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Started By
Message
Roth IRA for wife
Posted on 3/13/14 at 8:30 pm
Posted on 3/13/14 at 8:30 pm
My wife (no pics) is 25 and in grad school and hasn't started any retirement funding yet. We're saving for a 20% downpayment on a house but aren't really in a big hurry. I've got 20k in my emergency fund, and about 13k in my Roth IRA. I'm at about 100k a year income wise and was debating starting a Roth IRA for her for 2013 before its too late. Mine is fully funded for 2013. What say the money board? Should I just contribute into mine for 2014 or get her one rolling for 2013.
6
Posted on 3/13/14 at 8:51 pm to Saint5446
You can start one for her. No reason not to.
Posted on 3/13/14 at 8:52 pm to Saint5446
Hurry, you're running out of time.
Posted on 3/13/14 at 8:56 pm to LSU9102
Yeah been leaning towards doing it. You guys all seem to like Vanguard, mine is through Chase because when I first opened
It i had no idea really what it even was. Fund is called
ONGAX, is this terrible or what?
It i had no idea really what it even was. Fund is called
ONGAX, is this terrible or what?
Posted on 3/13/14 at 10:01 pm to Saint5446
If you don't contribute for 2013 you lose that opportunity forever. Might as well get in there and figure out how to max 2014 as the year unfolds.
You can put it in a money market and let it sit until you are sure you know what to do with it.
You can put it in a money market and let it sit until you are sure you know what to do with it.
This post was edited on 3/13/14 at 10:03 pm
Posted on 3/13/14 at 11:05 pm to Saint5446
quote:
You guys all seem to like Vanguard
Vanguard has a good reputation but you can put money in the Roth right now to get credit for a 2013 contribution.
You can let the cash sit until you figure out whether you want to put it in Vanguard or something else.
We tend to like Vanguard funds as something you invest in *after* you put money in your Roth. Your Roth itself can be wherever you want. I personally use Schwab as the account custodian and hold a couple of Vanguard funds there.
Posted on 3/14/14 at 5:34 am to Saint5446
Does you wife have any income? I think she has to have income to contribute to a Roth. I could be wrong.
Posted on 3/14/14 at 6:08 am to crazyhorsedog
Yes she does, just not much yet.
Posted on 3/14/14 at 6:29 am to Saint5446
quote:
What say the money board? Should I just contribute into mine for 2014 or get her one rolling for 2013.
Give her a loan and contribute to hers... No reason not to for 2013. You've got one month left to do it.
Make her pay you back along the way and put that into yours for 2014.
Yes, I said give your wife a loan
Posted on 3/14/14 at 6:59 am to Saint5446
I would fully fund a Roth for her today.
Posted on 3/14/14 at 8:00 am to Saint5446
To fully fund hers she needs to gross 5500
Posted on 3/14/14 at 8:23 am to crazyhorsedog
Negative, she doesn't have to have any income due to spousal rule.
Posted on 3/14/14 at 9:32 am to Saint5446
quote:
Fund is called ONGAX, is this terrible or what?
Fees on that sucker are highway robbery for what appears to be a garden variety mixed-stock mutual fund that damn near tracks the S&P 500.
Anyway first open her a Roth somewhere other than Chase, then worry about moving yours.
Posted on 3/14/14 at 10:46 am to Cold Cous Cous
Any recommendations on where to start hers and eventually move mine?
Posted on 3/14/14 at 6:25 pm to Shepherd88
quote:This.
Negative, she doesn't have to have any income due to spousal rule.
It's the smaller of $5,500 or her taxable compensation for the year. If you file a joint return, you and your spouse can each make contributions even if only one of you has taxable compensation.
The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.
Posted on 3/14/14 at 10:38 pm to RebelOP
From the title of this thread I though you were contemplating a swap.
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