Roth 401(k) or Roth individual retirement account contributions can be a powerful way to build wealth for your golden years.
There’s no upfront deduction for deposits with either, but the investment grows tax-free, which means you won’t owe taxes on withdrawals in retirement. Plus, there are no required withdrawals for the original account owner.
But when comparing Roth 401(k) versus Roth IRA contributions, there are pros and cons to consider, experts say.
“It’s power versus freedom,” said certified financial planner Jordan Whitledge, lead advisor at Donaldson Capital Management in Evansville, Indiana.
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