advice on IRA's............?

Question

i'm 24 and my husband is 23 years old. how we figure out how much $$ to contribute to our IRA monthly? what's average ammount of intrest is added annulally? we know what we can afford to contribute, but is there a limit?.....pretty much i need any info you can give me about IRAs

as you can tell, we're not very knowledgeable on this topic, but we want to learn and invest early in our lives. thanks for any info

Answer 1

The maximum that you can contribute to an IRA is $4,000 per year each.
Whether you will be able to get a tax deduction for the contribution depends on a number of factors but one is that your
AGI (adjusted gross income) on your joint tax return is less than
$80,000.

Further IRA info is found at www.irs.gov

The amount of interest you earn will depend on where you invest the money. If you invest in a CD at your bank you can expect something in the 4-5% per year range.
You can also use mutual funds to invest in a number of companies at once and over time they should get you a greater return than CDs, but you will have stock market expose and will
need to have a tolerance for risk.

Individual stocks can also be be used inside an IRA that is established at a brokerage company.

Answer 2

Yes, there is a limit. in 2006, you could contribute 4000 and your husband could contribute 4000 bye IRS guidelines.

You could contribute by monthly is 333.33, by bi-weekly 153.84.

With your young age, the best option is the ROTH IRA, there is no limit how much interest you could earn on your investment. depend how well understanding the market work. you are wise to start early

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 62,000.00,11k in ROTH ira and 30000.00 in taxble account. by follow simple rule