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Employer doesn't offer retirement plan & I'm maxing out IRA. What other options
Posted on 11/12/14 at 4:26 pm
Posted on 11/12/14 at 4:26 pm
do I have as far as planning for retirement is concerned? I'm ignorant regarding stuff like this, so please be patient with me
Posted on 11/12/14 at 4:46 pm to ForeverLSU02
This is exactly my scenario. I'm maxing my roth Ira. My only other thoughts are :
Jump into taxable accounts and just start pumping it into an index fund
Or
Open roth for wife and contribute
Or
Try both
Jump into taxable accounts and just start pumping it into an index fund
Or
Open roth for wife and contribute
Or
Try both
Posted on 11/12/14 at 4:47 pm to HailToTheChiz
quote:
Try both
IMO
i never did contribute to a roth, and now I think I'm not eligible
eta: just checked....I must have misread something because I should be eligible
I'll have to look more into it
This post was edited on 11/12/14 at 4:48 pm
Posted on 11/12/14 at 4:56 pm to ForeverLSU02
quote:
do I have as far as planning for retirement is concerned?
If you plan on assisting college expenses for children, ensure you are in a 529.
Are you sure the employer doesn't have a 401k they just don't match? For example, my girlfriend's company has a 401k just doesn't match. If a small company, inquire with management about starting a 401k offering even if there is no match. Would benefit all emlpoyees involved due to tax implications.
Otherwise properly placed index funds seem to be the most popular investment options. That and drips
Posted on 11/13/14 at 3:06 pm to GenesChin
quote:Positive. Nothing at all
Are you sure the employer doesn't have a 401k
Posted on 11/14/14 at 6:13 am to ForeverLSU02
Most small companies do simple IRA over 401k due to size of a small business. Those are REQUIRED to be matched 3% by the employer 3 of the first 5 years in existence. May not be an option for OP's employer. It took us 10 years to get to the point where we could offer it for our employees.
Posted on 11/14/14 at 7:39 am to ForeverLSU02
You can also use an HSA for retirement if you have one. It's like a traditional IRA, but slightly better because tax free withdrawals are allowed for medical costs.
At age 65 you can withdraw for non medical reasons but you will be taxed (like a trad. IRA).
Yearly limit is between 6 and 7 thousand if married, 3350 if singe (I think).
At age 65 you can withdraw for non medical reasons but you will be taxed (like a trad. IRA).
Yearly limit is between 6 and 7 thousand if married, 3350 if singe (I think).
Posted on 11/14/14 at 8:55 am to bayoubengals88
quote:
Yearly limit is between 6 and 7 thousand
I'm not sure but I think you can put up to the amount of your deductible whether single or not. Don't know if there is a maximum amount you can contribute.
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