So confused, should I do 401k or Roth ?

[Guest spinspin31]

I make over 100k and I'm currently doing 15% per paycheck. Last year I had reached my 15k goal by end of October. I want to save as much as possible for my retirement, but this 15,500k limit seems low. What is the best way to save more, does it make a difference if I go traditional 401k or Roth, what is the best for my situation.

Thank you.

[Jim Chad]

I take it you are under age 50 and not eligible for catch up contributions? If you don't know what this means, please write back and ask.

Many people say that $15,000 in ROTH is sort of like $20,000 in pretax. By this line of reasoning ROTH would be better.

Or maybe you want to save pretax in your 401(k) and start a savings plan with a mutual fund seperate from your employer plans. You can set up with many mutual funds to deduct a specific amount from your checking account every month. This would be easy and still give you the benefits of dollar cost averaging.

[Guest spinspin31]

I take it you are under age 50 and not eligible for catch up contributions? If you don't know what this means, please write back and ask.

Many people say that $15,000 in ROTH is sort of like $20,000 in pretax. By this line of reasoning ROTH would be better.

Or maybe you want to save pretax in your 401(k) and start a savings plan with a mutual fund seperate from your employer plans. You can set up with many mutual funds to deduct a specific amount from your checking account every month. This would be easy and still give you the benefits of dollar cost averaging.

Thanks for the info Jim, I think what I'm going to do is keep my 401k pretax and setup a mutual fund like you said. Do you have any suggestions for who/what mutual funds I should go with ? I'm looking for high risk/high gain but don't want to be paying alot of monthly fees.

Thanks