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InvisibleJonBongGroovy
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Registered: 01/23/15
Posts: 2,873
Loc: Hawaii
Opening Roth IRA * 1
    #28558566 - 11/27/23 04:52 PM (1 month, 30 days ago)

Was looking to use some of my life savings towards an Roth IRA. Question is does it matter how much I open it with?  I was gonna drop 20k into it. I didn't seem to find the answer to my question on the Charles Schwab website. I'm 38 and haven't done anything besides a savings.


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OnlinegeokillsA
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28558678 - 11/27/23 06:06 PM (1 month, 30 days ago)

Good idea, I've been maxing out my Roth IRA for years and it's where I do the bulk of my (now tax free) equity trading.

All retirement accounts have maximum annual contribution limits.  A 401K is the most permissive, allowing a maximum $22,500 contribution in 2023.  The caveat is that 401K contributions must be sourced from income earned and/or company matches derived directly from your employment at your 401K company sponsor.

When you are contributing to a self-directed Roth or traditional IRA account, you are currently limited to a $6,500 total contribution for 2023 and $7,000 in 2024.


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InvisibleJonBongGroovy
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Re: Opening Roth IRA [Re: geokills]
    #28558710 - 11/27/23 06:35 PM (1 month, 30 days ago)

I saw the yearly deposit maximum, I'm unable to open a 401k.


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Edited by JonBongGroovy (11/27/23 06:36 PM)


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Invisiblebadchad
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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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InvisibleJonBongGroovy
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Re: Opening Roth IRA [Re: badchad]
    #28610013 - 01/04/24 10:58 PM (23 days, 12 hours ago)

I definitely fit the income requirements I only make about 25k the contribution limit is about 4k. I'm gonna get my brother to help me set it up.


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Edited by JonBongGroovy (01/05/24 10:48 PM)


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Offlineonions_have_layers
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Registered: 12/12/23
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28613389 - 01/07/24 08:24 PM (20 days, 14 hours ago)

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.

Edit: your original contributions can be withdrawn tax/penalty free. Gains are still taxed if withdrawn early.


Edited by onions_have_layers (01/08/24 03:44 PM)


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Invisiblebadchad
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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.


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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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Offlineonions_have_layers
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Registered: 12/12/23
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Re: Opening Roth IRA [Re: badchad]
    #28614231 - 01/08/24 03:42 PM (19 days, 19 hours ago)

Quote:

badchad said:
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.




Whoopsie! Yep you're right I got it flipped :smile:


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InvisibleJonBongGroovy
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28629129 - 01/20/24 08:02 PM (7 days, 14 hours ago)

Just opened it up today, my brother actually did it for me.  I put in my max contribution limit for 2023 &2024.  In a short time here I will be able to chose my investments in some ETFs and something else I can't remember....anyway I will eventually be able to set up deposit forms through my paycheck.


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Edited by JonBongGroovy (01/22/24 07:06 PM)


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OfflineManianFHS
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28631154 - 01/22/24 02:52 PM (5 days, 20 hours ago)

Nice man!! What is the max $6500?


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notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

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InvisibleJonBongGroovy
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Registered: 01/23/15
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Re: Opening Roth IRA [Re: ManianFH]
    #28631409 - 01/22/24 07:09 PM (5 days, 15 hours ago)

I can't remember what it was but the total for 2 years was under 15k so it's probably close to that.


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OfflineBrian Jones
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28631933 - 01/23/24 09:36 AM (5 days, 1 hour ago)

I think max was $6500 in 2023 and $7000 for 2024. Once you hit age 50 the catchup contribution is 1K more.


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The worst thing about corruption is that it works so well,


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