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Employer doesn't offer retirement plan & I'm maxing out IRA. What other options
Posted on 11/12/14 at 4:26 pm
Posted on 11/12/14 at 4:26 pm
do I have as far as planning for retirement is concerned? I'm ignorant regarding stuff like this, so please be patient with me
Posted on 11/12/14 at 4:46 pm to ForeverLSU02
This is exactly my scenario. I'm maxing my roth Ira. My only other thoughts are :
Jump into taxable accounts and just start pumping it into an index fund
Or
Open roth for wife and contribute
Or
Try both
Jump into taxable accounts and just start pumping it into an index fund
Or
Open roth for wife and contribute
Or
Try both
Posted on 11/12/14 at 4:56 pm to ForeverLSU02
quote:
do I have as far as planning for retirement is concerned?
If you plan on assisting college expenses for children, ensure you are in a 529.
Are you sure the employer doesn't have a 401k they just don't match? For example, my girlfriend's company has a 401k just doesn't match. If a small company, inquire with management about starting a 401k offering even if there is no match. Would benefit all emlpoyees involved due to tax implications.
Otherwise properly placed index funds seem to be the most popular investment options. That and drips
Posted on 11/14/14 at 7:39 am to ForeverLSU02
You can also use an HSA for retirement if you have one. It's like a traditional IRA, but slightly better because tax free withdrawals are allowed for medical costs.
At age 65 you can withdraw for non medical reasons but you will be taxed (like a trad. IRA).
Yearly limit is between 6 and 7 thousand if married, 3350 if singe (I think).
At age 65 you can withdraw for non medical reasons but you will be taxed (like a trad. IRA).
Yearly limit is between 6 and 7 thousand if married, 3350 if singe (I think).
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