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Kraken Kratom Shop: Red Vein Kratom

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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
Re: Opening Roth IRA [Re: JonBongGroovy]
    #28609395 - 01/04/24 11:28 AM (23 days, 23 hours ago)

There are income limits for Roth accounts.  I believe you need to make under $150k/year to have one.  As others have mentioned, there are also yearly limits, which I think are about 7k/year.

You can look into "backdoor" and "megabackdoor" Roths, but I'd just put it in a Roth over several years.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
Re: Opening Roth IRA [Re: onions_have_layers]
    #28614213 - 01/08/24 03:18 PM (19 days, 19 hours ago)

Quote:

onions_have_layers said:
Roths are cool because you can set it up to where your capital gains are able to be withdrawn anytime without penalty or tax. 401k you cannot withdraw anything without being HEAVILY taxed.  Good luck to you! No better time to start investing than NOW.




Minor point of clarification, you can only withdraw the principle that add to your Roth without penalty.  You cannot withdraw "gains" until retirement without penalty.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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