Question by what?: I am a college student, can I open roth IRA and start contributing?
I am a dependent in my twenties, studing in a community college. I am employed as a tutor in my CC. Can I start saving for my retirement? does ROTH IRA work for me? or is there a better option?
P.S. I can contribute $ 400 each month. Is that too little to qualify for a roth IRA?
P.S. also, will participate in a roth IRA affect my status to receive financial aid from government?
Best answer:
Answer by shiprepairwoman
You can contribute up to your earned income capped at 5K,
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Question by Why?: Where is the best place to open a ROTH IRA?
I’m 26.. I have $ 19000 in savings, $ 5000 in 401K and no credit card debt. I have a car loan $ 15000 which I intend to keep open just to keep a good credit history.
My problem is, I’m not really good with investing and I know very little with the investing lingo. Is Roth IRA the right way to go? If so, which brokerage company should I open it with? Also, any other tips regarding retirement planning.
Best answer:
Answer by The Son of Rage and Love
As long as you understand that you cannot take out the money until age 59-1/2 without huge penalties then a Roth is a good choice. My favorite mutual fund company is American Century Investors. They have a wide variety of funds and great customer service. Vanguard is good as well, but their customer service isn’t that great (that is what you give up to get their lower fees).
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Question by Pure_Alpha: Can I have a Roth IRA and open a SEP-IRA for my business?
I own my own business (its a C Corp) and I have a Roth IRA from a previous job. I would like to open a SEP-IRA for my business (no other employees yet). I want to put my paycheck in the SEP. (Ithink I can deposit $ 45K/yr tax free into a SEP.) Can I have two retirement accounts?
Best answer:
Answer by digdowndeepnseattle
Yes you can have a Roth and a SEP. Because you’re a C-Corp and not considered self-employed you can’t put 45k in the SEP (2007 number, it’s 44 in 2006) unless you make(made) over 180k. SEP contributions are limited to 25% of your income. And, if you made that much then you can’t contribute to the ROTH as you exceed the income limitation for that.
If you anticipate making less than 180k in w-2 wages then you should consider a solo-401k. To maximize your contribution in that plan you only need to make 118,000.
And, if you do make over the 180k and are over age 50 then you should STILL consider a 401k as you can get 50k into one of those.
Also, if you anticipate having employees then definately a 401k….you don’t have to put nearly as much in for them in that vehicle.
Lastly, it’s not tax free…it’s tax deferred.
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Question by Scott: Is it safe to open a roth IRA with Vanguard online?
I would like to open a roth IRA with Vanguard and I don’t believe that they have any offices in Pittsburgh, PA. I noticed on their web-stie that you can do it easily online but it requires a lot of sensitive information such as account and routing numbers to get money (I am planning on doing max $ 5000) transferred/invested. Can someone assure me that this is normal and safe and that I can set it up online.
Much appreciated!
Best answer:
Answer by Joe
In general it is safe to do this online. You might possibly have a problem if you have a key-logging virus on your computer. If you don’t want to do it online, you can download forms from their website, and mail them in.
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I’m 26.. I have $19000 in savings, $5000 in 401K and no credit card debt. I have a car loan $15000 which I intend to keep open just to keep a good credit history.
My problem is, I’m not really good with investing and I know very little with the investing lingo. Is Roth IRA the right way to go? If so, which brokerage company should I open it with? Also, any other tips regarding retirement planning.
I’ve just graduated college and started my first full-time job a couple months ago. Lately I’ve been reading articles about Roth IRA’s and how young people should consider them because they can save a huge amount of money by the time they retire with the smallest amount of input (since they’re getting started earlier). I know I’m still young, but I want to set myself up for a comfortable future. I’m making $35k/year salary, but my company does not have a 401K plan (as of yet).
I would like to try putting away $250 a month in order to create a nest egg for when I retire (and maybe allow myself to retire a little earlier?). Is a Roth IRA the way to go, or is there something better I could do with my money to allow it to increase over the years? I don’t know much about this stuff and don’t even know where to start. I do know that IRAs have something to do with investments, which is risky and scares me a little…
I have a SEP IRA , but also planning to open a second: Traditional. Will the 4k limit on the Tradtional IRA effect the SEP?
I currently have a deductible IRA.
I own my own business (its a C Corp) and I have a Roth IRA from a previous job. I would like to open a SEP-IRA for my business (no other employees yet). I want to put my paycheck in the SEP. (Ithink I can deposit $45K/yr tax free into a SEP.) Can I have two retirement accounts?
I would like to open a roth IRA with Vanguard and I don’t believe that they have any offices in Pittsburgh, PA. I noticed on their web-stie that you can do it easily online but it requires a lot of sensitive information such as account and routing numbers to get money (I am planning on doing max $5000) transferred/invested. Can someone assure me that this is normal and safe and that I can set it up online.
Much appreciated!
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