What if you are in a career that is set to make above the maximum contribution limit for a Roth IRA in the next 6-10 years? Does it make more sense to open up a Roth IRA today and a new Account once you hit the threshold, or start with a traditional IRA right away, or do you recommend starting with something else?
I don’t know if it makes more sense to spend the next 6-10 years contributing to a Roth, and then not being able to contribute to that once you surpass the threshold (losing 30 years of additional investing). Or to start investing in a Traditional IRA right away to gain the extra years of compounding interest, and deal with the tax rate on withdrawals later?
Or is there a better scenario for the above?
I ask because I’m not sure it makes sense to open a Roth, have it be taxed, and then move it to something that can receive tax… or if there’s a perfect option for this scenario. Really interested to see what you have to say, thank you!