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Traditional IRA vs Roth IRA - What We Did

Posted: Feb 12th, 2023 - 8:36 am In Reply to: Anyone with 401K or IRA care to share their - experience

When you say "early retirement," I'm assuming age 62? Hubby and I have gradually moved all of our Traditional IRAs into Roth IRAs. No penalty with Roth, no taxes on interest. If you're only 62 and you retired, I am assuming you have other backup funds. We have yet to draw on our IRAs, and I'm in my late 60s, hubby in early 70s. I'm retired completely, hubby works 2 days a week.

I would do what you can to hold off, but as poster said, it's YOUR money. We do have backup investments, not just IRAs.

Honestly, your best bet is to talk to a financial planner. It can get complicated, and a planner can help you plan your future and see what your portfolio looks like, and what its potential is. It would be unwise for us to give you advice without knowing your entire situation, and even then, we're not financial planning experts. We get with our planner every 6 months in person so we always know where we're headed.

My general theory? If you are living on the edge with just the SS, and an IRA is your only backup, you'll need to make arrangements so that you feel more secure. If there's no room for a blip, it could be a big problem.

Good luck to you. FYI, you can talk to 10 people and get 10 different opinions. Even planners vary in their opinions, but it's at least a direction to move toward.

Good luck to you! Retirement is wonderful, but is scary if you don't have a solid plan that would take into consideration any emergencies that might come up, including inflation.


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