Is it possible to have a conversation on the Roth vs Trad IRA question? I am long retired and worked before Roth IRAs were a thing and am a bit surprised by the love of the Roth over the traditional IRA here. It seems to me to be a math problem. Higher tax rates while working means use the deduction and lower tax rates in retirement means take advantage of the lower tax burden. Yes there are RMDs but that is why you…

Should I move my Roth IRA from Vanguard to Webull? I (25F) have about 8k in a Roth IRA at Vanguard. I don’t really like their app or website as they are not very user friendly, but otherwise my experience with them is fine. I have 1k in stocks on Webull and they have a promotion for transferring IRAs to them (3.5% bonus). Is this is good idea or should I stick to Vanguard? submitted by /…

Converting to Roth IRA while Unemployed I am currently in graduate school making no income, and have roughly $80k in a traditional IRA and am considering using the time now convert the amount into a Roth IRA since my income may never be this low again for decades. How do I determine how much of it I should convert? I am currently living in a high tax locality (NYC) and am considering…

Converting Voya 401K to Schwab IRA or Roth IRA: Good or Bad Idea? I recently left my old FTE company. Now, I’m a 1099 (independent contractor) for another company. I’ve been thinking about closing/rolling over the Voya 401k account to Schwab, as that is where I also have my personal brokerage. Are there any downsides to doing this? First time being a contractor and in terms of salary, I do make enough now whe…

Roth IRA vs opening 401K Okay so I current have a Roth IRA I currently fund myself. I have a non traditional care of full time nanny. I have salary and some benefits like PTO but I don’t have a 401k yet. The family just asked me if I would like them to open and contribute to a 401k or just help contribute to my current Roth IRA. Is there an advantage to opening a 401k? …

Roth IRA to Traditional IRA back to Roth IRA This was my first year investing in an IRA and I maxed out my Roth IRA. I just learned because of a bonus from work that I am earning over $240k between my wife and I and we not allowed to contribute to a Roth IRA for 2024. I am under the impression that I can recharacterize my Roth contributions including my gains into a non deductible traditi…

Opening a IRA account from overseas Currently living in Thailand and I need to open a Traditional or Roth IRA to rollover my dad’s assets from his TSP account. It’s my inheritance essentially, and if I get the lump sum then I have to pay a lot in taxes, and since I’m a teenager. I don’t have any income or real job, so I’d really rather pay as little taxes as possible. I was just w…

Any limit on how much you can withdraw from traditional IRA? Tax implications? Age 62 I resigned my workplace and rolled over my 401k into what I believe is called a traditional IRA. (Sorry, I don’t know all the terminology). I am age 62. I would like to make a one-time withdrawal of about $300,000. Is this allowed? Does the IRS limit how many dollars you can withdraw at a time or in a calendar year? Also, do I need to check the …

Should I invest in a Roth IRA? (Details below) I am 24 years old and make $75,000. I currently contribute to my company’s 401k plan with every paycheck, but my employer doesn’t match at all which kind of sucks. I am in no student debt and drive a fully paid off car, so I don’t have many expenses outside of rent, food, and fun stuff. I have about $31k in a HYSA that receives around 4.5% inter…

Accidentally co-mingled traditional ira funds with roth ira. In 2023 I accidentally rolled 1k dollars from my traditional IRA to my Roth IRA that now has 14k in it. What penalty can I pay now so that it isnt larger down the road as I continue to contribute to my Roth IRA. submitted by /u/tnolan182

Rolling 401k to Schwab IRA and have some questions. Hello fine folks at PF. You have been so helpful with my past questions and I learned a lot so I’m hoping for similar results. Here’s my previous post for my info: https://www.reddit.com/r/personalfinance/s/x9oULn8Ufz My next question: I will be rolling my 401k to Schwab IRA since I already bank with them. I plan to do the 72t SEPP and do monthl…

30y.o with No IRA or retirement fund I’ll be receiving bonus of 25k. Any advice on what to do with it? I just got permanent job and just got settled with finances. submitted by /u/Defiant-Candidate-70

Should I Stop Robo Investing for my Roth IRA? I’ve had my Roth IRA setup for a few years now with the Robo Investing option from Schwab. Is this a smart way to grow my money? I feel like I should just be putting all of the money into one or two specific index funds instead of all of the seemingly random funds and options that they are currently investing in. I’m honestly not sure, i’m new t…

I just started Fidelity Roth IRA what should I invest in? I am 23 rn and I am looking to invest long term. I would probably take it out when I am 60. Anyway, the most popular option I see are FXAIX or FSKAX. Should I be doing 50/50 in each?? Or you guys got another index funds to invest in? submitted by /u/Future_Inspector_692

Should I consider SEP IRA? For this year, I will have W2 income and about 20k from a 1099 (contractor). One of my W2 jobs is put into a 403(a) with 7% matching. I plan to also contribute the max to my Roth IRA. From what I understand, I may be able to contribute $4k to a SEP IRA. However, I have several concerns. I don’t really have expenses from this self-employment. A…

Roth IRA – over limit So I think I’m over the salary limit this year for a Roth IRA. I have had Auto deposit of $200 per month in Fidelity. What should I do at this point? What are the ramifications if you’re over the limit and depositing in Roth? submitted by /u/dyl8888

Seperate Roth IRA vs company one I am 25 years old and make around 70k a year . My company matches 1/3 of 6% into my 403b. I’m contributing 15% into my Roth account with them right now. Current retirement savings is around $26,000, and that includes the $5,000 that fidelities fund has returned me in the last year. I was talking to a very financially savvy friend who told me tha…

Should I rollover old 401ks into IRA? Have two existing 401ks, starting a new job with a long delay on matching so not sure when I will open the third 401k. But basically my question is now that I have two 401ks I’m not contributing to, should I roll them into a traditonal IRA that I control easier? I already have a roth IRA, not sure if that has any impact. Or is it better to keep …

Backdoor Roth IRA. What to do with traditional IRA money Hello everyone, Thank you for your help. I currently have around 20k in my roth ira and 13k in my traditional ira. The reason why i contributed to my traditional ira was I didnt realize that roth ira contributions would be more beneficial for me in the long run. Now, because my income is too high I would like to perform a backdoor roth ira as my…

Retroactive traditional to roth IRA conversion I had a few recent years with very low income, and I realized I missed an opportunity to convert some traditional IRA funds to roth. Is there any way to still do the conversion retroactively, and refile my income tax returns? Quick timeline: 2021: Normal salary 2022: ~$0 income 2023: ~$0 income 2024: Normal salary So 22 and 23 were great oppor…