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What is next step? Have a Savings Account, Simple IRA/401K
Posted on 3/30/18 at 5:00 pm
Posted on 3/30/18 at 5:00 pm
Sorry new to this and appreciate your help...
Should I open a Roth IRA , CD, MMA?
What else should I do..... thanks
Should I open a Roth IRA , CD, MMA?
What else should I do..... thanks
1
Posted on 3/30/18 at 5:10 pm to Mr International
Roth. You can buy all that other stuff in there, use it as a savings, etc. There's absolutely no reason to have a savings account that you regularly contribute to until you max your Roth out every year.
Why? Because you can withdraw your Roth contributions tax free. You just can't touch any income until retirement without heavy taxing.
Why? Because you can withdraw your Roth contributions tax free. You just can't touch any income until retirement without heavy taxing.
Posted on 3/30/18 at 5:17 pm to baldona
What do you recommend ? Vanguard?
Posted on 3/30/18 at 5:44 pm to baldona
quote:
There's absolutely no reason to have a savings account that you regularly contribute to until you max your Roth out every year.
This is correct. Max the Roth every year if possible.
That said, keep the part of the balance you consider "emergency money" invested conservatively. If your monthly expenses are $3000 and you are budgeting 3 months of emergency cash, then invest the first $9000 in something unlikely to fluctuate much.
As your balance grows you can (and should) get less conservative though since any gains are tax free.
Posted on 3/30/18 at 6:07 pm to foshizzle
Where do you recommend to get a Roth? And what is the minimum contribution ?
This post was edited on 3/30/18 at 6:08 pm
Posted on 3/30/18 at 6:11 pm to Mr International
I use vanguard. I like it.
I think you can do a Target date fund with $3,000 minimum ? (May actually be $1,000) can't recall off top of head.
Once you open, you can contribute whatever.
I think you can do a Target date fund with $3,000 minimum ? (May actually be $1,000) can't recall off top of head.
Once you open, you can contribute whatever.
Posted on 3/30/18 at 6:21 pm to Mr International
I'd recommend somewhere with a local brick and mortar if that's possible. A couple of times a year I wish one of my investment accounts had a brick and mortar to do minor things. None of it has been a big deal, but if you have live in a city with one of the top 4-5 vanguard, Schwab, etc. I'd choose one with a brick and mortar.
Posted on 3/30/18 at 8:16 pm to Mr International
V A N G U A R D
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Posted on 3/30/18 at 8:19 pm to Mr International
Vanguard is fabulous. I’ve got two retirement accounts with them. A TIRA AND RIRA along with a backup brokerage account and I am about to open a solo 401k with them aka individual 401k.
Posted on 3/31/18 at 7:44 am to Mr International
I've been with Schwab for 20 years now and have never regretted it. Vanguard and Fidelity are supposedly very good also but I have no experience with them.
Probably USAA and TD Ameritrade are good also. Fact is, retail banking services are very highly regulated so there shouldn't be that much difference between any of the big outfits.
Probably USAA and TD Ameritrade are good also. Fact is, retail banking services are very highly regulated so there shouldn't be that much difference between any of the big outfits.
Posted on 3/31/18 at 9:45 am to foshizzle
I signed up for TD Ameritrade , everyone in my family uses it and my good friend who just graduated and got his masters in finance recommended this for beginners. I signed up for Roth IRA, to be honest I am lost as to what to do next , can anyone recommend what I need to do once I am signed up for the Roth IRA . Purchase mutual funds? ETFs? .....thanks
Posted on 3/31/18 at 11:05 am to Mr International
I'd split between 3-4 type investments, and focus right now on the conservative end until you have a decent balance built up. Once the account is set up, they should give you the option on how you want it diversified. Then you just make deposits to the account, and they do the rest.
I think when I started mine with Vanguard I set mine at around 40% muni bonds, 30% etf's, and 30% low interest something or other. I'd have to check. I changed them around a little more aggressively a few years ago, and haven't really touched it since other than contributions.
I think when I started mine with Vanguard I set mine at around 40% muni bonds, 30% etf's, and 30% low interest something or other. I'd have to check. I changed them around a little more aggressively a few years ago, and haven't really touched it since other than contributions.
Posted on 3/31/18 at 2:50 pm to Fat Bastard
I guess I'll do a Vanguard Roth IRA. I need to lower my AGI some or else I'll have to write a check to the IRS for 2017.
Posted on 3/31/18 at 3:36 pm to lsu xman
For the sake of clarity:
Roth will not lower your AGI if that was what you meant.
Roth will not lower your AGI if that was what you meant.
This post was edited on 3/31/18 at 3:37 pm
Posted on 3/31/18 at 4:17 pm to Mr International
I have a TD AMERITRADE for trading futures.
Posted on 3/31/18 at 4:20 pm to lsu xman
ROTH won’t do that. I’m
Back contracting again but this solo 401k is marvelous for Lowering taxable income. Normal 401k limits and I can get another 20% on top of that for profit sharing. Then still max Roth.
This 401k is way better than a normal one not only because I can contribute more but I can control it like a self directed Ira.
Back contracting again but this solo 401k is marvelous for Lowering taxable income. Normal 401k limits and I can get another 20% on top of that for profit sharing. Then still max Roth.
This 401k is way better than a normal one not only because I can contribute more but I can control it like a self directed Ira.
This post was edited on 3/31/18 at 5:36 pm
Posted on 3/31/18 at 4:28 pm to Fat Bastard
Question: once you buy into a index or mutual fund, are you charged a trade commission each time you contribute to it?
Posted on 3/31/18 at 4:42 pm to LesThanPrefect
If it's a load fund yes but a no load fund no. Actually it's not technically a commission but a front end load but it comes out of your investment regardless.
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