The Advantages Of Opening Up A Roth IRA

Discuss issues related to business, finance, taxes, investments, cost of living in different countries, etc.

Moderators: jamesbond, fschmidt

Post Reply
User avatar
jamesbond
Elite Upper Class Poster
Posts: 9173
Joined: August 25th, 2007, 10:45 am
Location: USA

The Advantages Of Opening Up A Roth IRA

Post by jamesbond »

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.

"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."
User avatar
Cornfed
Elite Upper Class Poster
Posts: 8230
Joined: August 16th, 2012, 9:22 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by Cornfed »

You're sounding like a boomer.
User avatar
MrLee4u
Freshman Poster
Posts: 164
Joined: February 20th, 2018, 11:41 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by MrLee4u »

f**k that, I like being a millionaire in my 30s.
User avatar
Cornfed
Elite Upper Class Poster
Posts: 8230
Joined: August 16th, 2012, 9:22 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by Cornfed »

MrLee4u wrote:
April 16th, 2018, 2:14 am
f**k that, I like being a millionaire in my 30s.
Just lifting those boxes for fun then?
CannedHam
Freshman Poster
Posts: 254
Joined: May 27th, 2012, 9:25 am

Re: The Advantages Of Opening Up A Roth IRA

Post by CannedHam »

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).
User avatar
MrLee4u
Freshman Poster
Posts: 164
Joined: February 20th, 2018, 11:41 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by MrLee4u »

Cornfed wrote:
April 16th, 2018, 5:12 am
MrLee4u wrote:
April 16th, 2018, 2:14 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.
User avatar
Adama
Elite Upper Class Poster
Posts: 6205
Joined: August 23rd, 2009, 2:37 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by Adama »

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
Freshman Poster
Posts: 254
Joined: May 27th, 2012, 9:25 am

Re: The Advantages Of Opening Up A Roth IRA

Post by CannedHam »

Adama wrote:
April 16th, 2018, 12:46 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
Elite Upper Class Poster
Posts: 3242
Joined: July 30th, 2014, 7:52 pm

Re: The Advantages Of Opening Up A Roth IRA

Post by MrMan »

MrLee4u wrote:
April 16th, 2018, 2:14 am
f**k that, I like being a millionaire in my 30s.
A false dichotomy.
User avatar
jamesbond
Elite Upper Class Poster
Posts: 9173
Joined: August 25th, 2007, 10:45 am
Location: USA

Re: The Advantages Of Opening Up A Roth IRA

Post by jamesbond »

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."
Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Business, Finance, Taxes, Investments, Cost of Living, etc.”