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Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
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Retirement funds
Message edited 2/13/2009 7:40:08 PM.
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Posted 2/10/07 3:52 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: Retirement funds
I am clueless with this stuff, but when I left my job I rolled my 401K with Fidelity and they were pretty helpful with explaining stuff.
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| Posted 2/10/07 3:59 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Retirement funds
how about opening a money market account with a company like MetLife?
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| Posted 2/10/07 4:00 PM |
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jerrysgirl
I love my hot dog!!
Member since 6/06 5357 total posts
Name:
E & J
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Re: Retirement funds
how about opening a traditional or roth ira? could do it with e-trade or most banks.
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| Posted 2/10/07 4:14 PM |
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Nik09
LIF Adult
Member since 5/05 1982 total posts
Name:
Nikole
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Re: Retirement funds
We have one with Fidelity. It's inexpensive and you can maintain the acct yourself.
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| Posted 2/10/07 4:15 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Retirement funds
I have a Roth IRA that I opened myslef and a 401K through work. I don't know much about this kind of thing so I don't know what is the best type account to open.
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| Posted 2/10/07 4:35 PM |
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veeandrich
LIF Infant
Member since 5/06 325 total posts
Name:
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Re: Retirement funds
Def. do a roth IRA
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| Posted 2/10/07 7:28 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Retirement funds
You would want to open up an IRA. Since neither of you have an employer sponsored plan, you may be eligible to deduct your contributions to a Traditional IRA. That is dependent upon some things but your accountant would be able to let you know if you are eligible. If you are, the contributions are deductible off your income to arrive at your adjustable gross income. The funds would grow tax deferred until you reach retirement age, after 59 1/2 without penalty. At the time you start taking distributions, it is considered taxable income.
With a Roth IRA, you make post tax contributions and those contributions grow tax free. You are never required to begin withdrawals like you would be with a Traditional IRA. You may be phased out and not able to make contributions to a Roth IRA depending on your AGI.
As far as investment options, if you don't work with anyone, invest in a balanced fund through T. Rowe Price or Vanguard. I would not invest in a money market for these types of assets.
You have until your tax filing deadline to make contributions for 2006.
I hope this helps. 
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| Posted 2/10/07 7:38 PM |
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Jennifer
Happy
Member since 5/05 4230 total posts
Name:
.
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Re: Retirement funds
we both have 401ks at our job but also have a retirement fund set up through primerica.
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| Posted 2/11/07 9:56 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Retirement funds
I have a Roth IRA along with a retirement fund through work. I would start with a Roth IRA...and start soon. My uncle has his own law firm and never put away...and now will not be able to retire for a very, very long time (and he is 60 already).
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| Posted 2/11/07 10:25 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Retirement funds
I agree IRAs are the best place to start.
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| Posted 2/11/07 2:41 PM |
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