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The Advantages Of Opening Up A Roth IRA

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jamesbond
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The Advantages Of Opening Up A Roth IRA

Post by jamesbond » April 16th, 2018, 7:43 am

A Roth IRA is a type of investment account that you can set up where you invest your money today - up to $5500 per year with no immediate tax deductions - and can pull out your profits and earnings tax free when you’re 59.5. That means you pay NO TAX on YEARS of compounded interest and earnings.

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Cornfed
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Re: The Advantages Of Opening Up A Roth IRA

Post by Cornfed » April 16th, 2018, 9:34 am

You're sounding like a boomer.

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MrLee4u
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Re: The Advantages Of Opening Up A Roth IRA

Post by MrLee4u » April 16th, 2018, 10:14 am

f**k that, I like being a millionaire in my 30s.

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Cornfed
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Re: The Advantages Of Opening Up A Roth IRA

Post by Cornfed » April 16th, 2018, 1:12 pm

MrLee4u wrote:
April 16th, 2018, 10:14 am
f**k that, I like being a millionaire in my 30s.
Just lifting those boxes for fun then?

CannedHam
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Re: The Advantages Of Opening Up A Roth IRA

Post by CannedHam » April 16th, 2018, 2:57 pm

On top of the tax-free growth, you could actually pull out the principle anytime w/o any penalties. There are even some situations where the earnings can be pulled out w/o penalty (e.g. buying a home).

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MrLee4u
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Re: The Advantages Of Opening Up A Roth IRA

Post by MrLee4u » April 16th, 2018, 8:31 pm

Cornfed wrote:
April 16th, 2018, 1:12 pm
MrLee4u wrote:
April 16th, 2018, 10:14 am
f**k that, I like being a millionaire in my 30s.
Just lifting those boxes for fun then?
I'm sure Jeff Bezos in the early days of Amazon was lifting a few boxes. I believe he started in his garage. Now he's got billions. Maybe you should lift boxes? Maybe you wouldn't be such a defeatist queer. If you don't have enough testosterone in your system you turn into a pedophile and lose drive. Anyone seriously interested in reversing "white decline" would immediately identify its cause is a radical collapse in motivation – an unwilling to do the incredibly hard work needed to gain and keep power, an unwillingness to “grind” – and not console oneself with fairy tales of an effortless "white" rise without insane amounts of hard work.

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Adama
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Re: The Advantages Of Opening Up A Roth IRA

Post by Adama » April 16th, 2018, 8:46 pm

My only question is, why do they limit it to only $5500 a year?
A good man is above pettiness. He is better than that.

CannedHam
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Re: The Advantages Of Opening Up A Roth IRA

Post by CannedHam » April 17th, 2018, 3:23 am

Adama wrote:
April 16th, 2018, 8:46 pm
My only question is, why do they limit it to only $5500 a year?
Taxes. Too high of a limit means less capital gains and dividend taxes for the gov't when it comes time to take the money out. The limit for those over 50 y/o is $6,500.

The Roth (or traditional) IRA is one of a few tax-advantaged accounts. There are also 401k/403b, HSA, FSAs, 529s etc. There are quite a bit of places to stash your money to avoid or reduce taxes.

MrMan
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Re: The Advantages Of Opening Up A Roth IRA

Post by MrMan » April 17th, 2018, 5:27 am

MrLee4u wrote:
April 16th, 2018, 10:14 am
f**k that, I like being a millionaire in my 30s.
A false dichotomy.

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jamesbond
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Re: The Advantages Of Opening Up A Roth IRA

Post by jamesbond » April 22nd, 2018, 4:03 pm

This quick video explains how to get started with a Roth IRA.

"When I think about the idea of getting involved with an American woman, I don't know if I should laugh .............. or vomit!"

"Trying to meet women in America is like trying to decipher Egyptian hieroglyphics."

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