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re: Hold off on starting a Roth?
Posted on 1/22/16 at 6:36 am to GREENHEAD22
Posted on 1/22/16 at 6:36 am to GREENHEAD22
No, you only get to contribute $5500 per tax year. (Until you're 50 - but hopefully you make way too much money by then) Also, don't ever take out even the principal. Chances are you wont pay it back in time. I mean, if shite hits the fan and there's no other option, sure, but don't use if for something you could otherwise do without or save for. Just my opinion.
Also, you can park it in a money market if you're nervous about investing, but frankly I'd just DCA.
Also, you can park it in a money market if you're nervous about investing, but frankly I'd just DCA.
2
Posted on 1/22/16 at 6:49 am to TigerDeBaiter
quote:
Also, don't ever take out even the principal. Chances are you wont pay it back in time.
In time for what?
Posted on 1/22/16 at 7:46 am to TigerDeBaiter
quote:
No, you only get to contribute $5500 per tax year.
Yeah $5,500 for 2015 and $5,500 for 2016 is $11,000. That's what the poster above meant since you are still able to make contributions towards 2015 tax year till tax date.
I think you should make the contributions that you are comfortable with. Like another poster mentioned, you could always take it back out (contributions not earnings) since you've already paid tax on them. You also don't have to invest in anything to contribute. You can just have it in an account ready to go when you are.
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