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ROTH IRAs

1LtCAP
in General Discussion

Featured Replies

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
    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:

  • Quote
    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
    • Author

    i hadn't even thought of one of the dummy series of books for this........

  • Quote
    • Haha 1

    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
    24 minutes ago, rifleman said:

    No tax on growth?

    Are you questioning that?

  • Quote

    No, I know there is no tax on growth. It's one of the few.

  • Quote
    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

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