VIDEO ON MSN MONEY
too soon...its more that we should be afraid of the future actually arriving, then find we
did not adequately prepare.
"Pay yourself first" should always be the rule, not an exception or option.
I would suggest you take a look at some of Vanguard's ROTH IRA TARGET DATE FUNDS because there is no load fee and the expense ratio is ONLY 0.18%.
If you are paying 1.3% in fees - you are getting ripped off big time - and that means that over time, it can literally be tens of thousands of dollars in losses going to high "fees" (annual expense ratios and also the often hidden additional 12b1 fees). 1.3% is a joke!
Didn't bother going through the slide show...We have different accounts mentioned.
But from the legitimate comments,,(non-conspiracy or Obama rants)
I see no mention of Conversions out of IRAs to ROTH IRAs....
This is also easily done and "without tax consequences" depending on age and income at time of doing it...Plus amounts converted..?
Many different rules apply from IRS, so check with brokerage house and your tax person..
You can open IRAs or ROTHs or Rollovers through several discount houses and "self direct" the investments yourself, quite simply with a little advice; Which they provide for free normally, as long as you direct the trades at minimal cost of about $8-12 per..
There may be a minimum deposit of $500-2500...?? But usually not any yearly fees.
To add to; Some of the "conversions" were done after retiring and before drawing Social Security.
But have converted more on a yearly basis since, staying under certain "income threshold."
Not everyone can do this...We were in an unique position.
We retired early, and I bought out all pensions....Rolled 401s.
Otherwise you have to wait until 59 1/2 to draw off most IRAs without penalty.
Eric the ron... The word "depending" was right in the same sentence..
Income at time of conversion....
And amounts converted...From the IRA to a ROTH..
Thanks for pointing out for "clarification.."
But I also mentioned "different rules apply from IRS".."Check with FA/BH and/or Tax(cpa) person."
Many withdrawls from IRAs may or may not be taxed...? (depends on circumstance)
If you don't "meet certain income thresholds," and they are using a "Standard Deductions."
There are age restrictions on withdrawls also, without taxes or penalties.
EVERYONE may be different, and THEY need to get PROFFESSIONAL ADVICE...
We did "several conversions" and did not have to pay any tax"....And some we paid $100-300.
The hole roth conversion hyp a few years ago, where our benevolent government allowed you to convert a traditional ira with favorable tax treatment was nothing more than a money grubbing scam by the DC-wall-street oligarchy. The wallstreeters clean up with fees they charge for the conversion and the DC slime gets a bunch of tax revenue.
Best to go with a traditional IRA that keeps government hands out of your pocket until absolutely necessary when you begin withdrawing as opposed to hading uncle sam a pile of your hard earned dollars to day, cross your fingures and hope they don't decide to take more later.....the fundemental question to ask yourself is: is the US government a trustworthy institution to partner with.........better think long and hard about it.
redistribute that money as they see fit.
I started a roth IRA, of course the company I took it out with charged me 5%. I had stocks.
If I didn't make any money State farm still got their 5%.
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