roth IRAS
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- taragee
tell me wha i need ot know :P
- Mimio0
Contribute 20k by the time you're 35 and don't touch it till you're 65.
- Kirshar0
Much like a traditional IRA except for the fact that the money gets taxed when it goes in the fund, instead of when you pull it out when your like 65.....
- taragee0
whats teh minimum t o openone?
- GeorgiePorgie0
dont do it
- jevad0
Invest
Mutual Funds
- taragee0
i dont kno nothing about hedgefunds ;(!
- Kirshar0
Minimum varies with who you go with I think.........
- tkmeister0
depends on the broker, usually around 2k min to open, you can make max of 4k a year contribution. in 2005.
i have an ameritrade account.
it's a good way to put some money away for your retirement. mutual fund is okay, i'm mainly investing it in S&P 500, low cost and pretty good return.
- GeorgiePorgie0
you might be dead by then, fuggettaboddit
- tkmeister0
or you might live till 100 and have no money to play...
it's good to have something, i am not counting on social security checks.
- mrdobolina0
plus, if you kick the bucket, someone in your family is going to think you were very cool when they blow your savings in Vegas.
- steam90
Index funds!
Try the vanguard index 500 or wellington funds. IRA's also get deducted from your declared income, so as a freelancer, it's very beneficial.
If you don't feel like putting away for IRA, then at least put all your bills in a high-yield savings account like ING (2.6%) or Metlife (2.5%). you can find ones that go up to 3%.
Nothing like making cash while your $ is just sitting there.
- taragee0
so wait - i can put lke 3k in for last year? (2004)
- Mimio0
yeah
- GreedoLives0
yes, you can contribute for last year till april 15th.
- GreedoLives0
Roth IRAs are really better for your children cause they'll inherit a nice tax-free chunk of change when you die.
Traditional IRAs are better for your taxes now, cause your contributions get deducted from your income for the tax year. But you'll have to pay taxes on the distributions from them when you retire and start drawing from it.
- taragee0
fuck my ingrateful kids :p
- tymeframe0
I just started a roth IRA. Don't know much about it though. I was told the max I can put in is 3G/year.
- steam90
i think you can also contribute for the years you forgot to.
so, if you didn't contribute in 2001, you can add $2K for 2001.
i believe the max is $3K this year, and it's going up to $4K next year, and then $5K for 2008.
also might be worth it to look into international funds, as the euro and asian markets should perform well for the future.
- arthur0
As a freelancer, I have a SEP IRA (in addition to mutual funds and an old Roth from years ago).
The SEP is great because the maximum you can contribute is based on your earnings - earn a lot, contribute a lot. It also takes a huge chunk out of my taxes.