Free advice 😃

metaladdict · Nov 20, 2020

Get yourself a Roth IRA! Specially if your young because of inflation you have to save your money!
Put as much money you can per paycheck into it.
(It's tax free).
When you retire at 65 years old you can take your money out and the thing is it will be way more money than you put in.

I'm 53 and just starting to add to mine, yes I waited too long. But my dad started it and it's a decent amount never the less.

Stiffwrists · Nov 20, 2020

metaladdict said:
Get yourself a Roth IRA! Specially if your young because of inflation you have to save your money!
Put as much money you can per paycheck into it.
(It's tax free).
When you retire at 65 years old you can take your money out and the thing is it will be way more money than you put in.
I'm 53 and just starting to add to mine, yes I waited too long. But my dad started it and it's a decent amount never the less.

Great advice. There are limits to the amounts you can put in per year, but it's a great way to save for retirement in after tax dollars. Like you said, it can be withdrawn with no taxes paid on the gains. Unfortunately, there is also a yearly income limit that precludes me from contributing to a Roth.

There is a way to backdoor it, even if your income is past the limit, but that's another topic.

Thanks for the valuable and free advice!

davidlhyde63366 · Nov 20, 2020

Roth

metaladdict said:
Get yourself a Roth IRA! Specially if your young because of inflation you have to save your money!
Put as much money you can per paycheck into it.
(It's tax free).
When you retire at 65 years old you can take your money out and the thing is it will be way more money than you put in.
I'm 53 and just starting to add to mine, yes I waited too long. But my dad started it and it's a decent amount never the less.

Some companies also offer their employees Roth 401k plans now as well. The company i worked for started offering it a few years before i retired. I had all my money tied up in regular 401k at that point. In the process of converting all our investments to Roth accounts as i can with out throwing my self in a higher tax bracket.

GKL · Nov 20, 2020

This is not meant against your specific advice, but when I saw the title of your post it reminded me of this post at the link below........

:laughing:

http://metaldetectingforum.com/showthread.php?p=3004401#post3004401

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Tpmetal · Nov 20, 2020

I have a ira I have been dumping into for 4 or 5 years, problem is that I have it in the guaranteed 3 percent. I need to switch it up and am trying to decide what to move it into. i have a much smaller one I moved into medical and tech at the beginning of the virus....best off the cuff decision i ever made

amc rulz · Nov 20, 2020

Gold has had an average 20-year return of 9.25%, not bad. And if the market crashes, you still have gold!

amc rulz · Nov 20, 2020

metaladdict said:
Get yourself a Roth IRA! Specially if your young because of inflation you have to save your money!
Put as much money you can per paycheck into it.
(It's tax free).
When you retire at 65 years old you can take your money out and the thing is it will be way more money than you put in.
I'm 53 and just starting to add to mine, yes I waited too long. But my dad started it and it's a decent amount never the less.

Thanks for this info, it refreshed my memory and I wish I’d taken action sooner.

Free advice 😃

metaladdict

Elite Member

Stiffwrists

Elite Member

davidlhyde63366

GKL

Tpmetal

Elite Member

amc rulz

amc rulz

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