I could use guidance on whether or not my wife and I should contribute to an IRA this year.
A bit of data: I am 55, she is 48. She is leaving her job next month. I will work for at least another year. We both anticipate that we will have future income, just not in a normal job. We have ample retirement and investment savings, with ~$500k in a taxable account and $1.25mm in tax advantaged (401k, Roths, traditional iras) accounts. Our adjusted gross income is over $115k, which means that we can,t deduct an IRA contribution, so there is no tax benefit this year.
A Roth seems silly since we would pay tax now based on our current relatively high income, though I may be missing a key point or two on this.
What do you recommend we do?
Thanks in advance,
Random