Comments on: What’s the Best IRA For You? http://consumerboomer.com/whats-the-best-ira-for-you/ Blog For the Baby Boomer Generation Thu, 17 May 2012 23:41:06 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: John Lengyelhttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-4634 John Lengyel Sat, 27 Aug 2011 04:58:18 +0000 http://consumerboomer.com/?p=4910#comment-4634 Just to be clear...I will have to pay taxes on any 401k or IRA when I start taking the money out at retirement ? Yes ? (that is if I dont die before then) The big benifit is that my pre tax contributions are compounding so that more of my GROSS pay is working for me now which transalates into more NET pay when I do make retirement and pay the taxes at that time (who knows what the tax rate will be in 20-30 yrs). So the most significant issue of an early withdrawl is the 10% penalty and the loss of that compounding gross pre-tax contribution ?? So if I really need the money now...and I have a fairly sizable inheritance coming in the next 10-15 years...my spouse has a huge 401k and is still contributing the max level with employer match...would it be ok ?? I really only need about 30k of the 75k in the acct right now. Just to be clear…I will have to pay taxes on any 401k or IRA when I start taking the money out at retirement ? Yes ? (that is if I dont die before then) The big benifit is that my pre tax contributions are compounding so that more of my GROSS pay is working for me now which transalates into more NET pay when I do make retirement and pay the taxes at that time (who knows what the tax rate will be in 20-30 yrs). So the most significant issue of an early withdrawl is the 10% penalty and the loss of that compounding gross pre-tax contribution ?? So if I really need the money now…and I have a fairly sizable inheritance coming in the next 10-15 years…my spouse has a huge 401k and is still contributing the max level with employer match…would it be ok ?? I really only need about 30k of the 75k in the acct right now.

]]> By: sep ira maximum contribution studenthttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-2800 sep ira maximum contribution student Sun, 31 Oct 2010 18:44:35 +0000 http://consumerboomer.com/?p=4910#comment-2800 With the SEP IRA maximum contribution levels so generous, seems like it would be a great plan if I want to accumulate savings rapidly. With the SEP IRA maximum contribution levels so generous, seems like it would be a great plan if I want to accumulate savings rapidly.

]]> By: Baby Boomers U. S. (The Blog) » Blog Archive » Baby Boomers Blog Carnival Twenty-eighth Editionhttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-809 Baby Boomers U. S. (The Blog) » Blog Archive » Baby Boomers Blog Carnival Twenty-eighth Edition Wed, 24 Feb 2010 11:19:16 +0000 http://consumerboomer.com/?p=4910#comment-809 [...] Boomer presents Best IRA to Invest Into posted at Consumer Boomer, saying, “When it comes to investing into IRA’s, baby boomers [...] [...] Boomer presents Best IRA to Invest Into posted at Consumer Boomer, saying, “When it comes to investing into IRA’s, baby boomers [...]

]]> By: Delayed Friday Round-Uphttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-798 Delayed Friday Round-Up Sat, 20 Feb 2010 18:23:36 +0000 http://consumerboomer.com/?p=4910#comment-798 [...] Consumer Boomer presents Best IRA for You [...] [...] Consumer Boomer presents Best IRA for You [...]

]]> By: Money Reasonshttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-797 Money Reasons Sat, 20 Feb 2010 17:28:29 +0000 http://consumerboomer.com/?p=4910#comment-797 Great compilation of the various forms of IRAs! I've hear of all of them except "Group IRAs", thank for schooling me a bit ;) Currently, I just have a Roth IRA, although I'm thinking of switching my regular 401(k) to a Roth 401k (since it has similar properties of a Roth IRA)... Great compilation of the various forms of IRAs!

I’ve hear of all of them except “Group IRAs”, thank for schooling me a bit ;)

Currently, I just have a Roth IRA, although I’m thinking of switching my regular 401(k) to a Roth 401k (since it has similar properties of a Roth IRA)…

]]> By: Best Roth IRA Account Rateshttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-790 Best Roth IRA Account Rates Fri, 19 Feb 2010 01:46:03 +0000 http://consumerboomer.com/?p=4910#comment-790 [...] house brokerage firms that allow you to put money into other investments).  So in this case, the best IRA rate you can get on your Roth IRA Account is what the going CD rates [...] [...] house brokerage firms that allow you to put money into other investments).  So in this case, the best IRA rate you can get on your Roth IRA Account is what the going CD rates [...]

]]> By: Patrickhttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-783 Patrick Wed, 17 Feb 2010 15:35:01 +0000 http://consumerboomer.com/?p=4910#comment-783 Forgot to mention that I think the Roth is also a great option for most military members because they have special provisions regarding investing in Roth IRAs in years they deployed (tax free pay from deployment zones can be invested in a Roth IRA, meaning money that was never subjected to income taxes can be withdrawn tax free in retirement - score!). They can also get extensions to contribute to their Roth IRA if they were deployed to a war zone (and an extension to file their taxes or request a refund). .-= Patrick´s last blog ..<a href="http://themilitarywallet.com/" rel="nofollow">Why Military Members Should Open Roth IRAs</a> =-. Forgot to mention that I think the Roth is also a great option for most military members because they have special provisions regarding investing in Roth IRAs in years they deployed (tax free pay from deployment zones can be invested in a Roth IRA, meaning money that was never subjected to income taxes can be withdrawn tax free in retirement – score!). They can also get extensions to contribute to their Roth IRA if they were deployed to a war zone (and an extension to file their taxes or request a refund).
.-= Patrick´s last blog ..Why Military Members Should Open Roth IRAs =-.

]]> By: Patrickhttp://consumerboomer.com/whats-the-best-ira-for-you/comment-page-1/#comment-782 Patrick Wed, 17 Feb 2010 15:14:04 +0000 http://consumerboomer.com/?p=4910#comment-782 Great overview! I'm a big believer for Roth IRAs for most people if they are eligible. The tax benefits are great, especially for younger people who may be in a lower income tax bracket now than they will be as their earning power increases. .-= Patrick´s last blog ..<a href="http://cashmoneylife.com/roth-ira-withdrawal-rules/" rel="nofollow">Roth IRA Withdrawal Rules</a> =-. Great overview! I’m a big believer for Roth IRAs for most people if they are eligible. The tax benefits are great, especially for younger people who may be in a lower income tax bracket now than they will be as their earning power increases.
.-= Patrick´s last blog ..Roth IRA Withdrawal Rules =-.

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