L.S. Posted November 13, 2009 Report Share Posted November 13, 2009 If you had a choice of putting money into the Simple IRA or a Roth IRA - which would you do first? I think the Simple because of the tax deduction and also the company matching 3%. It is possible to put money in both - up to the limits, correct? When withdrawing the money from the Simple, this is taxable, right. Do you HAVE to start withdrawing at age 59 1/2? thanks Quote Link to comment Share on other sites More sharing options...
mcb39 Posted November 13, 2009 Report Share Posted November 13, 2009 If you had a choice of putting money into the Simple IRA or a Roth IRA - which would you do first? I think the Simple because of the tax deduction and also the company matching 3%. It is possible to put money in both - up to the limits, correct? When withdrawing the money from the Simple, this is taxable, right. Do you HAVE to start withdrawing at age 59 1/2? thanks You do NOT have to start withdrawing at 59 1/2. The requirement is 70 1/2 and that has even been waived in this terrible economy. I generally recommend the Simple or Conventional unless the client is very young. With good financial planning from 59 1/2 on,; you can usually get away with paying little or no income tax on the distributions that were not taxed when they were invested. Each case is different. Quote Link to comment Share on other sites More sharing options...
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