finances -- Psualum Forum

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, [5], 6, 7, 8, 9, 10 ]

Subject: finances

Author:
Donnie

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 11:14:30 12/04/12 Tue

All 401k contributions are pre-tax. This is a tax advantaged investing vehicle. Personally, I would max out your 401k before investigating any of the other retirement options.

Once you are contributing $17,000 a year to your 401k, you can start looking at a traditional IRA or Roth IRA (http://www.rothira.com/traditional-ira-vs-roth-ira). I cannot open up a Roth IRA in a traditional manner due to the income limitations associated with the account. Instead, I opened up a traditional IRA for me and the Mrs. this year and then converted them into Roth IRAs (backdoor IRAs). I prefer the features associated with Roth IRAs more than traditional IRAs.

I also opened up a 529 plan (Nevada plan)for the baby G-unit. I am also doing this with Vanguard along with my IRAs and taxable investments.

[ Next Thread | Previous Thread | Next Message | Previous Message ]