I want to start an IRA or something like that. I already have a 401K at work.?

Question

An I was jw should I start an IRA or go w/ something else, is there better options?

Answer 1

Yes, yes !! Get into some ROTH IRA's ...If you have the cash you can get one for last year and one for this year ( before April 15th)...Your 401 is great for your future , but when you start taking money out, it's treated as " income" so you'll have to pay tax on the " income" just like you do now...BUT... the ROTH IRA is tax-free as you withdraw it...so if you ( when retired, or just 60) start taking money out, you can take a little here and a little there and your " income" tax won't be high because you only withdrew a " little"
So in the future..always get that ROTH into your budget...even if it means you have to scrimp on your 401 contributions- BUT always feed your 401 at least as much as your employer will match !! ( that's a "raise" if you think about it!)
Geez! That all sounds like mumbo- jumbo...but if you read it slow...you got a decent plan..
Good luck ...

Answer 2

If you're contributing the maximum to your 401k, or atleast up to the match if the company matches your contributions, then the next best thing is an IRA. Probably a Roth.

Answer 3

It is not the IRA that matters but what you put in it. That is the option. If 401k not loaded with equities(not company stock-diversified funds) the IRA must be. ADX PEO EWA IAU PGJ EFA
Do it now. Be sure your 401k not in guranteed income or that nonsense as well.

Answer 4

A Roth IRA is the way to go. You can take your money that You put in anytime no tax. And all the money you earn will never be taxed. Go to Vanguard,com and call them they will help you get started.

Answer 5

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