I have a 401K, I contribute to a deferred comp plan, and I have money in a mutual fund. Do I need to start an IRA?
Sent from my iPhone using the svtperformance.com mobile app
Sent from my iPhone using the svtperformance.com mobile app
Should I start an IRA (individual retirement account)
- Thread starter jaxbusa
- Start date
Put enough to get the total match on the 401k if one is given, then start saving outside the 401k for better investment choices.
Sent from my SM-G975U using Tapatalk
Sent from my SM-G975U using Tapatalk
Check and check. Now, should I start an IRA?
Sent from my iPhone using the svtperformance.com mobile app
I think that's what he meant by saving outside 401k. Some of the biggest 401k companies out there today have severe fees. Take advantage of employer match up to the cap, then invest in your IRA with better options.
I'm considering rolling my whole mess of a 401k into an IRA. Feels more like you "own" the money in a sense.
I have money in a mutual fund that’s outside of my 401K. I’m wondering if there is any benefit in taxes,or otherwise, by contributing to an IRA.
Sent from my iPhone using the svtperformance.com mobile app
You need to talk to a financial advisor...if there is one on SVTP, find him. Nothing beats a professional who you can trust.
FWIW, I have a traditional IRA and my wife and I both have Roth's as well. All three are outside of our employer plans and provide diversity in our portfolio. I'm telling ya, talk to someone who can understand your individual situation and goals. Don't mess with this type of discussion on a car forum. Just my $0.02.
FWIW, I have a traditional IRA and my wife and I both have Roth's as well. All three are outside of our employer plans and provide diversity in our portfolio. I'm telling ya, talk to someone who can understand your individual situation and goals. Don't mess with this type of discussion on a car forum. Just my $0.02.
I speak with a fiduciary every six months or so. I enjoy hearing from people on here because they’re not interested in selling me anything. A fiduciary, on the other hand, has insurance and their company investments on their mind. This is a check and balance for me.
Sent from my iPhone using the svtperformance.com mobile app
I understand that, but unless you’re willing to divulge some serious info about yourself and situation, it is kinda hard to answer the question. FWIW, In General I would say that a Roth is the way to go because it is after tax and you can withdraw your money without penalty if an emergency comes up. You just can’t withdraw any earnings, only the money you have contributed.
Sent from my iPhone using the svtperformance.com mobile app
You can't just move mutual fund money to an IRA. It's a set limit each year like 6k, may have changed. Only money earned from a job can be deposited, course shell games exist. That yearly amount is not taxed for a traditional IRA.
Sent from my SM-G975U using Tapatalk
Sent from my SM-G975U using Tapatalk
If I were younger I'd start a Roth as these crazy democrat tax plans will have a harder time ceasing your assets.
Sent from my SM-G975U using Tapatalk
Sent from my SM-G975U using Tapatalk
I can't have a 401k for conflict of interest (my family owns the company) but I have a Roth IRA set up in place. My father's financial planner suggested it would be the most beneficial to me.
Unless your financial adviser is highly against it I can't see it hurting you
Unless your financial adviser is highly against it I can't see it hurting you
Yes, the more options you have to invest, the better.
Sent from my [mind] using the svtperformance.com mobile app
Sent from my [mind] using the svtperformance.com mobile app
My mutual fund is obviously already taxed, and I can get money out if needed. My deferred comp is obviously not taxed until I draw it. I’m just not sure if or where an IRA fits.
Sent from my iPhone using svtperformance.com
Sent from my iPhone using svtperformance.com
Ive had my 401k up to a 12% contribution plus the companies 4%. It's varied throughout the years but I think I will keep it at 4% now and contribute more to my Roth IRA instead of the 401k.
A Roth IRA would be the way to go.
Max your 401k out 1st then focus on the Roth.
Traditional IRA is tax deferred. Not taxed until you take it out.
Roth IRA is taxed now but all income from it is tax free.
But as said there are limits on how much you can put into them and from where.
Roth IRA is taxed now but all income from it is tax free.
But as said there are limits on how much you can put into them and from where.
Taxes are only going up my man. Roth Ira from here on out but I am sure they will certainly change up the rules over the next 20/30 years. Like stated already Roth Ira contributions are taxed now and not taxed later in life. Tradional provide tax breaks now but you will be the tax at withdrawal time which will surely be a higher tax rate in the future.
The mutual fund you are invested in, if it’s held in a taxable brokerage account, is still subject to capital gains tax as well as taxes on dividends. Wouldn’t it be awesome if your gains, dividends and distributions were not subject to taxes? That’s what a Roth IRA is for. If you can afford to put money into an IRA every year after contributing to a 401k you absolutely should.
Also on taxes, to be tax efficient your mutual funds should be held in an IRA, ETFs in a taxable account.
Im an investment advisor at large firm. I’ll keep their name out of this for reasons.
Users who are viewing this thread
