Reported 7 months ago
At the age of 58, individuals with $1 million in their 401(k) face the decision of switching to Roth contributions. Factors such as retirement savings, current and future tax situations, specifics of Roth options, and leaving money for heirs are important to consider. While 401(k) plans offer tax-deferred contributions and employer matches, Roth IRAs provide tax-free withdrawals and no required minimum distributions. Consulting a financial advisor for personalized advice is recommended to make informed decisions regarding retirement funding options and account types.
Source: YAHOO