>I am married and our AGI is 110k a year Your income is too high to roll your Traditional IRA to a Roth.>I am feeling immense pressure from him as to open>up a new account, because he says that the taxes>that I will pay in the future for the traditional>IRA will be outrageous. (according to him.) If you're a long way from retirement, and likely to have a good nest egg, and high income when you get there, the Roth is usually a better option. Since you earn too much to deduct Traditional IRA contributions, it's a no brainer, contribute that money to a new Roth IRA.>But, I feel like the money albeit small in my >traditional account, is better than starting over>at $0.00 with a Roth, and would rather contribute>$ toward the IRA account and my 401k.It's not either-or. You don't sacrifice the money in your Traditional IRA to open a new Roth. That money will continue to grow, and will be taxes as income when withdrawn. By contributing to a separate Roth IRA as well, you'll have an additional tax free source of income. It sounds like you should listen to your broker.If your employer offers a match on your 401K, your should first contribute to that amount, but ideally do both.
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