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re: Retirement Plan Options in addition to Roth IRA
Posted on 3/26/12 at 12:57 pm to JPLSU1981
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.
1
Posted on 3/26/12 at 1:23 pm to iggle
a VA (variable annuity) is a tax-deferred account that invests in the market.
Pros: tax-deferred earnings
Cons: -higher fees (which may or may not be offset by the tax-deferred earnings)
-no access...you would pay a penalty to access money, and you won't be able to withdraw the earnings without 10% penalty from IRS until you are age 59.5.
Really, though, You should probably just max out your 401k/IRAs, and if you're wanting to save more just open up a regular/Individual taxable account (for example, with Vanguard). VAs, while good for additional tax-deferred retirement savings, can be complicated and expensive, and there is no guarantee that the tax-deferred earnings/savings will outweight the higher fees over the longrun.
Pros: tax-deferred earnings
Cons: -higher fees (which may or may not be offset by the tax-deferred earnings)
-no access...you would pay a penalty to access money, and you won't be able to withdraw the earnings without 10% penalty from IRS until you are age 59.5.
Really, though, You should probably just max out your 401k/IRAs, and if you're wanting to save more just open up a regular/Individual taxable account (for example, with Vanguard). VAs, while good for additional tax-deferred retirement savings, can be complicated and expensive, and there is no guarantee that the tax-deferred earnings/savings will outweight the higher fees over the longrun.
This post was edited on 3/26/12 at 1:25 pm
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