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Roth IRA account please help

T

tiger88

New member
strongly encourage you to set up a Roth IRA with $4000. That is the max that you can contribute a year. You can then deduct this $4000 off the top of your income on your taxes. Today companies are starting to discontinue pensions plans for employees. I know that you have plans to buy yet another motorycle this summer but you could always get a Short term loan if you needed money then. You can never go back a year to catch up with an IRA however. In other words, you cannot contribute to the 2005 IRA in 2007.

love-mom



serious WTF


whats this shit?


cut a cheque for 4k?

or is she doesnt want me to get another bike (think bout it...r6 and a stunt zx6r) or some IRA account?


bran238434757457742574237574357475237457432 532475734573475273457347557475!!!!!!!! or who ever
 
She's partially correct. For a traditional IRA you can deduct it vs your income tax, for a ROTH IRA, you cannot. At this moment you can put in 4K for 2005 (up to April 15) and 4K for 2006. This is after tax contributions, and you will not be taxed EVER, barring you follow the rules and keep it 'til your 59.5. Fantastic way to have a nest egg when you retire.

There is A LOT more to this...
 
sawastea said:
She's partially correct. For a traditional IRA you can deduct it vs your income tax, for a ROTH IRA, you cannot. At this moment you can put in 4K for 2005 (up to April 15) and 4K for 2006. This is after tax contributions, and you will not be taxed EVER, barring you follow the rules and keep it 'til your 59.5. Fantastic way to have a nest egg when you retire.

There is A LOT more to this...
Click to expand...


so????? i guess sent out the 4k




if I live to see 25 ill think ill be happy
 
In 2007, the contribution limit will raise to $4,500 and I believe every year thereafter, an addition $500 for a certain amount of years. Need to brush up on that...

I've had a ROTH since I was 15, as well as a 401(K).

Keepin' it real...
 
Whatever floats your boat maing...

Hopefully your folks will leave you a fat trust if you're rolling with that attitude ;)
 
sawastea said:
Whatever floats your boat maing...

Hopefully your folks will leave you a fat trust if you're rolling with that attitude ;)
Click to expand...



dude thats the thing!

they have some bones and I aint got shit...so broke I cant even pay attention


i dunno man.... money aint my thing.... i just wanna have fun not worry about a fucking thing


i have no direction and i really dont even give a fuck

but non to less ill give her the 4k i have saved and set one up i guess to satisfy her
 
ill be at the driving range...be back about noon

so the details on the 4k?

swasatea should i mail u the 4k? lol
 
sawastea said:
In 2007, the contribution limit will raise to $4,500 and I believe every year thereafter, an addition $500 for a certain amount of years. Need to brush up on that...

I've had a ROTH since I was 15, as well as a 401(K).

Keepin' it real...
Click to expand...

That's great Sawastea.. If I could go do it over again .. I would start mine very early..

Good advice .. Young people should do this..
 
 
IRA Contribution Limits
YEAR AGE 49 & BELOW
2002-2004 $3,000
2005 $4,000 $4,500
2006-2007 $4,000
2008 $5,000

AGE 50 & ABOVE
2002-2004 $3,500
2005 $4,500
2006-2007 $5,000
2008 $6,000
 
hotzie said:
which is better a ROTH or a traditional , also is 4K the min
Click to expand...

Depends...You should look at them both and figure out what's best in your situation. ROTH has a limit, based on your annual income ($110K I if single, $150K if married - not 100%). If you have money in the ROTH, it is after tax, and everything you accrue within will be TAX FREE when taken out (barring you're 59.5). That is HUGE!

There is no minimum. The 4K is the maximum through 2007. If you can max out, you'll be MUCH better off.
 
hotzie said:
which is better a ROTH or a traditional , also is 4K the min
Click to expand...
Roth is better for younger people like us.

Part of the rationale is that by the time you retire, you will be in a higher tax bracket than you are today, so you should pay tax on the money now rather than later, which is what happens in a Traditional IRA.
 
sawastea said:
Depends...You should look at them both and figure out what's best in your situation. ROTH has a limit, based on your annual income ($110K I if single, $150K if married - not 100%). If you have money in the ROTH, it is after tax, and everything you accrue within will be TAX FREE when taken out (barring you're 59.5). That is HUGE!

There is no minimum. The 4K is the maximum through 2007. If you can max out, you'll be MUCH better off.
Click to expand...
is it a one time contribution or is it like a 401k were u can put in each check?
 
hotzie said:
which is better a ROTH or a traditional , also is 4K the min
Click to expand...

Hotzie its the maximum and the only difference is that one you put tax dollars in BEFORE its taxed.
In a Roth IRA you put AFTER taxed dollars in. Meaning that once the money is taken out it is not taxed which is great.

The traditional allows more money in on a pre-tax basis allowing for it to compound tax-deferred.

Both are tax-deferred compounding interest. Just traditional at the end you pay taxes on the amount you take out of the account. Hopefully at a much lower tax bracket b/c you are retired.

So, its good to have both, usually people have a 401k or 403b plan with employer matching, good to max that out as because the match from the employer is just like a raise.

The also have a Roth IRA as well. Hopefully they dont change the laws and make them taxable.

Just a few investment vehicles that can be used in an overall financial plan.
You need to have a proper plan in place though to ensure what you really need to eliminate problems down the road.
 
What are some good investment plans/set ups to use in your Roth - Although im barley making it now I think I will begining saving one - Unless I start the Condo fund up again
 
Up to 4K be year Hotzie...You can donate x amount throughout the year. You can still open an acct and put money in for 2005, through April 15th, 2006.
 
SC4EVA said:
What are some good investment plans/set ups to use in your Roth - Although im barley making it now I think I will begining saving one - Unless I start the Condo fund up again
Click to expand...

A roth account is a retirement account, the underlying funding vehicle depends on your risk adversity and your length of time to retirement. Hence, the younger you are the more riskier you can be where you are more likely to get a higher return and are able to ride out long term dips in your equities.
A diversity of companies in mutual funds, which one is the best is depending upon performance of the money manager and the sector its invested in also the fees the fund may charge.

As with a 401k there are options you may choose to fund the account. If you are retiring in a few years then more fixed and stable choices, if you are 25 then you have a long time to be more aggressive.

Which one is the best is always an argument. But key is to diversify so that you dont put all your eggs in one basket or sector with several mutual funds.

The key thing is to just get started, thats the largest stumbling block people have but you also need to set up a cash reserve, insurance protection etc... to make sure that you dont have to withdraw money from retirement account drawing fees and hurting your financial profile.
 
sawastea said:
Up to 4K be year Hotzie...You can donate x amount throughout the year. You can still open an acct and put money in for 2005, through April 15th, 2006.
Click to expand...
sweet , ive been thinking about openin one for awhile now but wasnt sure about it. that will go along nice with my TSP
 
bran987 said:
??? if I'm not in the highest tax bracket when I'm retired I'm going to shoot myself ;)
Click to expand...

Well if the Democrats have their way, no matter what happens you'll be in a higher tax bracket in the future
 
hotzie said:
whats a good place to get a ROTH from?
Click to expand...

you can get a Roth from just about any financial institution.
Doesnt take more than a few minutes to set one up, just find one that you are comfortable with even your bank, the account isnt that hard to set up, its what you choose to fund it with so the selection of the mutual funds or similar is the what to take into account. So that would take a bit of research on your part. You can set them up online like those companies etrade, ameritrade etc... but I doubt you'll get advice.
 
Fidelity has one, Sharebuilder, Scottrade...There are a lot of choices. When you open them up, also look into ETF's
 
If lump sum payments aren't your thing, Fidelity lets you make monthly payments automatically from your bank account. I'm more likely to save by doing it this way.
 
so assume I set up the ROTH and need the need money really bad really quick can i take it out anytime i need? assume u get penalized for this?


1. ill mail her the money...whatever... shows i am some what respoonbible..least this POS can do
2. swsasrtesaewasea thanks for the help and helpin others
3. my golf game still sucks (long irons for sale)
 
sawastea said:
Yes, you can withdraw anytime you want, but, you will get penalized (I believe 20%) on early withdrawals. Hopefully, any money you can put in, you'll be able to keep.
Click to expand...
I think it's a 10% penalty PLUS you have to pay tax on the gains as if the funds had never been in the Roth.

Tiger, you can withdraw the amount you PUT IN at any time for any reason, with no penalties aqt all. And there are certain situations where you can withdraw the gains, such as a down payment for your first house or to help pay for your kids' college lololol that is hilarious to think about tiger88 doing those things for some reason living in a shed and being gay it's hard to get a house or kids ;) j/k
 
tiger88 said:
but non to less ill give her the 4k i have saved and set one up i guess to satisfy her
Click to expand...

You don't have to cough it up all at once.

And you can go to the bank and set one up yourself, you don't have to give it to your mommy.
 
Mr. dB said:
You don't have to cough it up all at once.

And you can go to the bank and set one up yourself, you don't have to give it to your mommy.
Click to expand...
i was lookin a little today and it seemed like everywhere made u cough it all up at once
 
hotzie said:
i was lookin a little today and it seemed like everywhere made u cough it all up at once
Click to expand...

Hotzie, check out Fidelity. I think if you set up the monthly payments with at least 50.00 a month, you don't have to give the money up front. Or maybe you have to give them at least 1,000 up front & then do the monthly payments.

Check out their site www.fidelity.com

I know I didn't give them 2K or 4K to set up my account.
 
nycgirl said:
Hotzie, check out Fidelity. I think if you set up the monthly payments with at least 50.00 a month, you don't have to give the money up front. Or maybe you have to give them at least 1,000 up front & then do the monthly payments.

Check out there site www.fidelity.com
Click to expand...
thats were i looked first after u suggested it , but i really could find anything talin bout monthly installments and i didnt want to give them my account info until i was sure about it
 
hotzie said:
thats were i looked first after u suggested it , but i really could find anything talin bout monthly installments and i didnt want to give them my account info until i was sure about it
Click to expand...

Give me a few minutes. I will look for it.
 
hotzie said:
awww you are such a sweetheart :heart:
Click to expand...

Here you go. You can use there Simple Start IRA. You can open up an account with $200.00 and set up the automatic payments. The payments have to be at least $200.00 a month.

http://personal.fidelity.com/global/search/inquira/resultsindex.shtml?question=roth ira

Or you can give them $2500 up front and then do the payments at least $50.00 a month.

I now know why I didn't have to give that money. I remember now. It was a transfer from a Roth IRA opened up when I worked for a brokerage firm.
 
nycgirl said:
Here you go. You can use there Simple Start IRA. You can open up an account with $200.00 and set up the automatic payments. The payments have to be at least $200.00 a month.

http://personal.fidelity.com/global/search/inquira/resultsindex.shtml?question=roth ira

Or you can give them $2500 up front and then do the payments at least $50.00 a month.

I now know why I didn't have to give that money. I remember now. It was a transfer from a Roth IRA opened up when I worked for a brokerage firm.
Click to expand...
thank you very much :)
 
Mine's not a Roth, because I've had it since before they started doing the Roth IRAs a few years ago, and it's just through my bank, but it's always been voluntary payments. Contribute when I can, or when I feel like it.
 
i've had a roth since 18. don't even know how much is in it. bank automatically takes 300 and some change out a month now. I guess I should look into how much I have in it, I don't know, don't really care, not about to touch it till I retire....

I'd rather not know, i'd probably want to take it out and buy something I don't need... Like a new power boat ;-)

Whiskey
 
Whiskey said:
i've had a roth since 18. don't even know how much is in it. bank automatically takes 300 and some change out a month now. I guess I should look into how much I have in it, I don't know, don't really care, not about to touch it till I retire....

I'd rather not know, i'd probably want to take it out and buy something I don't need... Like a new power boat ;-)

Whiskey
Click to expand...

Nice job in at least having a retirement plan. I suggest you look into it to see what you're invested in. I'd hate to see $300/mth go from acct only to see it in CD's yielding 2.2%. What I suggest is to see what you're invested in and then take it from there.

hotzie + nycgirl = :heart:
 
tiger88 said:
well there goes the 4k :(

i better live to see this some day
Click to expand...

At your age, if all you do for retirement savings is max out your IRA every year, you'll have well over a million in there when you're 65.
 
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