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Started By
Message
What is the best way to save for retirement?
Posted on 3/3/09 at 9:06 am
Posted on 3/3/09 at 9:06 am
My wife is starting her career (Vet), she will be working for a private clinic that doesn't have a plan. What would be the best way to start saving for retirement?
3
Posted on 3/3/09 at 9:15 am to LSUSUPERSTAR
Put it under her matress
Posted on 3/3/09 at 9:18 am to guttata
Thanks for the totally worthless piece of advice.
Posted on 3/3/09 at 9:25 am to LSUSUPERSTAR
ROTH IRA
Posted on 3/3/09 at 9:26 am to Parliament
Are there limits on the Roth IRA?
Posted on 3/3/09 at 9:37 am to guttata
quote:
Put it under her matress
Is this a new OT moniker? REplace PIITB? PIUHM?
as for roth IRAs, there are limits. You are limited in your yearly contributions ($5000 as I recall). Its post taxes, so you don't save there. But the payout is theoretically tax free but I wouldn't bank on that.
Also, you can't contribute if you make over X amount. I am not sure what the 2008 number is, but I am pretty sure it was $159k last year. This might be an issue if she is a vet.
Now in return for this, will she do a discounted cleaning on my dog's teeth. That shite is expensive!
Posted on 3/3/09 at 9:39 am to Parliament
The Roth if her income allows it. If she is 1099 instead of a W2 she can look at several business IRA's such as a Simple or SEP. If she doesnt qualify for a Roth, and cannot do a business IRA, then her last choice will be the Traditional IRA.
Despite your views on if now is a good time to invest, she should still start a retirement plan. Once the plan is created you can make specific investment decisions from that point forward.
As far as how much to put in it depends on your family budget. If you have no idea how to figure it, then start with 3% and go from there
Despite your views on if now is a good time to invest, she should still start a retirement plan. Once the plan is created you can make specific investment decisions from that point forward.
As far as how much to put in it depends on your family budget. If you have no idea how to figure it, then start with 3% and go from there
Posted on 3/3/09 at 9:40 am to MileHigh
Is the $159k, for just her salary or a combination of both of ours? It won't be a problem right now, but in the future it could be.
If you bring your dog to Dallas, I'm sure we can work something out.
If you bring your dog to Dallas, I'm sure we can work something out.
Posted on 3/3/09 at 9:40 am to MileHigh
quote:
But the payout is theoretically tax free but I wouldn't bank on that.
By definition the principal and interest are tax free.
Posted on 3/3/09 at 9:42 am to amsterdam
quote:
By definition the principal and interest are tax free.
until they change the law in order to steal more money. I think that's what he's referring to.
Posted on 3/3/09 at 9:43 am to LSUSUPERSTAR
quote:
Is the $159k, for just her salary or a combination of both of ours? It won't be a problem right now, but in the future it could be.
If you file jointly, both.
quote:
If you bring your dog to Dallas, I'm sure we can work something out.
Well it might be worth it. We are looking at over 500 after the cleaning and some other dental work. fricking absurd. I don't go to the dentist, why should my dog?
quote:
By definition the principal and interest are tax free.
with massive budget deficits, pols will be drooling at any new revenue opportunity. Right now its tax free, but they could easily change that.
Posted on 3/3/09 at 9:43 am to MileHigh
quote:
2008 number is, but I am pretty sure it was $159k last year.
is that AGI?
Posted on 3/3/09 at 9:45 am to Colonel Hapablap
quote:
until they change the law in order to steal more money. I think that's what he's referring to.
Not gonna happen. If they wanted to change things, they would grandfather in existing accounts. They just added a Roth 401k a few years ago. The popularity of the Roth IMO makes it safe from politicians at this point. Then again President Hussien has a penchant for screwing financial things up so far so you never know...
Posted on 3/3/09 at 9:45 am to TigerDeacon
quote:
is that AGI?
I think so. You would have to look it up to find out.
this should be a non-issue for you, I would assume you and your money making, soap throwing away wife, clears that on her own.
Posted on 3/3/09 at 9:46 am to LSUSUPERSTAR
With the way the market is dropping, either precious metals or CD's.
Posted on 3/3/09 at 9:47 am to amsterdam
quote:
Not gonna happen.
It very well could happen. When interest rates on treasuries go to 10-15%, then lots of options will be on the table to get our deficit under control.
Posted on 3/3/09 at 9:47 am to amsterdam
which do you think they'll do first, tax Roths or whack social security? I don't know anyone my age (30) who expects to see a dime of SS. If they're eventually going to kill that, I can't say that taxing roths is impossible.
Posted on 3/3/09 at 9:50 am to Colonel Hapablap
quote:
which do you think they'll do first, tax Roths or whack social security? I don't know anyone my age (30) who expects to see a dime of SS. If they're eventually going to kill that, I can't say that taxing roths is impossible.
Something is going to have to happen in the next 5 years. Its just unsustainable.
They could always raise the marginal rates on everyone else. But they will need to worry about capital flight (intellectual capital too) if they exceed the marginal tax rates in europe/canada.
Posted on 3/3/09 at 9:52 am to Colonel Hapablap
I just hit 40 and don't expect to see a dime of SS. It's just another reason I'm glad I got a state job.
Posted on 3/3/09 at 9:53 am to MileHigh
IMO the first thing that's going to happen will be massive military cuts with most of our overseas presence coming back home. Which will, of course, enable a global war to break out.
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