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Roth IRA questions/Investing
Posted on 10/14/15 at 7:12 pm
Posted on 10/14/15 at 7:12 pm
Now that my wife is doing well in the real estate business, I plan on start some extra investing. I have a 401K that I am fully vested in. Contributing 10% to it. Going to bump that up to the max of 15%. What is the max contribution per year and which of the 2 is pre taxed on the IRA's. I'm 52 and have concerns about not having enough money when I retire. TIA
3
Posted on 10/14/15 at 7:49 pm to JBM210
You put in pretax dollars into the regular IRA and pay taxes when you take money out.
You put in after tax dollars into the ROTH IRA and pay no taxes when you take the money out.
Max is $5500 between the two.
You put in after tax dollars into the ROTH IRA and pay no taxes when you take the money out.
Max is $5500 between the two.
Posted on 10/14/15 at 7:52 pm to JBM210
quote:
What is the max contribution per year
It is indexed to inflation and is scheduled to increase every so often. Just Google "Roth contribution limit 2015".
quote:
which of the 2 is pre taxed on the IRA's
Contributions to a Roth IRA are *after* tax, but any earnings/gains are tax-free, plus you can take out your contributions at any time without penalty if you need it.
The regular IRA is the opposite - contributions are deducted from your income, but earnings/gains are taxable and you can't take an early distribution without paying a penalty.
Often the choice comes down to whether you think you'll be in a higher tax bracket in retirement than you are now. If so, the Roth is the better option. It sound like that might not be the case here though.
Posted on 10/16/15 at 7:33 pm to foshizzle
Sounds like the Roth will fit my need best. So Is this a one time only contribution per year or can you deposit to it as the year goes on? I would think it has to be a one time thing. If not, it's just savings account.
Posted on 10/16/15 at 7:39 pm to JBM210
You can deposit any amount at any point as many times as you want from January 1 2015 - April 15 (maybe 14), 2016 for the year 2015
This post was edited on 10/16/15 at 7:40 pm
Posted on 10/17/15 at 11:30 am to JBM210
quote:
What is the max contribution per year and which of the 2 is pre taxed on the IRA's
Can't answer the question without knowing you and your wife's income. But, if you are making 100K or more and as you say your wife is doing well, then I would suggest you see a financial/retirement advisor.
And do not fall for these "you will participate in the market gains and will not lose money in a market down turn".
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