Ask Experts Questions for FREE Help !
Ask
    mffenley99's Avatar
    mffenley99 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 13, 2007, 07:48 AM
    Retirement Options
    I'm 50 years old and likely will have to work until 62-64. My son is now out of college and the money that I have been using to fund his schooling I would like to now turn towards retirement investments.

    Which would be better - increase my monthly contributions to a 403b with pre-tax dollars or start purchasing IRA's that I would not be taxed on when I begin to use them in retirement?

    Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 13, 2007, 07:56 AM
    I would do both. Split the money between them.
    realestateprivlend's Avatar
    realestateprivlend Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Feb 18, 2007, 06:51 PM
    Quote Originally Posted by mffenley99
    I'm 50 years old and likely will have to work until 62-64. My son is now out of college and the money that I have been using to fund his schooling I would like to now turn towards retirement investments.

    Which would be better - increase my monthly contributions to a 403b with pre-tax dollars or start purchasing IRA's that I would not be taxed on when I begin to use them in retirement?

    thanks
    You could certainly begin investing in your IRA. A self directed one may be the one to consider. This way you can make other investments without tax consequences.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Retirement Withdrawal [ 3 Answers ]

I was awarded a large sum of money from my ex-spouse's retirement account. Federal taxes were taken out the lump sum amount and I used the balance to purchase a home. Do I need to claim these funds received as income to me on my Federal Tax Return? Thanks for any help on this question. Karen

20 vs 30 yr retirement pension [ 1 Answers ]

Currently, our department has a 50% at 20 yrs, 60% at 30 yrs government pension with a 8.5% contribution. Our union just turned down a 50% at 20yrs, earning 2% each year thereafter to a maximum of 70% at 30 yrs. To get this, we were asked to pay an additional .5% (total 9%). Were they crazy for...

How Much Savings for Retirement [ 4 Answers ]

A friend is planning on retiring by 50. She asked me how much money she should have in her retirement account in order to retirement. I gave her two scenarios: (1) with a retirement pension and (2) with no pension. So, if she has a pension, I told her she needed enough in her retirement...

Retirement because of Disability [ 5 Answers ]

I have worked for this company for 30yrs & have been on permanent disability for the last 2 yrs. I called today to respectfully tell them I will not be returning due to permanent disability. I have spoken with our long term disability provider & they said I must contact the company. I have told...

View more questions Search