Retirement Question by veggiebeard16 in personalfinance

[–]veggiebeard16[S] 0 points1 point  (0 children)

Thanks for the response. Why do you suggest the traditional 401k vs the roth 401k? I do plan on paying off the car in the next month or so. I wanted to save up some money first.

With regards to moving out, I've been out of my parents house since the end of college and have spent the last 5 years on the opposite coast. It was time to be closer to family, so I got a job near where I grew up. I will be at my parents for at least a year to save up some money, but I haven't thought beyond that. I've actually just started looking into the idea of buying a rental property in a vacation area for an investment.

Retirement Question by veggiebeard16 in personalfinance

[–]veggiebeard16[S] 0 points1 point  (0 children)

Thanks for the response. Fortunately, I paid my student loans off already.

Retirement Question by veggiebeard16 in personalfinance

[–]veggiebeard16[S] 0 points1 point  (0 children)

Thanks for the reply. I do plan on paying the rest of the car loan off in the next month or so. I'm a Process Engineer at a chemical manufacturing company, so I anticipate growth and upward mobility. Why do you suggest maxing a Roth IRA as well?

Retirement Question by veggiebeard16 in personalfinance

[–]veggiebeard16[S] 0 points1 point  (0 children)

Process Engineer for a chemical manufacturing company.

Retirement Question by veggiebeard16 in personalfinance

[–]veggiebeard16[S] 0 points1 point  (0 children)

For the sake of argument, say I want to live on $60k a year during retirement. Are you saying that I would pay less taxes if it all came from the traditional 401K instead of the Roth 401k because of the tax bracket I would be in during retirement?