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Future Insight – The Jenkins
(thejenkinscomic.files.wordpress.com)
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this post was submitted on 03 Oct 2023
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You are totally right.
One possible consideration though, is if you are maxing out your tax sheltered investment accounts (say your 401k, HSA, IRA, college funds, etc) you can effectively put more money into a Roth IRA. That’s just because you’re paying taxes with regular money outside the IRA limit and THEN investing up to that limit. But with a traditional IRA, you can invest up to the IRA limit today, but the future taxes will be paid with money that went into the IRA.
Though if you are to that point if maxing everything out, you’ll probably be fine either way.
Also, from what I have read, there are income limits to contribute to a ROTH IRA. So, you would have to be making a moderate income but still have plenty left over to invest (so very low cost of living).
IRAs (ROTH or regular) are meant for people who don't have an employer sponsored retirement plan.