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re: Bonus at the end of year
Posted on 12/2/12 at 2:18 pm to jso0003
Posted on 12/2/12 at 2:18 pm to jso0003
quote:
Every young person should be doing their absolute best to max out a Roth every year.
why do you say this? It's only $5,000 per person, right?
I am already maxing out my 401k and have a significant savings/equities account.
2
Posted on 12/2/12 at 3:23 pm to Rev1897
Because of the massive tax advantages associated with a Roth if you can give it time to compound interest significantly.
I have my Roth as my primary retirement vehicle. I put the max for employer matching in my 401k, but I plan on rolling it over into my Roth when I move.
Also, a Roth can double as an emergency fund by allowing you to withdraw contributions no questions asked and penalty free.
I have my Roth as my primary retirement vehicle. I put the max for employer matching in my 401k, but I plan on rolling it over into my Roth when I move.
Also, a Roth can double as an emergency fund by allowing you to withdraw contributions no questions asked and penalty free.
Posted on 12/3/12 at 11:42 am to Rev1897
quote:
why do you say this? It's only $5,000 per person, right?
I am already maxing out my 401k and have a significant savings/equities account.
rule #1 - make sure you are contributing up to what your employer matches with your 401K. You will not make a better initial ROI that having your employer match.
rule #2 - if you are young enough to see the ROTH growth then contribute up to the max of ROTH limits
rule #3 - any more retirement money you have to invest, back into a 401k or traditional IRA
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