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When do you contribute to your IRA?
Posted on 1/21/14 at 3:56 pm
Posted on 1/21/14 at 3:56 pm
For those of you that max out your IRA contribution, I'm curious as to when you make your contribution(s) every year.
Do you do the entire lump sum at one point in time during the year? Early? Late? Or do you contribute monthly?
I already have the cash for my 2014 contribution, and I plan to put at least the majority (if not all) of it into an index fund. Just wanted to see what others do. FYI - I'm still 30+ years away from retirement so I've been taking the approach of sinking my money in index funds and not really trying to time the market.
Do you do the entire lump sum at one point in time during the year? Early? Late? Or do you contribute monthly?
I already have the cash for my 2014 contribution, and I plan to put at least the majority (if not all) of it into an index fund. Just wanted to see what others do. FYI - I'm still 30+ years away from retirement so I've been taking the approach of sinking my money in index funds and not really trying to time the market.
8
Posted on 1/21/14 at 4:02 pm to kennypowers816
Contribute $1k from each quarterly bonus and incremental contributions from each paycheck.
Posted on 1/21/14 at 4:06 pm to kennypowers816
Dollar cost average monthly would be my advice. You'll still get the compounding effect with 30 years to go until retirement, but without having to commit all $5K at once.
This post was edited on 1/21/14 at 4:07 pm
Posted on 1/21/14 at 4:21 pm to kennypowers816
In monthly $458.33 increments
Posted on 1/21/14 at 5:33 pm to ATL TGR
10% of all earnings
Posted on 1/21/14 at 9:18 pm to kennypowers816
Monthly - $1,000 to my wife's in January and $1,000 to mine in February. Repeat throughout the year.
Posted on 1/21/14 at 11:20 pm to ATL TGR
I set it to draft every two weeks the same day as the wife's direct deposit.
Posted on 1/22/14 at 8:37 am to Venelar
quote:
I set it to draft every two weeks
+1
I have it set to draft the day before my paycheck hits my bank.
Posted on 1/22/14 at 8:43 am to kennypowers816
I have mine setup every paycheck at about $250 a check.
Posted on 1/22/14 at 8:49 am to kennypowers816
A little excerpt on dollar cost averaging: DCA
Posted on 1/22/14 at 8:57 am to TheWiz
I cut $5500 check on January 1st.
Posted on 1/22/14 at 9:39 am to Chaplain
1st and 15th payments of $229.16
This post was edited on 1/22/14 at 9:40 am
Posted on 1/22/14 at 5:05 pm to TheWiz
quote:
A little excerpt on dollar cost averaging: DCA
Thanks for the link. I think I agree with the author on this one.
quote:
I cut $5500 check on January 1st.
I honestly expected more people to say this. I have the $5500 sitting in a savings account right now, and I figured a lot of posters on this board would as well, but it sounds like more people have the cash direct deposited every pay period or month.
Thanks for all the responses.
Posted on 1/22/14 at 7:12 pm to kennypowers816
Well my savings is in a savings account. We budgeted a savings amount and after we hit our savings mark (4months) we just rolled the budget over to the Roth IRAs.
Everyone will do it different.
Everyone will do it different.
Posted on 1/22/14 at 7:25 pm to kennypowers816
Monthly
Posted on 1/23/14 at 11:27 am to Brummy
Bonus time.
Posted on 1/23/14 at 11:31 am to Chaplain
quote:
I cut $5500 check on January 1st.
Did this for one, will fill up the other in a couple months when the savings account builds back up. I have no idea how to set up an automatic monthly draft.
Posted on 1/23/14 at 11:34 am to kennypowers816
I stopped 2 years ago. I'm beating my IRA manager by a factor of 4 with the stocks I manage myself. And I don't have to pay myself a fee.
Posted on 1/23/14 at 11:48 am to Chaplain
quote:
I cut $5500 check on January 1st
I've done this the past few years but this year I'm going to try the DCA route.
Posted on 1/23/14 at 1:33 pm to Zach
quote:
I stopped 2 years ago. I'm beating my IRA manager by a factor of 4 with the stocks I manage myself. And I don't have to pay myself a fee.
Huh? Why don't you just move your IRA to a self-managed account?
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