No. of Recommendations: 0
I am 26 years old and currently contribute 6% of my salary before taxes to my 401k. I want to start to contribute more towards retirement. I am considering the following options:

1. Up my 401k contribution to 10%
2. Start a Roth IRA - $3,000/yr
3. Start a Roth IRA for $3,000/yr and up my 401k such that I am saving a total of 10% of my salary.

Increasing my 401k percentage will reduce the amount of taxes I pay now, however, I will have to pay taxes on the growth at the end. A Roth IRA will provide me tax-free growth. Would appreciate any comments.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.