Starting Roth IRA at age 38 I recently have become aware of the power of investing. Espically into a matching 401k, Roth IRA & HYSA account. In recent weeks I have been exploring more knowledge on the subject. I have a little saved up around $50k in an employer matching 401k that I will continue to contribute to. But looking to start maxing out a Roth IRA. I’m lean toward…

Quick question about Roth vs Traditional IRA I was reading through some posts and saw this one: A Roth is generally advisable because after a decade or so, the internal earnings of a Roth are higher than your contributions. And much higher after three decades. All those internal earnings will be tax free. I would not piddle with debate whether the rate of contributions is higher or lower …

Father passed away. His IRA didn’t have my mom as a named beneficiary. The bank is refusing to transfer the IRA to her. What are they trying to pull? The bank has accepted the will and letters testamentary from the court granting mom executor powers. They transfered most accounts to her except this one, which contains most of my father’s assets. The value is about $500k. The vp of the bank is talking to my mom and trying to tell her that she can’t touch the account because she wasn’t listed a…

Don’t Make These Mistakes With Your Roth IRA The Roth IRA is a powerful retirement savings tool. For young people especially, it’s the best way to take full advantage of compound interest while minimizing your tax exposure. The money you contribute grows tax-free, and most people can withdraw funds in retirement tax-free, too. However, make some wrong moves… Read more…

Rolling over 401 to Roth IRA Suggestions on what to do – from what I’ve seen, Roth IRAs are a longterm better investment than 401ks, so I’m considering rolling over part of my 401k into a Roth IRA 401K is Principal, isn’t doing too well. Balance – $11,000 Contribution – 10% split between me and employer Age 26 Income – $55kish + babysitting I live in a HCOL area, have stude…

New York Life employment IRA On mobile so sorry for formatting. My wife recently became applicable to receive her company 401k. They use New York Life and it has been giving me sketchy vibes. They won’t let her choose any type of plan (no target date or anything) and had her take a questionnaire and need another phone call before signing her up. They also want a bunch of in…

My Roth IRA has had negative growth in 3 years; what should I do differently? In January 2021 I opened a Roth IRA with Schwab. I know very little about investing, so I have just been contributing to a target date fund (SWYNX). I contribute a consistent $500 a month, and since opening the account, I have invested $21,000. Despite that, the current value of my account is just $20,807, representing a net loss over the last …

What is the benefit of doing a backdoor conversion of my traditional IRA into a roth IRA? I have an existing roth ira that I cannot contribute to anymore I became ineligible to contribute to a roth IRA this year so had to open a traditional ira. Is it worth doing a backdoor conversion to a roth ira? Of note, my company offers a 401k that i max out, as such I believe i have to make non-deductible contributions to my traditional ira? submitted by /u/essentialclt

How difficult are taxes with a rollover IRA and trying to do a backdoor roth IRA? I have 3+ 401ks from various old jobs and have been deciding what to do with them, after talking with some advisors, we came down to the options of either: A. Move all the old ones into my current jobs 401k B. Move all the old ones into a rollover IRA ​ I was leaning towards moving it all into a rollover IRA, however, my advisor mentioned that t…

Did I screw up my Rollover IRA? Hi – Hoping to get some advice on a mistake I may have made. Years ago, I rolled over a low-six-figures 401(k) into a Traditional IRA. Ever since, I’ve been contributing the maximum annual IRA contributions to that Traditional IRA, even though the contributions were not qualified for a tax deduction (i.e. my spouse and I made too much to deduct…

24% tax bracket, should I convert my traditional IRA ($24k) into a new Roth IRA? I’m 22 y/o in the 24% tax bracket (~$120k). A few years back, my dad set up a traditional IRA for me and I contributed to it the past couple years and it’s now at about $24k in total. From what I’ve read, a lot of people recommend doing a Roth IRA for my tax bracket, but I’m not sure what to do with the traditional IRA. I anticipate my tax brack…

Max out 401k or start Roth IRA? Hello, I’m 31 y/o and contribute 5% to my employer Roth 401k (they match up to 5%). My annual income is usually between $85k-$95k. I have a savings account with about $40k in discover (current APY is 4.3%). My monthly rent is $1500. I owe about $15k on student loans (interests are 3%-4%). No other debt. Other monthly expenses are groceries, shop…

Backdoor Roth and IRA rollover account question I’m anticipating hitting the income limit on Roth IRA next year so I’m planning to do a backdoor roth instead. This year, I’ve been doing megabackdoor roths and I’m usually good about requesting the transfer immediately after each paycheck, but a little bit of pretax has trickled into an IRA rollover account. Now for backdoor conversion purposes…

Roth IRA worth it w/ so many other retirement options? I’m 26 and I’m working for my state’s public school system. I don’t get paid a lot, but the retirement benefits are great. I get a pension (1.5x * average of the highest earning consecutive 5 years * years of service), a 2% match healthcare fund, and a 401k/457 with a 50% match up to 2% (my contributions go to the 457 and the employer’s to the 4…

Confused about 401k, IRA Edit: I probably need a financial advisor. I’ve screwed things up for myself by trying to DIY for far too long. What are some qualities I would look for in a reputable financial advisor? Hello, I have 3 x 401k(s) from various companies I’ve worked for in the past. I also have a Roth IRA account. None of these vehicles are performing negatively. …

Is a Roth IRA worth it? I am 19, and I make 50,000 annually. I want to start a retirement fund because I currently don’t have any retirement benefits at my job. I was thinking about starting at Roth IRA but I have no clue really on what to do and what the benefits are. I just want to be able to have a good amount of money by the time I retire. I need some recommendatio…

Forgot to convert Ira to Roth I forgot about back door Roth in 2022. When I was doing my taxes earlier this year in 2023, I realized I still had time to put money into my Ira and then convert to Roth for the year 2022. So I ended up putting money for both 2022 and 2023 into the Ira in March 2023. The problem is that now it is almost October and I just realized I forgot to co…

What to do with my Roth IRA So long story short, I make too much to contribute to the Roth IRA without penalty. Do I just let it sit (has 15k in it)? Can I move it to something else that would allow contributions Thoughts? Context: My individual income for 2022 was around 234k and will be even higher for 2023, plus my wife started working (Nurse). submitted by /u/jf…

Rollover to Roth 401(k) or Roth IRA This situation is really bugging me.. I had a Roth 403(b) with a previously employer that I didn’t touch when I left ~6 years ago. I would like to finally roll it over. I currently have a Roth 401(k) with Vanguard through my current company. Initial plan was to open a Roth IRA with Vanguard and roll the Roth 403(b) funds and employer contributio…

Roth IRA – opening my Roth IRA and looking at options. Does it matter who I open with? Are there benefits to opening with one over the other? There are various firms like Fidelity, Vanguard, TD Ameritrade etc. Is there any benefit for choosing one over the other? Edit: Also, I know there are ETFs offered by each institution, but if I wanted to add a certain ETF from a different source. Would I be charged a fee? submitted by /u/b_dm_tss