira.com/roth-ira-contribution-limits

 

[Jones]

I have a Roth IRA for the last 5 years I started it when I was 18. Take a look

We're talking about the Roth 401K, limit is 18000 for under 50.

 

[Browndriver5]

We're talking about the Roth 401K, limit is 18000 for under 50.

My bad brotha

 

[Jones]

My bad brotha

No worries mate

 

[Browndriver5]

I have lived poor for 5 years. I drive a ass Honda I hardly buy new clothes. Idc when I go full time I'm saving up and buying myself a nice car straight cash

 

[UpstateNYUPSer(Ret)]

If you're under 50 you can only put 5,500 a year

If you are talking about a 401k you have your figures confused. The $5,500 you quoted is for the "catch up" feature offered to those 50 or older. The limit for everyone else for 2015 is $18K.

 

[UpstateNYUPSer(Ret)]

I have lived poor for 5 years. I drive a ass Honda I hardly buy new clothes. Idc when I go full time I'm saving up and buying myself a nice car straight cash

It may make more sense to put that money in to your 401k and take advantage of a zero or low interest loan for your "nice car".

 

[IVE GOTTA PACKAGE 4U]

If you are talking about a 401k you have your figures confused. The $5,500 you quoted is for the "catch up" feature offered to those 50 or older. The limit for everyone else for 2015 is $18K.

Catch up is $6000. For 2015.

 

[Browndriver5]

It may make more sense to put that money in to your 401k and take advantage of a zero or low interest loan for your "nice car".

Please re read the posts above.

 

[Browndriver5]

If you are talking about a 401k you have your figures confused. The $5,500 you quoted is for the "catch up" feature offered to those 50 or older. The limit for everyone else for 2015 is $18K.

I put 100$ a week into ups 401k and 450 a month into a Roth ira. I think I know what I'm doing

 

[UpstateNYUPSer(Ret)]

I put 100$ a week into ups 401k and 450 a month into a Roth ira. I think I know what I'm doing

You cannot put a set monetary amount in to a 401k so apparently you don't know as much as you think you do.