gleninjersey 2,134 Posted February 24, 2020 Pick up one if the "Dummy's Guide" book series on investing / mutual funds / retirement planning. They are written in such a way to be very basic and understandable for those just starting out. Some things to keep in mind are that both Regular & Roth IRAs are subject to income limitations. As long as you are under the max allowable you can contribute. Also, you may be able to open a spousal IRA. If you can I would recommend doing do. Allows you to contribute on behalf of spouse even if they have no earned income. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted February 24, 2020 On 2/21/2020 at 2:27 PM, 1LtCAP said: simple and basic info is what i'm looking for right now. i just don't wanna be totally clueless when i contact an advisor. In all honesty, you need MORE than just "simple and basic", otherwise you might walk out missing your pants. Also, it looks like it's a great day to buy the dip! Quote Share this post Link to post Share on other sites
ChrisJM981 924 Posted February 26, 2020 On 2/24/2020 at 11:12 AM, gleninjersey said: Pick up one if the "Dummy's Guide" book series on investing / mutual funds / retirement planning. They are written in such a way to be very basic and understandable for those just starting out. Some things to keep in mind are that both Regular & Roth IRAs are subject to income limitations. As long as you are under the max allowable you can contribute. Also, you may be able to open a spousal IRA. If you can I would recommend doing do. Allows you to contribute on behalf of spouse even if they have no earned income. I banked on making a contribution to one to reduce my tax liability. We make too much and I couldn't write it off. Now I owe the taxman. That book is definitely for me. Quote Share this post Link to post Share on other sites
1LtCAP 4,259 Posted February 26, 2020 i hadn't even thought of one of the dummy series of books for this........ 1 Quote Share this post Link to post Share on other sites
rifleman 90 Posted February 27, 2020 The thing about ROTH is that it sounds too good to be true. No tax on growth? I will take that everyday. No other investment has that. Yes, I am fully funded every year. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted February 27, 2020 24 minutes ago, rifleman said: No tax on growth? Are you questioning that? Quote Share this post Link to post Share on other sites
rifleman 90 Posted February 27, 2020 No, I know there is no tax on growth. It's one of the few. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted February 27, 2020 10 minutes ago, rifleman said: No, I know there is no tax on growth. It's one of the few. Just watch out for the 5 year rule, otherwise it's a good way to go, for an extended time period. Quote Share this post Link to post Share on other sites