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Retirement Plan Options in addition to Roth IRA
Posted on 3/23/12 at 2:24 pm
Posted on 3/23/12 at 2:24 pm
Long story short, I do not have a 401k available through my work. I'm 26 and work full time. I started an IRA effective 2009. I maxed it out last year and plan on doing it again this year. But that's the most I can do with it year in and year out.
I'm wondering if any of the money savvy folks here have any other suggestions on investing, planing for the future and retirement. I guess I'm just worried an IRA alone will not be enough in the long run. I guess I could start another IRA? Thoughts?
I'm wondering if any of the money savvy folks here have any other suggestions on investing, planing for the future and retirement. I guess I'm just worried an IRA alone will not be enough in the long run. I guess I could start another IRA? Thoughts?
2
Posted on 3/23/12 at 2:55 pm to iggle
Most you can do in an IRA per year is $5000. As long as you're doing that every year, either into a Roth or Traditional, you're good there. Roth would probably be better for someone your age.
That said, if you are wanting to do more than $5k per year for retirement savings, you should look at opening up an Individual (taxable) investment account (maybe a Vanguard target retirement fund...Or even in the same funds as your IRA assuming you have good ones)....OR a tax-deferred VA. The benefit of the taxable acct would be access (con would be taxes). The benefit of the VA would be tax-deferred earnings (con would be higher fees and no access). Either way, those are the two things you could do over and beyond your IRA savings.
That said, if you are wanting to do more than $5k per year for retirement savings, you should look at opening up an Individual (taxable) investment account (maybe a Vanguard target retirement fund...Or even in the same funds as your IRA assuming you have good ones)....OR a tax-deferred VA. The benefit of the taxable acct would be access (con would be taxes). The benefit of the VA would be tax-deferred earnings (con would be higher fees and no access). Either way, those are the two things you could do over and beyond your IRA savings.
This post was edited on 3/23/12 at 2:56 pm
Posted on 3/25/12 at 9:09 am to iggle
I think you can contribute to a conventional IRA AND a ROTH if you don't have a retirement account option at work? You may want to check on that.
Do you have college loans, a car loan or mortgage? Paying them down is not sexy, but it's a guaranteed return, even if the interest is tax-deductible.
Otherwise, a stock fund fund held outside of a retirement account. Index funds have an advantage here. Because they don't buy and sell stocks as much as active funds, they don't trigger as much capital gains.
Do you have college loans, a car loan or mortgage? Paying them down is not sexy, but it's a guaranteed return, even if the interest is tax-deductible.
Otherwise, a stock fund fund held outside of a retirement account. Index funds have an advantage here. Because they don't buy and sell stocks as much as active funds, they don't trigger as much capital gains.
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