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ROTH IRA vs. 403(b) - dump one altogether?


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Hi there,

 

How are you.  I have both an active 403(b) account as well as a ROTH IRA, and I’m currently contributing to both.  I was wondering - is this a smart move?  Should I be contributing way more money to one versus the other?  Should I close one of them altogether and place all of my money into the other?  What would you do?  Oh….and another last question - I read that, if you have a 403(b), that you should get rid of all monies placed into annuities - the article said that annuities do not make fiscal sense to be invested in (within your 403(b) ).  Any thoughts on that.  Well….any advice that you could send my way would be greatly appreciated. 

 

Take care, James

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You have one tax-deferred retirement account (the 403b) and a post tax retirement account (the Roth IRA). You can't commingle the accounts without paying some sort of penalty. Well, I suppose you could move the Roth to the 403b and take a one time writeoff of taxes (consult a tax pro on this). I'm not a fan of annuities because as Ken Fisher once stated they are good for the investment firm but not for the investor.

 

There's talking heads who claim you should only do Roth IRAs because taxes will double/triple/quintuple by the 2030's. I don't buy into that, besides we're supposed to melt down into a huge molten fireball by 2029 anyway.

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