It’s a lot of information, I know. This is why people often resort to hiring a certified financial planner (CFP) to manage this crap for them, even though CFPs can cost you quite a bit in your retirement because they take a commission from your portfolio.
I can’t tell you exactly what to do, but generally, 9 out of 10 times, the Roth IRA is a great place to begin in addition to getting that employer match in your employer-backed retirement account.
The goal, in my humble opinion is to max out both (ie $6k in your Roth IRA and $19.5k in your 401(k) every year). After that? You can start looking into other investment vehicles for retirement.
As for Deductible and Nondeductible Traditional IRAs?
I think they are great options if no other options exist for you. If you don’t qualify for a Roth IRA, saving a little bit more for retirement is still saving more for retirement! Do you get all the benefits of a Roth? No. But do you get some benefits by using it? Definitely if it’s deductible and a little bit if it’s nondeductible.
If using one of these vehicles makes you save more money for retirement, then I am ALL for it.
Need a little extra guidance?
Hit me up in the comments, drop into my DMs on Instagram or head on over to my Financial Coaching page to book a free 15 minute call to learn more about this stuff.
I’m always available to hire as a financial coach to help you navigate these things and I offer lots of free resources on my Instagram and YouTube channel if that’s more your jam. Check me out, follow, hit subscribe, and I promise, if you WANT to learn about this stuff, it’s possible, and you will.