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Howdy!
Old 08-08-2005, 07:08 AM   #1
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Howdy!

Hello all I'm the new guy! I'm retiring from State Government in Kentucky after 30 years. I'm fifty so I'm really retiring young. I have a State run IRA now. I'm trying to decide if I need to continue with it or go for a Roth IRA.
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Re: Howdy!
Old 08-08-2005, 08:45 AM   #2
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Re: Howdy!

I'm not sure I'm interpreting your question correctly. However, IRA contributions can only be made if you have earned income. Your pension from the state is not earned income. Unless you have a part time job after retirement you will not be eligible to contribute to any type of IRA.

Congrats on your retirement.

Grumpy
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Re: Howdy!
Old 08-08-2005, 05:56 PM   #3
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Re: Howdy!

hey and congrats. That is something interesting to consider on the earned income part of the equation and that many FIRE types will have to put off a ROTH ira. I suppose that you could do some part time work if you are interested in it. I suspect that your state job has some "limited term employee" jobs that might not affect your pension.
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Re: Howdy!
Old 08-09-2005, 01:30 AM   #4
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Re: Howdy!

Quote:
Originally Posted by Hardcase
Hello all I'm the new guy! I'm retiring from State Government in Kentucky after 30 years. I'm fifty so I'm really retiring young. I have a State run IRA now. I'm trying to decide if I need to continue with it or go for a Roth IRA.
Welcome to the board, Hardcase!

Are you talking about new contributions or about converting to a Roth IRA?
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Re: Howdy!
Old 08-09-2005, 07:45 AM   #5
 
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Re: Howdy!

Search for "roth conversion calculator" on the web, and you can work through different scenarios for converting. For me, I'm convinced that converting is a good thing.
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