Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-16-2017, 02:37 AM
 
106,169 posts, read 108,140,134 times
Reputation: 79717

Advertisements

the real question is with such a low income ,why bother with the roth ?

roths are great because of all the things tied in to retirement income. but if 22k is your income you have to see if the conversion and taxes up front are worth it .


if you are in the 15% bracket regardless it may just waste dollars up front
Reply With Quote Quick reply to this message

 
Old 08-16-2017, 04:35 AM
 
Location: Central Massachusetts
6,517 posts, read 7,031,823 times
Reputation: 9275
I agree with you. However everyone is different. Hannah5555 does need to do the math to see if it is worth it. 60k is not going to be a great deal of money in the grand scheme of things. At 22k per year that is only 3 years of income if that IRA is used exclusively and even if it is combined with SS the tax on annual income coming from that source will be negligible. It might not even get taxed at such a low income. She will have to file but will get a tax refund at the end of the year.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top