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08-08-2005, 07:08 AM
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#1
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Confused about dryer sheets
Join Date: Aug 2005
Posts: 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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08-08-2005, 08:45 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,321
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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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08-08-2005, 05:56 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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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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08-09-2005, 01:30 AM
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#4
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,839
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Re: Howdy!
 Quote:
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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.
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Welcome to the board, Hardcase!
Are you talking about new contributions or about converting to a Roth IRA?
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08-09-2005, 07:45 AM
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#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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