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1LtCAP

ROTH IRAs

By 1LtCAP, in General Discussion

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gleninjersey    2,141

gleninjersey
Posted

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.  

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Sniper    6,372

Sniper
Posted
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! :yahoo:

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ChrisJM981    924

ChrisJM981
Posted
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. 

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