Roth IRA, Traditional IRA, 401K » contributing http://www.iraroth.net IRA Questions and Answers Thu, 19 Aug 2010 04:42:03 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Can I xfer money from 401k with present employer to a IRA while still contributing to 401k? http://www.iraroth.net/2010/07/can-i-xfer-money-from-401k-with-present-employer-to-a-ira-while-still-contributing-to-401k/ http://www.iraroth.net/2010/07/can-i-xfer-money-from-401k-with-present-employer-to-a-ira-while-still-contributing-to-401k/#comments Fri, 30 Jul 2010 23:36:21 +0000 admin http://www.iraroth.net/2010/07/can-i-xfer-money-from-401k-with-present-employer-to-a-ira-while-still-contributing-to-401k/ I am currently contributing to my 401k plan at my present job. I don’t like the choices they give me and the brokerage plan charges $18 per trade and $100 a year maintenance fee. Can I continue to fund the 401k plan and transfer the moneys to a Roth IRA or similar plan at another brokerage?

]]> http://www.iraroth.net/2010/07/can-i-xfer-money-from-401k-with-present-employer-to-a-ira-while-still-contributing-to-401k/feed/ 2 Why is there an upper income limit for contributing to a Roth IRA? http://www.iraroth.net/2009/12/why-is-there-an-upper-income-limit-for-contributing-to-a-roth-ira/ http://www.iraroth.net/2009/12/why-is-there-an-upper-income-limit-for-contributing-to-a-roth-ira/#comments Fri, 01 Jan 2010 00:26:56 +0000 admin http://www.iraroth.net/2009/12/why-is-there-an-upper-income-limit-for-contributing-to-a-roth-ira/ People over a certain income are not allowed to make any contributions to a Roth IRA. Why? Wouldn’t people with high income rather pay the taxes later anyway (as they would do with a traditional IRA)? In other words, doesn’t this rule just prohibit people from doing something they’d already rather not do?
Mrs. F: in addition to the upper income limit, there’s also a yearly contribution limit ($4000 this year). But Roth IRAs are still very, very, worth it! You can always put more money in next year, and the year after that, etc. Contribute the maximum, or as much as you can, every year; you’ll be glad later.

]]> http://www.iraroth.net/2009/12/why-is-there-an-upper-income-limit-for-contributing-to-a-roth-ira/feed/ 3 What is benefit of contributing to Roth IRA? http://www.iraroth.net/2009/12/what-is-benefit-of-contributing-to-roth-ira/ http://www.iraroth.net/2009/12/what-is-benefit-of-contributing-to-roth-ira/#comments Sat, 26 Dec 2009 18:02:25 +0000 admin http://www.iraroth.net/2009/12/what-is-benefit-of-contributing-to-roth-ira/ What are the benefits of contributing to a Roth IRA if it is not tax deductible? I am 68 and participate in SEP at work so what if I just put $5,000 into any kind of investment account and forget about the rules and regulations of an IRA since I’ll be retiring in the next 5-6 years?

]]> http://www.iraroth.net/2009/12/what-is-benefit-of-contributing-to-roth-ira/feed/ 3 Should I quit contributing to 401k and put the extra money I’ll get paid to pay off debt? http://www.iraroth.net/2009/12/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/ http://www.iraroth.net/2009/12/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comments Fri, 04 Dec 2009 03:19:31 +0000 admin http://www.iraroth.net/2009/12/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/ I owe 37k on a home equity line of credit, and another 22k on a car loan. The interest rates on those loans arent that bad (7% and 8%) but I am paying a lot in interest every month. I have been putting the max (15%) of my paycheck into 401k. Does it make sense to reduce my 401k contribution to 1% (so I get the company match) so I can pay off loans faster?

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