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Joined: 01/01/2005
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Hurley09

Did you know that a Roth IRA doesn't just collect money and you have to

actually invest that into shiRt? I noticed maybe a year ago my IRA wasn't doing crap, $2 a year or something like that and I said "I gotta call and find out what the hell is going on." Promptly forgot about it until a week or two ago and got in contact with someone at Fidelity. "Yeah, I see my 401k has been doing stuff for years but this Roth thing isn't doing crap, what's going on?"
"Uh... you have to invest it into stuff"
"That makes sense, I'm dumb as hell. Have a great day." What a wonderful waste of however many years that has been. I must've thought it was being managed like my 401k is.
Posted: 04/28/2022 at 04:03 PM ET
(In response to this post by vt90)

Thread Replies (25)

Full Thread →
Trying to make sure I'm not screwing up my retirement contributions
Tafkam Hokie • 04/28/22 03:14 PM ET
The answer is "No, they don't."
HokieJay • 04/28/22 05:56 PM ET
Don’t forget to maximize your HSA if you qualify
beancounter77 • 04/28/22 04:27 PM ET
I max mine every yr, my company seeds it with $4600 and I do the rest. Pay
B777Fr8Dog • 04/28/22 08:04 PM ET
(a) I don't have an HSA, and (b) when I have had one, it's always been a
Tafkam Hokie • 04/28/22 04:35 PM ET
Moot point if you’re not eligible, but just FYI next time, you don’t
beancounter77 • 04/28/22 08:12 PM ET
If you use a non employer plan, I'm guessing
Tafkam Hokie • 04/28/22 09:44 PM ET
Correct, you will get a contribution tax form at the end of the year and
beancounter77 • 04/28/22 10:24 PM ET
I am fairly confident the traditional IRA and 401k contributions ...
vt90 • 04/28/22 03:17 PM ET
Did you know that a Roth IRA doesn't just collect money and you have to ◄
Hurley09 • 04/28/22 04:03 PM ET
Oof, that's rough. At least you aren't 50 and finding that out.**
hoosnowahokie • 04/28/22 04:09 PM ET
LOL ... yep, I don't know much but I knew that.**
vt90 • 04/28/22 04:05 PM ET
I didn't know that. I though it was an "either, or" proposition.
EDGEMAN • 04/28/22 03:49 PM ET
Let me rephrase ...
vt90 • 04/28/22 03:52 PM ET
Roth contributions are non-deductible, but all earnings are tax free.
EDGEMAN • 04/28/22 03:59 PM ET
Right, but as Hoke points out below ...
vt90 • 04/28/22 04:02 PM ET
Also there is an income cap for IRA contributions
Hoke • 04/28/22 03:35 PM ET
Roth IRA also has income limits.
Tank • 04/28/22 04:13 PM ET
Unless your 401k plan permits AT contributions to backdoor Roth IRA.
Fatman • 04/28/22 04:29 PM ET
Income cap is not an issue. I just have no debt, no mortgage
Tafkam Hokie • 04/28/22 04:04 PM ET
I don't believe there is an income limit for non-deductible traditional IRA
vt90 • 04/28/22 03:40 PM ET
You're right on non-deductible
Hoke • 04/28/22 03:46 PM ET
True ... only benefits are that I am volume saving ...
vt90 • 04/28/22 03:48 PM ET
She can spend it, but you incur an additional penalty.
EDGEMAN • 04/28/22 03:50 PM ET
Nice work Andy Dufrene. **
GreenvilleVT • 04/28/22 07:50 PM ET
She's smarter than that and she wants to retire too.**
vt90 • 04/28/22 03:53 PM ET