Simple IRA account??

[JOHNDEEREGN]

I want to open a simple IRA account and put about 6% of my check in their annually; what do you guys recommend? I have another 401k Account that is in a very aggressive mutual fund so I would like this in somewhat of a less risky investment.

Ideas?

TIA

Ty

 

[BMS1]

My suggestion look into Vanguard roth ira or a roth ira in general
1 of the funds to look into is

Index 500

https://personal.vanguard.com/us/funds/whoshouldinvest?FundId=0040&FundIntExt=INT

Good luck

 

[BMS1]

Only thing is you can only contribute $5000 max per yr if your younger than 50 yrs old

 

[GNBRETT]

Are you maxing out your 401K now? If not then put that money into the 401K. The max is $15,500. Are you contributing the max?

IRA withdrawals can be made without penalty once you reach the age of 59 1/2 but you must begin withdrawing from your account when you reach the age of 70 1/2. It depends how long you plan on working.

You can withdraw from a 401K (not recommended) if you absolutely have to (you can pay it back within the year tho) but there are several disadvantages. You will be penalized for early withdrawl. You will also be taxed on the money you took out and you taxed again at the end of the year because you have to claim it as income and donate to uncle sam.

Most people making under $80,000 will not need to contribute additional money to an IRA if you are maxing out your 401K. Depends on your income. The max is approx. $298.00 a week. Your paycheck will reflect about $200.00 of that. That is approx a 1/3 of ones income at $80k. If one tries to save more then that they usually get discouraged and stop saving all together.

As far as risk goes you can invest in more stable long term funds in your 401K and leave the other funds aggressive. It is not necessary to open up an IRA to accomplish that.

 

[JOHNDEEREGN]

Are you maxing out your 401K now? If not then put that money into the 401K. The max is $15,500. Are you contributing the max?

IRA withdrawals can be made without penalty once you reach the age of 59 1/2 but you must begin withdrawing from your account when you reach the age of 70 1/2. It depends how long you plan on working.

You can withdraw from a 401K (not recommended) if you absolutely have to (you can pay it back within the year tho) but there are several disadvantages. You will be penalized for early withdrawl. You will also be taxed on the money you took out and you taxed again at the end of the year because you have to claim it as income and donate to uncle sam.

Most people making under $80,000 will not need to contribute additional money to an IRA if you are maxing out your 401K. Depends on your income. The max is approx. $298.00 a week. Your paycheck will reflect about $200.00 of that. That is approx a 1/3 of ones income at $80k. If one tries to save more then that they usually get discouraged and stop saving all together.

As far as risk goes you can invest in more stable long term funds in your 401K and leave the other funds aggressive. It is not necessary to open up an IRA to accomplish that.

THANKS GUYS! Yes I am maxing out my 401k so just looking to do something different

Thanks Again:biggrin:

 

[John Larkin]

A savings account works pretty good. From all the bad investments I've had over the years, it's nice to see some money continuously grow.

 

[Quick6'n'-K.C.]

THANKS GUYS! Yes I am maxing out my 401k so just looking to do something different

Thanks Again:biggrin:

I think we are in the same boat this year, over the past 5years, ive hit the max on my 401K 13, 13.5 14 14.5 and now 15.5.... Ive also been contributing to simple roth IRA's max and my neices college fund costing me 125 bucks a paycheck :biggrin: It gets tough to live off peanuts, but thats life.

In my hands, i would max out the 15.5 per year, max out the traditional or roth per year at your local bank, plus a cd or 2 per year if you have the $$$

I take a little bit of money and buy CD's, but not too many or too much...

There is a fine line where you have too much wrapped up "out there" and cant use that same money in your savings account to collect a nice check every month or use as mad money.

Ive also cut back some on buying CD's, i just use that amount of money to buy something that i will flip into a profit, car truck trailer equipment ebay bullstuff ect. If i get off my ass more often,, i average double what i get at the bank...

Id give it all up to be pain free for life, I wake up everyday almost in tears because my back is so messed up. I am a 32 year old that feels 92 years old!

BW

 

[JOHNDEEREGN]

Since we are both maxing out our 401k maybe the "ribmaster" needs to feed us next time I am in KC:biggrin: