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If you're not contributing 6% for the match then start there
No idea about Pwc...but imo anyone under 45-50 should be throwing it in roths
IRAs are opened independently of any firm-sponsored retirement plans. If you're talking about a Roth 401(k), PwC only offers traditional. PwC 1 is right though - start by taking advantage of the match up to 6% before worrying about IRAs.
PwC 2 - not accurate. PwC does offer a Roth 401k, contribute with after-tax dollars. I've done it for years. You should contribute Roth if you want to save more ($18k limit is the same pre or post tax) or if you think your taxes will be higher in retirement than they are now. When you're young and have a lower income is exactly when you *should* contribute to a Roth. Advantage is lower at higher incomes. Disadvantage is that it doesn't lower your taxable income for the year.
are you able to set up Roth 401k through Benefits Connect? I’ve searched and all I see is traditional
You are better off opening up a Roth IRA with a broker and contributing your post tax money on a recurring deposit. That way you have way more investment options and the transparency that PwC's 401(k) doesn't offer. Just be careful of independence. I use Merrill Edge but Vanguard is easy to get started with too.
Thanks all! Im doing the 6% and the wealth builder😊
There are specific funds you can pick. If you don't know what you're doing or don't care then use a target date fund (e.g. Retiring 2050 or whatever). The Roth option is when you choose your contribution percentage. You select pre or post tax.
Pwc 3 - I didn't realize that was how you indicated Roth. Good to know.
You can open a separate Roth IRA account outside of PwC. If you start contributing after tax to the 401k, under certain conditions you can convert that to a Roth IRA (assuming no change in tax law)...
I agree with the broader options but the contribution limit is $5,500/yr instead of $18k in a 401k. Best option is do both if you can swing it. IRA income limits can be challenging in dual income or higher earners.
^wow thank you for the info! Where can i find the roth ira? I couldnt locate in benefits express..im very new to this😂thanks again
Does we have a specific one ex Fidelity , TD etc?