2015 Limits on 401(k) & IRA Contributions
One of the most common questions people ask me is “How much can I put into my 401(k), IRA, or […]
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0 thoughts on “2015 Limits on 401(k) & IRA Contributions”
Interesting information targeting those who are still working. But what about those of us who are already retired and have an IRA that was converted from a company 401k? If we have the ability to invest anything, being on a fixed income and all, is a Roth IRA the best bet?
Bill, I’m sorry that I missed your comment and am responding so late!! In your situation, you could consider converting part of your IRA to a Roth, and then it would grow tax free from now on. But when you do the conversion, you have to pay income taxes on whatever you convert in that same year. To make it worse, you have to pay the taxes out of your own pocket, you can’t have the taxes come out of the IRA (unless you just want to withdraw the money and get taxed on it). So a Roth might still make sense if you have 15-20 years or more for it to keep growing tax free.