IRA's
 

Any one know a little about IRA's? I'm think about getting one and I don't know much about them. If you can help me, Please list any thing you know about IRA's. It can be good things or even bad things. Thanks of your reply

Thanks again
Keith

Start you a 401 K-Plan

Not sure if ROTH IRA's are still available or not.....may have done away with them. Anyways, you pay the taxes on the money before investing it and not when you withdrawal it. You are allowed to deposit a set amount each year but has to be done by April 15 and you must have it included on your taxes. Seems like a great IRA to me since you don't pay taxes when it comes time to withdrawal.

I honestly don't see much of an advantage of a regular IRA over a CD. I personally would go with whatever earns you the greatest amount of interest over the longest period of time if you don't plan on touching it. You can always change what you want to do with the funds when it comes time to renew. Talk to a bank and find out what is available right now and ask for a sheet that lists IRA and CD rates. Each one has different qualifications (some require large deposits).

Good luck to you with whatever you decide.

The IRA is long term, CDs are not. They still do both tradional and Roth, and max allowed is currently $3,000 per year. I have one of each, had to rollover my 401k into a traditional when I left my corporate job some years back. I prefer the Roth.

That's one of the reasons I like the 401k. The contribution limit this year is $12,000 or $13,000, and add the company match to a portion of that, it adds up.

Yeah, I miss matching funds. :(

My company STOPPED matching what I buy of its stock. Pretty ****ty if u ask me.
But they can touch my pension, its set in stone!

one more thing. If I get a Roth IRA, cent they are taking the taxes out from my employer. Do i file that on my taxes at tax time?

Keith

Roth is invested after tax, no tax taken out at retirement.
Tradition is invested before tax, tax then taken out at retirement.
401k is like a traditional in this sense.

You'll get a 1099 in January, if you need it.
If you use something like TurboTax, it asks you about your yearly additions.

I just got my first Roth IRA last nite.

I put my money in

35% 500 Index Funds
25% Mid-Cap
50% small-caps

How would most of you have done it? I need some Ideas for next year.

I wanted to put a lot in small caps b/c I can make the most money from them


Keith

You can also lose the most money on them too!

Not quite sure why this thread showed up as active again. Rockett, like I told you in a private e-mail. One of the best investments a person can do is to buy a Universal Life policy and overfund it. When I say overfund it I mean get some life insurance like a $100,000 (which should be cheap at your age) and then pay in quite a bit more than what the annual cost is for the life insurance. The cash value acrues tax free as well as all the original monies you've put in. There is no limit really at what you can put in to it. I have clients who are earning 8.5%+ on the cash value or if you choose you can have it indexed with the S & P. 500. I was really shocked to learn this five years ago;I had a client bring his policy in a couple of years ago looking for some advice. I was going to tell him to cash it in and put it in to an annuity or mutual fund. After some research in to it I found out the following, if you need it the cash value, it's yours-no penalities, no taxes, nothing-no one can touch it, IRS, creditors, or even ex-wives (unless they decide to off you). You can't lose it like stocks or mutual funds, etc. It's one of the best kept secret around and the insurance lobbyists have been able to keep the government from touching it. You may not think you need life insurance but eventually you will and it is good to have it locked in.