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re: Roth IRAs or what?
Posted on 1/20/14 at 10:13 pm to I Love Bama
Posted on 1/20/14 at 10:13 pm to I Love Bama
Great help there. I still would like some advice if you would oblige.
So are there any insurance places I can get a Guarantee of 7% to give me a shot at this now?
I currently have a state system that I contribute 8% because its required but I have no clue what my pay will be when I retire. I have money from a 401k with a previous company that I have yet to rollover anywhere. It's more that the $5,500 for a Roth. I was thinking about putting some in a Roth if I could and not sure what else I could do.
So are there any insurance places I can get a Guarantee of 7% to give me a shot at this now?
I currently have a state system that I contribute 8% because its required but I have no clue what my pay will be when I retire. I have money from a 401k with a previous company that I have yet to rollover anywhere. It's more that the $5,500 for a Roth. I was thinking about putting some in a Roth if I could and not sure what else I could do.
3
Posted on 1/20/14 at 10:37 pm to Beau Tie
401k and Roth have different tax rules. 401k is pre-tax, and Roth is after-tax. The earnings for each follow the contributions, assuming distributions are not taken premature. All money taken out of a 401k is taxed when withdrawn. All Roth earnings are tax free.
When rolling over from a pre-tax plan (401k) to an after tax plan (Roth), taxes must be paid on the amount rolled over.
How much is in your 401k, and what tax bracket are you in?
When rolling over from a pre-tax plan (401k) to an after tax plan (Roth), taxes must be paid on the amount rolled over.
How much is in your 401k, and what tax bracket are you in?
Posted on 1/20/14 at 10:38 pm to Beau Tie
Not 7 percent. There are many government bonds you can buy that guarantee 5 percent.
Stocks isn't my expertise so I'll let the others chime in.
Stocks isn't my expertise so I'll let the others chime in.
Posted on 1/20/14 at 10:47 pm to Beau Tie
quote:
So are there any insurance places I can get a Guarantee of 7% to give me a shot at this now?
You can find lots of issuers willing to guarantee you 7%. The question is whether they'll be good for it.
I assume you're looking for a 7% return over 30 years. That is much above market these days, I'm afraid.
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