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Recently received increase,,,, Should I take the extra money and invest in maxed out as match 401K or put into MY ROTH IRA... My age is 63..

Thanks will take all replies as advice..
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Should I take the extra money and invest in maxed out as match 401K or put into MY ROTH IRA... My age is 63..

Generally you want to do it in this order:
1. Put money in the 401K up to the top matching amount.
2. Fill up the Roth
3. Max out the rest of the 401K

Remember, at 63 you have a catch up amount so your Roth limit is $5,000 and your maximum 401K is $15,500 + the $5,000 catch up. So you can stash $25,500 between the two of them.

Paul
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If you are eligible to receive a company matching contribution to your 401k, you should take it especially if you are already fully vested. However, at age 63, you are probably thinking about retirement in the near future. This may mean taking distributions, voluntary if not eventually required, so you need to explore whether a 401k or a Roth IRA is better for distributions.

Ultimately, what you need to do is start planning your retirement finances. You need to have an idea of when you want to retire, how much annual income you will need from retirement savings and for how many years, and then look at your overall portfolio to see where you stand and where you need to be. Most likely, you will have a mixture of aggressive and conservative investments as you try to balance income and growth needs. Where you place your excess cash today may depend on what area of your retirement strategy needs the most attention.

Fuskie
Who again would take the free money first, but then would look at whether his 401k would be a long term investment vehicle or soon to be rolled over to a self-directed IRA...
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Is roth only applicable if your income is at a certain level?
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Is roth only applicable if your income is at a certain level?

Yes,
Single below 99K, partial between 99K-114K (MAGI), none above 114K
MFJ below 156K, partial between 156K-166K (MAGI), none above 166K

Here's the IRS doc link
http://www.irs.gov/pub/irs-pdf/p590.pdf



Hohum
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