catch up contribution vs Roth IRA

[mrcross]

I recently paid off my mortage and was planning on increasing my wife's and mine contribution to our retirement plans to the maximum $22,500 (we are 55). My financial planner suggested a combination of catch up contributions and Roth IRA (we do qualify with our AGI). Your thoughts?

Mike

[kaneohe]

Do you get company matching on the catchup ? If not, isn't this the usual TIRA vs Roth question where it depends on whether your expected tax bracket at distribution is higher or lower than now?

[mrcross]

There is no match on either catch up contribution and yes, my expected retirement tax bracket will be lower (assuming Washington doesn't change the rules).

[livesoft]

Do both.

Down the road, you can convert some of your 401(k) assets to Roth IRA anyways. WIll you be in a lower marginal income tax bracket down the road?

[bdpb]

I recently paid off my mortage and was planning on increasing my wife's and mine contribution to our retirement plans to the maximum $22,500 (we are 55). My financial planner suggested a combination of catch up contributions and Roth IRA (we do qualify with our AGI). Your thoughts?

The max is 17,500 + 5,500 for a total of 23,000 for 2013.