Jeremy!
Okay, bit of a back story that might be important – I had a 401k with an old workplace. Years ago after leaving that job I forgot I changed it from a 401k to an IRA with Principal. It’s been sadly sitting in a conservative growth portfolio PCGJX and is currently at $9,310.
I’ve since been doing a lot of homework on PFC and this month transferred that Principal account to a rollover IRA with Fidelity. As soon as the transfer is complete I’ll invest it in the Target Date Index Fund FDEWX, let it sit, and continue going HAM on my debt.
So the question is do I go through the paperwork of changing it to a Roth? I’m 31 years old and just started a new career. Starting salary is 60k. Below is a quote you’ve said in a previous post. I just don’t feel like I fit into either of those boxes. Instead I’m (almost) middle aged? Brand new investor. Middle of the road income. Let me know what you think!
“If you’re young and a low income earner, Roth is generally a way better option. If you’re a high income earner and/or approaching retirement, Traditional may be a better option”