I have 5K that I dont necessarily need at this time. Im 36, single, rent - dont need tax deductions for contributions right now. On someone's advice I am about to put it into a Roth IRA. I'm just beginning to learn and understand this so just looking for any thought or opinions...
Thanks
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I have 5K that I dont necessarily need at this time. Im 36, single, rent - dont need tax deductions for contributions right now. On someone's advice I am about to put it into a Roth IRA. I'm just beginning to learn and understand this so just looking for any thought or opinions...
I think it's a great idea. Since we don't know what tax rates will be in the future so being able to grow money tax deferred and then take it tax free at retirement is a smart move.
I think it's a great idea. Since we don't know what tax rates will be in the future so being able to grow money tax deferred and then take it tax free at retirement is a smart move.
Of course it's good. The other neat thing about a Roth is that, if you fall on hard times, you can always withdraw up to your contribution(s) amount at any time tax-free and without penalty. So if you contribute 5K and 10 years from now you have 15K, you can withdraw the 5K tax-free and without penalty.
My wife and I have contributed max to Roths for the last 3 years -- sadly, they are still a bit underwater at the moment.
Of course it's good. The other neat thing about a Roth is that, if you fall on hard times, you can always withdraw up to your contribution(s) amount at any time tax-free and without penalty. So if you contribute 5K and 10 years from now you have 15K, you can withdraw the 5K tax-free and without penalty.
My wife and I have contributed max to Roths for the last 3 years -- sadly, they are still a bit underwater at the moment.
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