I'm 37 and have been a school teacher for 13 years and can't retire until i reach 62. (This may change in the next few years because my state, RI, wants to make 67 the retirement age for public employees.) I am at top pay scale so i probably won't get a raise any time soon so i have a few questions about my 403b and Roth IRA. I just started up a Vanguard Roth IRA that has $8,000 in it and my unmatched school Fidelity 403b has about $50,000 in it.
I want to put as much as i can into my retirement but i have a question about taxes and whether i should move my Roth into the 403b if possible or keep it as it. i don't know if i'll be able to fully fund both the $5,000 Roth and $16,500 403b every year (since i have two small children) so i'm thinking of of moving money if it makes sense. Should i move the Roth money into the 403B because i'll probably will be at a lower tax bracket when i retire, so i'll be getting taxed less when i make withdrawals? right now i guess my roth contributions are getting hit with taxes before they actually go into Roth account. I could use some advice. Thanks
I want to put as much as i can into my retirement but i have a question about taxes and whether i should move my Roth into the 403b if possible or keep it as it. i don't know if i'll be able to fully fund both the $5,000 Roth and $16,500 403b every year (since i have two small children) so i'm thinking of of moving money if it makes sense. Should i move the Roth money into the 403B because i'll probably will be at a lower tax bracket when i retire, so i'll be getting taxed less when i make withdrawals? right now i guess my roth contributions are getting hit with taxes before they actually go into Roth account. I could use some advice. Thanks