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re: Retirement Plan Options in addition to Roth IRA
Posted on 3/23/12 at 2:55 pm to iggle
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
4
Posted on 3/23/12 at 3:52 pm to JPLSU1981
Tax exempt muni bonds if those interest you. You could also open up a regular IRA, start a 529 for kids education, or open up a bank account in idk say ivory coast and hope IRS doesn't find out!
Posted on 3/24/12 at 4:37 am to JPLSU1981
quote:
maybe a Vanguard target retirement fund
Think these are legit? I just opened up a Roth and maxed it out in a target retirement fund. Didn't seem like they have been around for too long but I figure they know what they're doing.
Posted on 3/25/12 at 2:00 am to JPLSU1981
I see these vangaurd Target retirement funds talked about a lot. Do they have something similar through Charles schwab?
Posted on 3/26/12 at 12:57 pm to JPLSU1981
quote:
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's good to know. I'm not exactly pulling down OT money and I live in ny so expenses are higher. I'm just trying to do more with my money while I have and not just let it sit in a savings account earning 1.25%...
quote:
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.
The roth ira I have is actually the vanguard retirement fund haha. What is a tax-deferred VA? Tried a quick google, but I don't know what VA stands for.
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