Roth or Traditional Gold IRA for a small business owner in Denver?
- •I'm trying to figure out the best move for my gold IRA and I'm honestly a bit overwhelmed.
- •I just set up my account a few months ago – finally pulled the trigger after hearing a lot of buzz.
- •I rolled over about $70k from an old 401k into physical gold, mostly Eagles and a few Buffaloes.
I'm trying to figure out the best move for my gold IRA and I'm honestly a bit overwhelmed. I just set up my account a few months ago – finally pulled the trigger after hearing a lot of buzz. I rolled over about $70k from an old 401k into physical gold, mostly Eagles and a few Buffaloes. My initial thought was to go with a Traditional Gold IRA since that's what I'm used to with my regular retirement accounts. I own a small craft brewery here in Denver, and between that and a side hustle, my income fluctuates a bit, but it's usually in a pretty solid tax bracket.
However, I was talking to another small business owner at a networking event last week, and he was really pushing for Roth. He made some good points about tax-free growth in retirement, especially if I think my income will be even higher then (which, fingers crossed, it will be!). But then I look at my current tax situation, and those upfront tax deductions from a Traditional IRA are pretty appealing right now. Running a small business means every deduction counts, you know?
My portfolio is currently sitting around $72k, so not huge, but it's a significant chunk for me. I'm 48, so I've still got a good couple of decades before I'm thinking about drawing from it. What are people's thoughts on Roth vs. Traditional Gold IRAs, especially for someone in my position? Has anyone here regretted their choice?
I'm really trying to optimize this thing for the long haul. Is there a scenario where having both makes sense down the line, or is it better to commit to one? Any advice or personal experiences would be super helpful!