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Updated over 5 years ago,
401k or Roth IRA, for new job and future investing?
I start my new job on Monday, and I'm trying to decide if I should open a 401k or a Roth IRA. I plan to use the account to help finance my real estate adventure. I plan to start investing in one year.
I know the taxes and penalties for withdrawing from a 401k, but my company will match me $0.75 per dollar. I know a Roth IRA will not be penalized, but I will not be matched. I would put $6,000 in whichever account I end up choosing.
On top of these accounts, I will save $1,000 per month in my savings. My salary will be $68,500 in Texas, so I will contribute more if possible but $6,000 is the minimum.
I am looking for advice on which account is best for me if I plan to start investing in 1-1.5 years. I appreciate any advice you all may have and any resources where I can learn more.
Thanks!