what is a good IRA to get in with
2006-09-29 04:43:17 · 5 answers · asked by runninglate 2 in Business & Finance ➔ Investing
I have numerous I.R.A.'s I have a ROTH, Simple & Traditional.
You first need to decide what you want this I.R.A. for. Do you want the tax deduction ? Than DON"T go for the Roth. Roth's are done after tax dollars. You can touch the Roth money at any time except for the interest it has made.
A Simple IRA is for the self employed. It can not be touched till retirement.
A Traditional IRA is just a regular IRA.
I am not a big fan of the ROTH simply because you can get at it. YOU SHOULD BE GETTING AT IT in my opinion. Once you start contributing to your IRA, you should ONLY keep contributing to it .. not taking from it... things do not grow by constantly being taken from !!
Get a Simple or Traditional IRA... Hit it hard by contributing whatever you can squeeze out of yourself.
Remember it is NOT our employers job to fund or watch over our retirement, IT IS OURS... we all need to be making sure we will have enough at retirement age to do what it is we want to do within those years. I
f you want to have $50,000.oo income annually after retirement and not have to pick up a part time job, then you will need one million dollars saved up in that retirement account. That one million will give approx. $50,000.oo in interest to live off annually for the rest of your life!
Good Luck !
: )
2006-09-29 04:57:16 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
Talk to your Financial Advisor. I have my cash with Smith-Barney and am invested in stocks and growth funds. You can put up to $4,000 a year into an IRA and you can have as many as you want. Go the Roth way. Your money goes in as after-tax dollars and you pay no tax when you withdraw it at not sooner than 59 years old but not later than 70-1/2. Beware of Democrats winning elections. They might look at the trillions of dollars in these accounts and change the laws to get at it.
2006-09-29 11:47:02 · answer #2 · answered by christopher s 5 · 1⤊ 0⤋
If your company matches funds (free money) go with that company's 401K plan. Otherwise, consider a Roth IRA with after tax money. Financial planners feel that income taxes in the future will be raised much higher than now when you withdraw your funds so why not deduct the taxes now and that money and it's accumulated interest will be yours to keep when you retire. There are no bad retirement plans so get one today and then worry about switching it later. Again, if your company matches your contribution, give it the max that you can.
2006-09-29 13:01:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Try the Roth IRA because you can withdraw at any time without paying taxes.
2006-09-29 11:46:23 · answer #4 · answered by nido_tr3s 5 · 0⤊ 1⤋
Edward Jones can help you.
2006-09-29 11:46:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋