I am at an age where I think about retirement. When can I retire? Will I ever feel I’ve saved enough money? How much money is enough? Is there such a thing as enough money? As Woody Allen said, “Money is better than poverty, if only for financial reasons.”
Are you asking these questions? You’re not alone – many struggle with the question: Which type of IRA – Roth or Traditional – is right for me? This uncertainty can cause “Deer in the Headlights Syndrome.” Too unsure to decide, not wanting to make a mistake, and the fear of making the wrong decision stops us dead in our tracks.
Whenever uncertainty arises in conjunction with a need for a decision, what do most people do? Nothing.
Well don’t do nothing, and the first step is to arm yourself with knowledge.
I remember when I got my first job out of college, and my starting salary was $30,000. I felt rich! It was the first time in my life that I wasn’t earning an hourly paycheck. But, it was also the first time in my life that I was responsible for all of my own living expenses—rent, car payment, car insurance, groceries, taxes… After federal and state tax withholding, what I thought of as my fat paycheck, was stretched to its limits.