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Originally Posted by tornadored
That is my concern, I feel that by putting so much into my 457 may make me end up paying taxes on my Roth contributions.
Thanks!
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You wil pay taxes on your Roth contributions initially, regardless.
The current max deposit per year is $4000, and I think that may be increased further in a few years.
You don't necessarily need a IRA if you invest a lot on your own, and have the self control to not spend it all before retirement. IRAs are nice because the money is locked up and you simply can't withdraw it early, except for a few exceptions as a result of life occurences.
Regarding regular or Roth, I think Roth IRA is ideal. There are circumstances that make a regular IRA ideal over a Roth, but I don't remember the details. Perhaps if you are already in a high income bracket when you start the IRA, a regular IRA is ideal. When you invest in a Roth, you are taxed based on your current income level, and thus will pay less taxes than when you would regularly cash out $1 million in a regular IRA. In the Roth, the taxes are paid up front and you can generally withdraw the money tax free when you retire. In a regular IRA, you are taxed on the withdrawn money, and that generally results in a much higher tax payment, as a result of you being in a higher income bracket as a result of the large sum withdrawn.
In my situation, I Roth IRA is ideal. I am a bit shady on the situations in which a regular IRA is ideal, and the paragraph above may not be entirely correct, but the general idea is.