Jan 29

5 comments so far...

  • missoctober003 Said on January 29th, 2010 at 9:44 pm:

    they definitely don’t double every year. It is a retirement plan that has taxes taken out, that way when you retire whatever money it has earned is yours, tax free because the taxes are taken out in the beginning. Something like that, I’m not too familiar with IRAs..they are a confusing subject!

  • Stacia Z Said on January 29th, 2010 at 10:18 pm:

    No, they don’t guarantee to double your money every year.

    A Roth IRA is a tax advantaged retirement investment account. You contribute your after-tax dollars to the account and invest the money. You can choose to invest in stocks, mutual funds, bonds, cds, etc. Good investments will increase in value over time. When you retire, you can withdraw the money from the account tax free (because you already paid taxes on your contributions.)

    There are limits to how much money you can invest in an IRA. If you meet certain income requirements, you can contribute up to $4,000 in 2007 and that increases to $5,000 for 2008. If you exceed the income requirements, you can contribute less than that, or possibly none at all. But if you don’t qualify for a Roth IRA, you can contribute to a Traditional IRA instead.

    For more information, check out the link below.

  • newjerseyguy Said on January 29th, 2010 at 11:04 pm:

    Certainly not. Where did you get that idea? See http://www.ira.com.

  • jtwilley56 Said on January 29th, 2010 at 11:27 pm:

    I my case, I have invested the maximum amount the government allows each year starting in Dec of 1999. Its invested in a mutual fund. I dollar cost average and even though it has not paid a dividend since Dec 1999, I have made money since a lot of shares were purchased at about 23 dollars per share and are now worth twice that. My shares our currently worth just under 30 thousand. Not nearly enough to retire on. Take my advice, start planning for your retirement while your still young.

  • mister ed Said on January 29th, 2010 at 11:40 pm:

    no they do not double but it is a way to earn unearned nontaxable income!!!

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