Hi again! I am in desperate help of some IRA advice as I am coming up on the deadline. I plan to open an IRA account with Vanguard and need to decide tIRA or Roth. Since I am single and made $80k last year, I cannot deduct any contributions to a tIRA (i've already filed taxes regardless, so these will be non-deductible). I am already planning on maxing out my t401K through my employer, which matches 4.5% of my first 6%. Here are some of my predicaments/situations:
-28 Y.O
-$10k in student loans at 4.5% (reduced from $60K at 5-9% in 2 years)
-$23k in t401k (Plan to max in 2017)
-No home, but may plan to buy in 3-5 yrs. Would possibly need to tap fund for 20% downpayment.
-$15k in 3% checking
-Hourly job yields $45k/ year, but with extensive OT grossed $80K 2016, on pace for $100K 2017
- Under staffed at work and OT is likely stable, but you never know. Also cannot keep this pace up long term!
-Exploring changing jobs, in which I may need to move my t401k (Fidelity- not sure if I would be forced to roll into tIRA)
-Intrigued by idea of early retirement / FIRE. May need to use loopholes to tap funds in 10-20 years.
Sorry for the exhaustive, complicated list, I unfortunately do not have the time to be as well read on these topics as I wish. So I ask, is the Roth or tIRA better for me? If I change jobs it will be a no-brainer to go tIRA for deductions, but I also need help for 2016. I do not want to run into any roadblocks that I am unaware with as well if I decide to tap the funds for a home/ early retirement. Any thoughts would be GREATLY appreciated as always!!!
