ROTH vs Traditional IRA for 21 year old Hi friends, I just graduated college and landed in an IT role starting at $83k a year. My company doesn’t offer a 401k, so I’m looking into my options of IRAs. I definitely expect my income to grow until retirement, a coworker in a similar role reached around $150k and he’s near retirement. I’ve heard many different opinions about each one from …

Roth IRA as a 20 year old Im 20 years old and recently started investing in my roth. I currently have almost all VTI and recently bought a small portion of VIG. These are my only two holdings as of now and just plan to plow money into them long term. Is this a good plan for 20? Or are there better alternatives/recommendations. Open to learn submitted by /u/Wide_Pi…

Roth IRA contribution withrawal Question on roth contribution withrawal, maybe i just confused how it works So I contribitrd total 12k over 2 years in roth ira. Made one bad investment and had to sell that for $500 loss. Currently my account is at 12150. Can i still withraw 12k if i need to or i have to take into account loss and can withraw only 11.5k ? submitted by /u…

Looking to open a Roth IRA. Where should I open one and what investment options should I consider? Hello all. I’m 19 looking to contribute $350-$500 per month into a Roth IRA. I decided on that versus a 401k because I pay low taxes as a working college student and I believe I’ll be in a higher tax bracket in the future. I’m looking for an institution that offers a Roth. I’m not sure if it makes a difference where I open an account and what fe…

Am I misunderstanding 401k vs IRA or is my employer? Hey /r/personalfinance, I started a new job in January which does not let new hires contribute to the 401k plan until 6 months in. Since I am now eligible I am attempting to get enrolled within the plan. I submitted my paperwork earlier today where I checked the box stating I wanted to make my contributions as Roth (post-tax) contributions. The…

Funding wifes Roth IRA I have my own Roth IRA i am maxing out. I dont have a 401k available through work. I was looking at setting up a Roth IRA for my wife. She is not working and i file married jointly. Would i be able to contribute to her Roth IRA with my earnings. It looks as though i can, i just wanted to confirm from people with two tax advantaged accounts. I wa…

Backdoor Roth IRA: Recharacterize vs Conversion When I was doing my taxes for 2022, I went over the Roth limits for the first time, so I had to do a form to recharacterize my contributions as a traditional IRA. So now for 2023, I understand that I should be contributing to the Traditional account and then… do I use the “Recharacterization form” or “Roth Conversion” from my bank? (Chase if …

Looking into a Roth IRA, is it right for me? Currently have about 25k in savings, saving for a house but the prices of course keep going up. I also have started going back to school. If I was to put around 22k of this into a Roth IRA, it seemingly would not only be a good place to keep it invested, but also would lower my assets for FAFSA reporting. Then if needed in an emergency, I can st…

I’m considering opening a ROTH IRA, but won’t my income be $0 when I withdraw from it since I’ll be retired? I’ve been contributing to traditional 401k’s in my past 8 years working. I just started a new job with a significant pay raise (going from $63k to $100k LCOL) and I’m considering opening a ROTH IRA and maxing contributions and only contributing 4% to my 401k. No 401k employer match, they contribute 8% to a pension fund. I understand the differe…

Roth IRA excess removal I found that I made excess contribution to my roth ira in 2022. I should have only contributed $2400( AGI ~$210k) but did $1250 excess to roth ira. I haven’t invested that amount yet but I have accrued interest on it in the account. Tax filed: April 15 2022 before deadline Will I have to refile my taxes for that interest (