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Retirement savings for the self-employed

It's April and time for yet another retirement account question. I am self-employed and want to open a new retirement account. Does anyone have experience with an individual 401(k) or SEP-IRA? [more inside]
posted by natasha_k on Apr 1, 2014 - 5 answers

How should I make a large (to me) fund purchase for my IRA?

I have about US$20000 to invest in a total stock index fund in my Roth IRA. What is the best strategy for this purchase? Should I just purchase it all at once now or over some set schedule? [more inside]
posted by sevenless on Mar 5, 2014 - 7 answers

Why should I put money in an IRA?

Why should I put money in an IRA, as opposed to just investing it normally? [more inside]
posted by Two Stranger on Mar 4, 2014 - 13 answers

MFAaaaaay 401Kaaaay PHDeeeeee IRAaaaay

What is the best way to move money between retirement accounts while I am currently employed so that I can access it and minimize penalties when I go back to school? (Many, many details inside) [more inside]
posted by rock'em sock'em puppets on Feb 27, 2014 - 7 answers

In search of some intermediate financial advice.

MeFites have always been pretty good at giving basic financial advice, like how to start saving, building a budget, getting out of debt, etc. I'm there already. I find myself in the surprising situation of being comfortable these days, and I'd like to know: what's next? [more inside]
posted by anonymous on Feb 20, 2014 - 13 answers

Help me start saving for retirement (U.S.)

I would like to finally start saving for retirement! I'm thinking a Roth IRA is the way to go (unless you think otherwise and can tell me why), but I am a little confused/overwhelmed with how to proceed. A few snowflakes inside. [more inside]
posted by likeatoaster on Feb 20, 2014 - 14 answers

Any reason to keep track of lots, or even transactions, in an IRA?

Am I understanding the USA's IRA laws correctly that all I really have to keep track of, in order to eventually (years from now) take money out without penalty or double taxation or such, is the amount of after-tax money I put into it over the years? [more inside]
posted by Flunkie on Jan 4, 2014 - 5 answers

Wanted: Savvy retirement advice for a struggling youth

If I live until retirement age, I don't want to be broke. I am 24 and I want to start saving for retirement now, but I’m unsure how to go about it. I’ve heard good things about Vanguard, but I’m looking for some personal anecdotes and solid advice on how to go about this. [more inside]
posted by Driven on Dec 2, 2013 - 17 answers

Do I really need both stocks AND bonds in my long-term investments?

I am planning to invest for retirement (35+ years away) in a Roth IRA. I've always been told to have a mix of stocks and bonds in any portfolio, starting at about a 90/10 split for someone my age. Considering that I'm not going to touch this money for a very long time, wouldn't I be better off just putting my money into some low expense ratio index funds and skipping the bonds altogether? This seems to fly in the face of every investment advice I've ever seen, but I don't understand why. [more inside]
posted by wondercow on Nov 23, 2013 - 19 answers

Teaching My Money To Sit Up And Beg Comes Next

I had two orphan 401(k) plans from old jobs that I rolled over into my (traditional) IRA this year. When I do my 2013 taxes, do I count those as part of my IRA contribution for the year? [more inside]
posted by EmpressCallipygos on Oct 14, 2013 - 8 answers

Questions in preparation for early retirement

I am thinking of retiring early, relatively soon. Probably within five years, maybe much sooner. I want to make sure that I correctly understand various things, so I have several questions related to taxation, Obamacare, health savings accounts, IRAs, and SEPP. [more inside]
posted by Sock McPuppet, Jr. on Jul 1, 2013 - 5 answers

What are my options with this pension plan check?

I was issued a check from my old company's pension plan. Apparently it needs to go into a retirement account. Can you help me understand my investment options? [more inside]
posted by karizma on Jun 5, 2013 - 4 answers

Help me understand the traditional IRA

Currently I max out my Roth IRA, and I have a 401(k) with a small employer match. I contribute enough to be able to take advantage of the maximum match they offer. However, I still have money leftover I would like to invest. [more inside]
posted by nanook on May 9, 2013 - 9 answers

Retiring Early and Yes I am Lazy!

I am 28, have a $60,000 a year job in Accounting and expect to be making close to $100,000 in seven years (after that, raises more uncertain). I want to retire some time in my early to mid 40s. I have a wife who is 34 and works as a retail manager (making about $40,000 a year). I am planning on living off of 20% of our after tax income (excluding mortgage payments). We currently do not have a mortgage but are planning on a house soon. We would like to travel at will and have the (option) of not working ever again. We also do not mind retiring in a cheaper location (Costa Rica, etc) to save on costs. What investment vehicles should I be considering given that I am retiring early? What kind of jobs that are part time could a retiree easily perform? How much money should be going in employee 401k type programs vs. individual investment options and IRA contributions. [more inside]
posted by locussst on May 4, 2013 - 12 answers

Any advantage to IRA if I can't deduct contributions?

I'm taking a new job with a very small company that doesn't offer a 401k. My spouse's job does offer a 401k. Based on what I see on this page, with our income, we would not be able to deduct any contributions I make to an IRA, and we're not eligible for a Roth IRA. So what is my best retirement investment strategy? [more inside]
posted by primethyme on Apr 25, 2013 - 10 answers

Should I feel bad about letting someone outsource my investments?

I have been getting started with Vanguard, but spoke with an investment adviser today, and it all just seemed so much easier. I've spent hours trying to figure out what kinds of accounts to open, which offer tax deductions, what kind of investments to make, etc. It seems really tempting to just let someone handle this all for me, but I feel like I've never heard from people who are satisfied doing it that way. Countless articles I have read on the subject always make it sounds like someone is a sucker for paying higher management fees. [more inside]
posted by imabanana on Apr 5, 2013 - 11 answers

With the Dow so high, is now a good time to start a Roth IRA?

Hello! I'm in my early 30s and am finally financially stable enough to start socking away some cash in a Roth IRA (my employer does not offer any retirement plans). However, I'm a little worried that, with the market being at such a high, that something will happen due to all the current BS going on with Congress and the market will crash again, and I will lose a good chunk of money. Is this fear totally unfounded? Should I just start my Roth and hope for the best?
posted by emily37 on Apr 2, 2013 - 20 answers

Investing while in the US on a fixed term contract

I know I should be talking to an financial planner/adviser about this, and I will do, but... I am British. I'm going to be living and working in the U.S. for somewhere between one and three years. I will probably return to the UK afterwards, but there is a chance I will stay in the U.S. forever. I would rate that chance at about 50/50. I would like to save a fraction of my income while in the U.S., and I would like those savings to grow. I would like to retain at least the possibility of suddenly withdrawing them if and when I leave the U.S. I understand there will be fees and taxes involved in such a withdrawal, but I would of course like to minimize them. And I would like to balance this possibility against the possibility that I will be staying forever, and should make a start on saving for retirement. [more inside]
posted by caek on Mar 25, 2013 - 4 answers

How to open an IRA from overseas, for expats

I am an expat and currently overseas (Dubai), and I want to open an IRA, how do I go about doing that? Is it even possible or do I have to actually be present there? [more inside]
posted by convex on Mar 24, 2013 - 5 answers

Saving for retirement with no employer retirement program

How to save for retirement when my employer offers no retirement savings program and I cannot contribute to an IRA tax-free? Details inside. [more inside]
posted by Conrad Cornelius o'Donald o'Dell on Mar 23, 2013 - 12 answers

401k/Roth undisclosed "Forfeiture Fee" halves retirement rollover. Help!

I recently rolled over my old 401K and Roth accounts through an old employer and held by ADP. Throughout the process, I was told the only fee would be the $50 "account transfer fee". But when the checks arrived half of my money was missing! [more inside]
posted by iheijoushin on Mar 11, 2013 - 8 answers

I'm good with money, but when it comes to retirement, I'm an idiot.

Tell me about traditional IRAs...like I'm 5 years old. [more inside]
posted by floweredfish on Mar 7, 2013 - 14 answers

Filing Taxes for the First Time: Roth IRA Question

Hi HiveMind, I'm filing my own taxes for the first time as a recent college graduate (using TurboTax -- so easy!) and I have a question with regards to my Roth IRA account. In 2012, I graduated college and started a business. We didn't open for business until late November and I only paid myself $1,250 for all my work in 2012. I also opened a Roth IRA account and contributed $5,000 for the year. However, according to TurboTax, contributions to an IRA account cannot exceed earned income. My question: can I simply report a $1,250 contribution to the IRA on my taxes and leave the $5,000 in the IRA? Will this get me in trouble? Should I merely take out the $3,750 and invest it in a different account? If noticed, could I just plead ignorance as my first time filing? Thanks!
posted by masters2010 on Mar 3, 2013 - 5 answers

Tell me about your awesome Roth IRA.

I have a chunk of money just sitting in an account that doesn't even earn interest. I'd like to park it into an IRA, but would like to avoid spending many hours researching them. I'd love to just pick a place, transfer the money over, and be done with it. What bank/financial institution currently offers the lowest fees for the best results? Do you have one that you adore, and offers a good deal? [more inside]
posted by chowflap on Jan 28, 2013 - 18 answers

Can someone explain how IRA early withdrawal penalties are calculated?

Everywhere mentions a 10% penalty, but nobody says whether this is pre or post tax, or whether it's added to your existing tax burden, or how these taxes actually get paid, etc. [more inside]
posted by tylerkaraszewski on Jan 24, 2013 - 7 answers

Want to contribute the $5000 max for my Roth IRA, but not enough earned income?

I have $5000 in my savings account, I already contributed the $2000 I earned this year. I want to contribute $3000 more from my savings at the end of this year but I am not sure if that is even allowed, since I didn't "earn" it. But then, how would the IRA or my roth IRA holder even know? I didn't even make enough income to require filing for taxes.
posted by kopi on Nov 7, 2012 - 9 answers

The Strange Case of Mitt Romney's Massive IRA

How did Mitt Romney manage to amass $102 million in his IRA? [more inside]
posted by Despondent_Monkey on Oct 10, 2012 - 6 answers

Tax on Early iRA Withdrawal

Looking at cashing in a post-tax IRA for purchase of a second home. Realizing there are tax and penalties to be applied, this still may make sense. Because the IRA funds are post-tax, however, what exactly will be our total tax liability be? [more inside]
posted by flyingrock on Aug 26, 2012 - 2 answers

stories for boys

All I know about Northern Ireland is from films from1990 to the present. [more inside]
posted by asockpuppet on Jul 6, 2012 - 11 answers

Early retirement account withdrawal

Need to pay off upcoming credit card bill. Can I use any of my retirement accounts to pay them off without incurring any fees? [more inside]
posted by AngryTypingGuy on Jun 11, 2012 - 5 answers

Financial Gift for Graduate?

What's a great "financial instrument" gift for my soon-to-graduate 21 year old? [more inside]
posted by thinkpiece on Apr 1, 2012 - 5 answers

Is it a good idea to invest using a Roth IRA on the exemption borderline?

I have a lot of questions about Roth IRAs and being on the exemption borderline. [more inside]
posted by Talez on Feb 12, 2012 - 15 answers

Can I convert a brokerage account into an IRA and claim the tax benefit?

Can I convert my regular brokerage account into a (non-Roth) IRA and claim the tax benefit? [more inside]
posted by jefficator on Dec 16, 2011 - 4 answers

Is there a benefits to keeping money in a 401k account after the job is terminated?

I have $1000 in a 401k from a job at which I no longer work. The Personal Rate of Return right now is at -40%. Should I still roll this out into an IRA account or is there a benefit to keeping it in that 401k account?
posted by elif on Nov 1, 2011 - 6 answers

Help me figure out a finance equation

Please help me with a compound interest question (specifically with IRAs) [more inside]
posted by GnomeChompsky on Oct 26, 2011 - 17 answers

What's the best way to save for retirement as a freelancer?

What's the best way to save for retirement as a freelancer? [more inside]
posted by sharkfu on Sep 28, 2011 - 6 answers

Increase 401k contribution or open an IRA?

I don't know know anything about saving for retirement other than that you're supposed to do it. I've been trying to educate myself by reading blogs like Get Rich Slowly, but I'm still confused about what I should be doing (if anything) beyond my 401k. [more inside]
posted by anonymous on Sep 18, 2011 - 6 answers

Which is worse - less savings or more debt?

Should I cash out my IRA to significantly reduce my credit card debt? [more inside]
posted by anonymous on Jul 27, 2011 - 12 answers

Roth IRA conversion from 401(k)?

Should I roll over my 401(k) and then convert it immediately to a Roth IRA? [more inside]
posted by anonymous on Jul 11, 2011 - 6 answers

Looking for Roth IRA recommendations.

I'm looking for recommendations on where to open a new Roth IRA. Looking for something with low fees and index funds. I could put in a chunk of cash if need be, but it would be great to find one with no minimum if I commit to a certain amount per month. Who have you all been happy with when it comes to customer service and ease-of-use?
posted by emily37 on Jul 5, 2011 - 14 answers

Please Just Take My Money And Don't Make Me Decide

I put money in an ETrade Roth IRA account. Now it's there. What is the next logical step? [more inside]
posted by amicamentis on May 14, 2011 - 11 answers

What IRA to choose?

What's the best Roth IRA to invest in? Does Fidelity waive the $2500 deposit if you sign up for monthly withdrawals? [more inside]
posted by modoriculous on Jan 31, 2011 - 7 answers

Brokerage doesn't want our money anymore

My wife's brokerage has just resigned as the guardian of her traditional IRA, due to lack of activity (she's a buy-and-hold type of person, and has more recently been contributing to a Roth IRA). The account contains a few stocks and some cash. She needs to make a decision fairly soon as to what to do with the account -- otherwise they'll just sell the stocks and send her a big check that she'll have to do something with in order to avoid tax penalties. What options should she be considering? (If it matters, the total is less than $20K).
posted by svenx on Jan 20, 2011 - 7 answers

Yes, I know this is Officially Not Recommended Financial Planning

I'd like to cash out a Roth IRA and make those funds available to my parents. But because early withdrawal is a No Good Terrible Bad Idea, I can't find much specific advice on the subject. I don't have a financial planner right now. You are not my financial planner, but perhaps you can help me check my work in figuring out the ramifications? [more inside]
posted by desuetude on Nov 30, 2010 - 13 answers

One Time Special IRA Deal For You This Year Only

2010-Only-IRA-Filter: Should I roll my Traditional IRA to a Roth IRA? [more inside]
posted by Fiat124 on Sep 3, 2010 - 9 answers

How should i invest?

Should I roll my 401k into an IRA [more inside]
posted by djduckie on Jul 13, 2010 - 7 answers

BURY MY MONEY IN A GREAT BIG HOLE

Which bank is more likely to collapse first: WELLS FARGO or USAA FEDERAL SAVINGS BANK ? [more inside]
posted by shipbreaker on Jun 8, 2010 - 14 answers

Max out my Roth IRA or diversify first?

Should I max out the contribution to my Roth IRA before beginning to diversify? [more inside]
posted by bengalsfan1 on May 31, 2010 - 14 answers

To roll or not to roll.

What should I do with this IRA? [more inside]
posted by The1andonly on May 13, 2010 - 7 answers

Do I have to contribute as much to my Roth as stated on my taxes?

My tax preparer reported I contributed more to my Roth IRA than I actually did. Does this matter? [more inside]
posted by beyond_pink on Apr 12, 2010 - 10 answers

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