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Message
Should I pull from savings to fully fund Roth
Posted on 12/31/24 at 5:07 am
Posted on 12/31/24 at 5:07 am
I have around $34k in a capital one savings acct, and $2k left to fully fund mine and wife’s Roth IRA ($4k total).
I keep a spreadsheet to denote what the $ in the savings acct is for (eg emergency, new vehicle, etc). Year after year it just sits there. This year has been a little tighter, so wondering if I should pull from savings to fully fund the rest of the Roth, and just note that in my file in case I need to withdraw the principal (e.g. to help get a new vehicle)?
I keep a spreadsheet to denote what the $ in the savings acct is for (eg emergency, new vehicle, etc). Year after year it just sits there. This year has been a little tighter, so wondering if I should pull from savings to fully fund the rest of the Roth, and just note that in my file in case I need to withdraw the principal (e.g. to help get a new vehicle)?
12
Posted on 12/31/24 at 5:14 am to meeple
Savings account is trash. Better off putting it in a brokerage account. Make way more money and you can pull it out at any point
Posted on 12/31/24 at 5:33 am to meeple
Fully fund your Roth and park your money at CIT bank. CIT Bank Platinum Savings pays 4.35% APY on balances of at least $5,000 (otherwise, it's 0.25% APY).
Posted on 12/31/24 at 5:58 am to meeple
yes
Posted on 12/31/24 at 7:15 am to meeple
Fully fund the Roth and get the max interest in a FDIC backed high yield savings account.
Posted on 12/31/24 at 7:39 am to meeple
You can always pull your contributions from a Roth if you’re in a pinch so I’d fully fund the Roth. Some people use their Roth as an emergency fund because of this. I don’t, but some do.
Posted on 12/31/24 at 8:05 am to meeple
Why do you have that much in a savings account? Does it represent more than 6 months of your daily expenses? If so, yes I would fully fund your ROTH IRA while you are eligible.
Posted on 12/31/24 at 8:06 am to meeple
(no message)
This post was edited on 12/31/24 at 8:07 am
Posted on 12/31/24 at 9:22 am to meeple
Easy decision. The answer is yes.
Posted on 12/31/24 at 11:01 am to meeple
It appears you don’t have a reason for having that much in a savings account, so I would fully fund the Roths for you and your wife and then tomorrow take $14k and fund it for 2025.
Posted on 12/31/24 at 11:14 am to meeple
You generally have until April 15 of 2025 to fund your 2024 Roth, so you may not have to make the decision today.
Posted on 12/31/24 at 12:38 pm to Twenty 49
He has the money. No reason not to fully fund 2024 now. I’d fund both 2024 and 2025 tomorrow.
Posted on 12/31/24 at 2:18 pm to ronricks
Thanks all. I just fully funded 2024!
Following the other thread on savings accounts. It looks like Cap One decreased their APR to 3.8%. Used to be around 4%.
I’m now seriously considering fully funding 2025 up front now.
Following the other thread on savings accounts. It looks like Cap One decreased their APR to 3.8%. Used to be around 4%.
I’m now seriously considering fully funding 2025 up front now.
Posted on 12/31/24 at 2:19 pm to meeple
Yes
Posted on 12/31/24 at 2:32 pm to meeple
quote:
It looks like Cap One decreased their APR to 3.8%. Used to be around 4%.
C1 was 4.5%, then 4.35%, then 4.25%, then 4%, now 3.8%.
Posted on 12/31/24 at 2:49 pm to HeartAttackTiger
Yeah that’s right
Posted on 12/31/24 at 4:10 pm to TDsngumbo
You only hurt yourself by pulling out of the Roth. Open a brokerage and pull from there. Savings accounts are a complete waste of time. What’s a bank giving? .000025% $50k will yield you like a $1 a yr. A brokerage account you’ll at least hit 8% a yr. And that doesn’t even take brains
Posted on 12/31/24 at 5:12 pm to meeple
quote:
Following the other thread on savings accounts. It looks like Cap One decreased their APR to 3.8%. Used to be around 4%.
savings account?
better off with a money market fund that gives 4.5% or higher.
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