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<blockquote data-quote="TheBigBrownWolf" data-source="post: 2045535" data-attributes="member: 61429"><p>I'm not an accountant but I believe Opening retirement accounts and most importantly what type of retirement account depends on your tax situation and most importantly what type of retirement options your company offers. </p><p>For example, if your company offers a 401k with a Roth option. Then it makes no sense to open an IRA account unless you want more options with regards to the type of investments you can choose from. </p><p></p><p>Choosing between pretax and after taxes (Roth) contributions if you're contributing to a 401k depends on your income situation. For example if your single with no children and your deductions are not above the 6500 deductible standard set by the IRS. I would recommend contributing via pretax that why you can lower your taxable income. Or if you are on any type of student loan forgiveness program and your monthly payments are based on your adjustable income. Pretax is your friend because you have a greater control over how high those payments will be. Increase your pretax will lower your income which will lower your monthly payment requirements. </p><p></p><p>Contributing to a Roth is great too. Actually if you can contribute to both at the same time is awesome. With that said I would recommend contributing to a Roth more aggressively once your income improves and/or you have higher deductibles. Having children will also pay a major role on how you'll use pretax and Roth because children give you access to tax credits and the government loves the fact that you are creating future tax payers lol.</p></blockquote><p></p>
[QUOTE="TheBigBrownWolf, post: 2045535, member: 61429"] I'm not an accountant but I believe Opening retirement accounts and most importantly what type of retirement account depends on your tax situation and most importantly what type of retirement options your company offers. For example, if your company offers a 401k with a Roth option. Then it makes no sense to open an IRA account unless you want more options with regards to the type of investments you can choose from. Choosing between pretax and after taxes (Roth) contributions if you're contributing to a 401k depends on your income situation. For example if your single with no children and your deductions are not above the 6500 deductible standard set by the IRS. I would recommend contributing via pretax that why you can lower your taxable income. Or if you are on any type of student loan forgiveness program and your monthly payments are based on your adjustable income. Pretax is your friend because you have a greater control over how high those payments will be. Increase your pretax will lower your income which will lower your monthly payment requirements. Contributing to a Roth is great too. Actually if you can contribute to both at the same time is awesome. With that said I would recommend contributing to a Roth more aggressively once your income improves and/or you have higher deductibles. Having children will also pay a major role on how you'll use pretax and Roth because children give you access to tax credits and the government loves the fact that you are creating future tax payers lol. [/QUOTE]
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