Hello All,
First just a little bit about me: I am 26 years old and am on track to retire by 40. Currently, I have my 401K set at 20% of my income, which will be more than enough to cover any of my post 59.5 year old expenses by the time I reach that age. I also have a small amount (only about $12k at the moment) in a Roth IRA and have started to put some $ into my taxable accounts (Vanguard) since I finished paying off about $60k in student loans finally (big mistake to have it in the first place but, young and stupid, right?) that will have to sustain me from the years 40-59.5 .
So, here's my question: Seeing as my 401K will be sufficient enough to sustain my expenses from 59.5 on, do I really need the Roth IRA as well? In general, my feeling is that I would rather take that $ out of the Roth IRA now while it is still just a small amount and the tax penalty would not be as much. I would then put that $ into my taxable account so that I could have it grow there and utilize that $ years earlier as opposed to just having access to my contributions in my Roth.
I am only just starting my financial education and while I think this is the right move for me I am open to opinions, as well as any other suggestions that anyone has.
Thanks!! :D