[Manuela]

I am married filing jointly. We are no longer able to contribute to a Roth. We are considering doing backdoor contributions.

I read a post on MMM about forgoing Roth and doing a Traditional IRA.

Sounds like if you will be retiring and your income might be higher in retirement then this is a better option.

What does this community think?

TIA

[张扬]

By Roth I assume you mean Roth IRA and not Roth 401k? If you can’t contribute to a Roth IRA (assuming due to income limitations), how will you be able to contribute to a traditional IRA?

If you’re talking about making non-deductible IRA contributions, those are definitely inferior to backdoor Roth IRA contributions.

[Lisa]

If you’re going to make higher income in retirement, Roth would be best option now.

[Brittany]

Without knowing more details, sounds like a backdoor Roth IRA is what you’ll want to do for your IRA.

You won’t qualify to do a deductible traditional IRA.

[Christopher]

If you have a 401k available at work, and your income is that high, you may be phased out of traditional IRA deductibility too.

Traditional IRA isn’t a great fit for higher income retirement situations, since it’s taxed at withdrawal – high income retirement is where Roth shines.

[Rick]

If income is higher in retirement, just retire now. You will have more money…

[Chandra]

Are you or your spouse covered by a retirement plan at work? This would be a factor in whether you are able to make deductible contributions to a Traditional IRA.

[Jasmine]

Just do a back door Roth IRA. That’s what me and my spouse do now that we’re married.

[Author]

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