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Roth IRA
Posted on 6/9/21 at 8:19 am
Posted on 6/9/21 at 8:19 am
I'm not an expert but everyone keeps telling me to start roth IRA. Overall consensus was it is a good thing.
Ii'm thinking of opening one. I don't need the money till retirement. Is there anything that say's not worth opening it?
Thank you
Ii'm thinking of opening one. I don't need the money till retirement. Is there anything that say's not worth opening it?
Thank you
7
Posted on 6/9/21 at 8:24 am to glorymanutdtiger
I’ve been looking at T. Rowe-Price and will probably be dumping a chunk into one of their funds soon. I’ve had fun ‘playing the market” and will continue to do so to an extent, but it’s time to move some of this cash into a more solid place. Roth seems like the best option for my situation.
Posted on 6/9/21 at 8:32 am to glorymanutdtiger
It's pretty much a no brainer. Money goes in post-tax, and is not taxed when taken out in retirement at age 59.5 or older on the growth and cash you put in. You can take the cash value of it out without penalty as well at any age if you ever "need extra money" for an emergency (or any reason really). So say for example after 3 years you've put in $18k cash into the account, and you keep a $10k emergency fund on the side, but something comes up that costs you $15k, you could withdraw the extra $5k from your ROTH IRA and get that covered if you need to.
There's also no RMD in retirement unlike traditional IRA and 401k. So you arent forced to take distributions from it like other other retirement accounts if you dont want to.
Best part is you can choose to open it up with whoever and pick literally any investments pretty much out there for it so options are pretty endless. We have my wife's Roth IRA through vanguard and mine is with etrade. You can be as aggressive or conservative as you want with it.
There's also no RMD in retirement unlike traditional IRA and 401k. So you arent forced to take distributions from it like other other retirement accounts if you dont want to.
Best part is you can choose to open it up with whoever and pick literally any investments pretty much out there for it so options are pretty endless. We have my wife's Roth IRA through vanguard and mine is with etrade. You can be as aggressive or conservative as you want with it.
This post was edited on 6/9/21 at 8:42 am
Posted on 6/9/21 at 8:33 am to glorymanutdtiger
The sooner you start the better. You can’t go back and make contributions for previous years
Posted on 6/9/21 at 8:39 am to glorymanutdtiger
Started mine last year and wish I would have done it 8 years ago. Money goes up quick.
Posted on 6/9/21 at 8:47 am to glorymanutdtiger
It is a good thing. Just know if you are a baller making more than $140k MAGI a year then you can't contribute.
If you have a spouse you can also make contributions on her/his behalf.
You can pull out contributions penalty free. Any earnings will be taxed if taken out before 59.5
The time to invest is now. Good luck and you forever have good fortunes
If you have a spouse you can also make contributions on her/his behalf.
You can pull out contributions penalty free. Any earnings will be taxed if taken out before 59.5
The time to invest is now. Good luck and you forever have good fortunes
Posted on 6/9/21 at 10:23 am to glorymanutdtiger
the only problem with a Roth is that you have a limit on how much you can invest
Posted on 6/9/21 at 2:16 pm to glorymanutdtiger
quote:
I'm not an expert but everyone keeps telling me to start roth IRA. Overall consensus was it is a good thing.
Ii'm thinking of opening one. I don't need the money till retirement. Is there anything that say's not worth opening it?
Thank you
Roths are for peasants
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