ER 4+ years now. Living off of taxable investment income.
Traditional IRA (includes 401k rollover) has > $1m in it.
Wife and I are planning on leaving some $ to the kids when it's our time to go.
That's a long time off.
My gut tells me that I'm making a mistake by not having a Roth and putting
money in it every year. Let it grow 20+ years. Leave this to the kids.
I'm thinking that the traditional IRA will be taxed twice and the kids would
have more if money was in a Roth.
I did open up a Roth for them a few years ago to get them started with their
retirement planning. Push them to add to it every year.
Is my thinking wrong?
Traditional IRA (includes 401k rollover) has > $1m in it.
Wife and I are planning on leaving some $ to the kids when it's our time to go.
That's a long time off.
My gut tells me that I'm making a mistake by not having a Roth and putting
money in it every year. Let it grow 20+ years. Leave this to the kids.
I'm thinking that the traditional IRA will be taxed twice and the kids would
have more if money was in a Roth.
I did open up a Roth for them a few years ago to get them started with their
retirement planning. Push them to add to it every year.
Is my thinking wrong?