The Yamaha Road Star Warrior Forum

Ive read through the descriptions for both the Traditional and Roth IRA's and I am trying to figure out which is right for me.

I expect to remain or go to a higher tax bracket (the lord willing) by the time I retire, but I dont think this is the main factor that should make my determination.

Any help you could provide would be appreciated. I know this is a motorcycle forum, but I figure some of you guys might know something about this.

Thanks in advance,
Dave

With the current tax laws, I believe that the ROTH IRA is the way to go. You put your money in after it is taxed and it grows tax free, as long as you dont touch it until you are 62.5. If you withdraw it before then, you pay taxes AND fees...

With a traditional IRA, you put your money in pre-tax and pay your taxes when you withdraw it, and depending on what IRA you go with, you can withdraw it at any time without paying any additional fees...

This is my very basic understanding of it and you should consult an investment professional who only has your intentions in his heart and not his commission...

Warrior_Dave,

The below answer is from my wife, who is very knowledgeable about finances, and money matters.

If you are certain that you are going into a higher tax bracket, then you should go ahead and do a ROTH IRA so that you will be taxed at your current rate. That way your money can grow tax-free and when you make withdraws later on down the road. You won't be taxed at the higher rate that you anticipated being at...

Hope it helped...

Mark aka Mad Man

At 32 thats 30 years from now.. Alot can change in 30 years just ask your Grandpa, the retired guys from Douglas or Ford or GM.. Personally I buy alot of Gold for the above reasons.. Its Never taxed if you buy and sell it right.. Buy it online in 1 ounce Bar form. Ive even bought it on ebay. Its going up slowly and has NEVER been at zero.. Easy to sell, No commisioned agents or uneducated decisions to make. If the economy goes down,your still good If the country Goes down, its still good anywhere in the world. Iam not saying put all your money in gold but its a great SAFE investment that Hilary won't be able to do her one time tax on in the near future... Get a safety deposit box too..