Hi! I’m a stay-at-home mom and my husband is a public prosecutor. We had planned on staying with this work all the way through, but our plans need to change. My husband is not going to be able to take this for another 23 years for the full pension, and would like to make a plan for a career change within about five years. I’m trying to financially prepare us for this.
As I work my way through the Investment Order, I’m wondering if it makes more sense to invest in a traditional IRA to save on taxes, or a Roth IRA so that we can access those funds without penalty if we need to during the transition period between careers. We are in the 12% federal marginal income tax bracket, but we live in a high income tax state, and pay more on our state income tax than federal.
Any thoughts on this specifically or ideas on how to prepare are welcome.