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Started By
Message
Contributing to a ROTH when you have a Simple IRA through work.
Posted on 5/7/13 at 9:43 am
Posted on 5/7/13 at 9:43 am
I began my career a little over a year ago. My boss offers a simple IRA with a 100% company match for up to 3% of my salary.
I'm ready to get serious about retirement saving, and based on the advice of this board and others I am going to open a Roth IRA.
I have read that my contributions to the simple IRA through the company count towards the $5500 total that can be placed in any other IRA account.
If this is true could I get around it by opening the account in my wife's name?
I'm ready to get serious about retirement saving, and based on the advice of this board and others I am going to open a Roth IRA.
I have read that my contributions to the simple IRA through the company count towards the $5500 total that can be placed in any other IRA account.
If this is true could I get around it by opening the account in my wife's name?
3
Posted on 5/7/13 at 9:45 am to Bmath
quote:
I have read that my contributions to the simple IRA through the company count towards the $5500 total that can be placed in any other IRA account.
Wut?
quote:
If this is true could I get around it by opening the account in my wife's name?
The Roth? Sure. Spousal contributions if she doesn't have earned income.
Posted on 5/7/13 at 9:58 am to Broke
quote:
Wut?
I was told by a coworker that my simple IRA contributions count towards the limit that can be contributed to any other IRA account.
My thoughts on a solution were to open an account in my wife's name. Yea, she earns income as well.
Posted on 5/7/13 at 10:09 am to Bmath
i don't think this is right. But I'm not an expert
Posted on 5/7/13 at 10:20 am to jimbeam
quote:
i don't think this is right. But I'm not an expert
That was my first reaction as well. I honestly don't really know where to research this myself.
I hate admitting ignorance, but I figured I could take any negative feedback I may get.
Posted on 5/7/13 at 10:23 am to Bmath
That's wrong. I contribute fully to my simple and a Roth for both my wife and I.
Posted on 5/7/13 at 10:24 am to Bmath
You can fund a roth and simple.
Posted on 5/7/13 at 11:14 am to Bmath
Posted on 5/7/13 at 11:22 am to Bmath
quote:
I began my career a little over a year ago. My boss offers a simple IRA with a 100% company match for up to 3% of my salary.
Are you positive this isn't a 401k?
Posted on 5/7/13 at 11:39 am to CoolHand
yea considering the tax deductin wouldn't it be better to contribute only yourself to a regular IRA?
Posted on 5/7/13 at 8:07 pm to Broke
quote:
You can fund a roth and simple.
This. Our small biz uses simples and i also have a roth.
Posted on 5/8/13 at 12:46 am to Venelar
isn't their a income max that limits you from contributing to a roth?
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