To Roth or not

Question: My husband and I are 62. He has retired but I plan on working 15 more years. We are just starting to save for retirement and are saving $1,500 a month. Would you suggest we put our money in a Roth IRA even at our age? Linda, Fort Collins, CO

Answer: I don’t see why not. You could put a maximum of $6,000 a year into a Roth, a third of the money you plan on setting aside a year. You also don’t have to put in the maximum.

Unlike a traditional IRA, you aren’t required with a Roth to take minimum distributions starting at age 70 ½.

However, the earnings in the account have to stay there for 5 years before you can start making tax free withdrawals from the Roth. (You can always take out the contributions tax free.)

The Roth is a flexible retirement savings plan that offers you some tax diversification.