in most situations I have found that if you want to rollover funds from say a 401K to a Roth IRA, you must first rollover into a traditional or rollover IRA then convert that into a Roth… Of course you may incur fees and other costs to do so.
My question is, could you get around those fees by (using TDAmeritrade’s $500 minimum as an example) Opening a Roth with $500 and then rolling over additional funds from an existing 401K into the Roth? Or would you still have to rollover into a traditional IRA?
The government claimed that Social Security would come to us “as a right” and that “it would never be taxed” and that 1% would be “the most we would ever pay.” Since the government was wrong about all of those things regarding Social Security, why would anyone trust what the government says about Roth IRAs twenty to forty years from now?
Does anyone really believe that they won’t be taxing Roth IRAs before long? Our government, Democrat or Republican, is facing $170 trillion in unfunded liabilities this century. There is no way they can afford allowing people to receive tax-free payments. Why would anyone believe that this would be the case, in a country where everything is always taxed and laws are always changed?
After all, even the Constitution is ignored. McCain-Feingold restricts speech, Kelo restricts property rights, HCR violates Equal Protection clause, etc. Who in their right mind thinks something as small as a Roth IRA will survive?
Even the beloved little HSA will be scrapped under the House and Senate versions of Health Care Reform. How many people donated to those thinking they’d be around forever and they didn’t even last a few years!?
Before you dems get too riled up, consider: FDR confiscated gold during the depression. He paid people with US dollars, which he promptly devalued:
http://www.fgmr.com/confiscation.htm
Facing a worsening liquidity crisis, do you worry that Obama would confiscate our retirement accounts, giving us a devalued promissory note in return?
I don’t completely understand exactly how they work at all, to be honest. But my math teacher recently showed us that contributing a couple thousand dollars a year every year for about 10 years at least 40 years before retiring could end up giving you over a million dollars upon retirement. Now, I see it’s not quite so simple. I have several questions….
1) Do taxes play any part in Roth IRAs? Or is it just you deposit, watch it grow by the rate, and then withdraw the exact amount?
2) Can a minor make an account? According to this – http://www.kiplinger.com/columns/drt/archive/2008/dt080130.html, it appears it is possible. However, it also seems that you need an income to put money into it. Would buying/selling misc. things (some virtual goods, others real goods) over the internet qualify as an income that I could cite if putting money into a Roth IRA?
3) How often is the interest compounded? Or does it vary?
4) What’s the rate? Or does it vary?
5) Are you guaranteed anything, or is it possible your money will all disappear?
how do i start a roth ira account? what is the minimum investment? or what is another ira that is worthy of investing into, if i do not meet the deposit amount requirement of a roth ira? i would like to start investing in a retirement account, but i don’t where which one is the best one?
$5000 x 2 = $10,000 per year
assume they generate 12% interest
Is there a downside to owning many IRA’s? Can I have a mixture of Roth and standard IRA’s? Is it permissible to have, say, 2 standard IRA’s and 3 Roth IRA’s each in different investments?
Then people could use their own money to make ends meet, cover expenses after unemployment runs out or transfer funds from losing mutual funds to pay down high interest credit cards and 2nd mortgages.
They always talk about our money… we’ll it’s mine and I need it NOW!!!
Yes, I know this would be like a run on the bank, but they don’t deserve to be trusted with our savings any more !!!!!!!!!!!!!!!!
I have two different IRA accounts with over 5K in each one. Is it possible for me to withdraw $5K from each account or should I consolidate them first then withdraw $10K ?
What is the interest rate for a Roth IRA? I realize who can contribute and what the limit is, but how do you make money with one? Does the bank that you go through help you invest, or are you completely on your own?
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