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Tagged With "Roth"

Tagged With "Roth"

  • Topic Reply
    Can't answer this question with 100% certainty because I am far from retirement and far from having a million dollars, but the strategy I am currently using to hopefully get me there is to max out my Roth IRA (love the idea of not having to pay taxes on it later), contributing only to my 401k the amount that gets me the full employer match (got to get the free money), and then putting the rest of the money that is meant for investing into other accounts where I have more control over my...
  • Topic Reply
    @Landon Martin Great tips! Traditional investing can be a great way to build some wealth over time, but like you said, your money is sort of trapped until you are of retirement age. Not a bad way to get to a million though!
  • Retirement Planning
    I have Life Insurance and a Roth IRA. My advisor keeps pushing Life Insurance as an investment opportunity. After doing some research this seems to be a terrible idea. I want to 1. confirm I am correct and 2. ask the group's opinion on putting money into my Roth IRA on a monthly consistent basis?
  • Topic Reply
    Life insurance is best as an income replacement for your survivors. And yes, on the Roth, if you consistently invest, you will benefit from dollar cost averaging, making more over time. Plus with a Roth, you are taxing the seed, not the harvest.
  • Topic Reply
    💯
    The following context really helped me to frame how I view life insurance vs. retirement: Life insurance is way to ensure security for your family in the eventuality of your dying. Retirement savings is a way to ensure security for yourself in the eventuality that you stop working (i.e. your primary income stream stops). Thinking about it in this context, life insurance is obviously not a a great investment vehicle for yourself, but perhaps a great one for your family when you are gone.
  • Topic Reply
    As to putting money into an IRA monthly, if you don't have the money to fund it up front, do that. If you can fund it right away, do it. If you are worried about the market going down, invest it in something else. If you are getting 0.1% in your bank account, or 0.1% in your IRA but not getting taxed, the IRA still wins. But if you look at a REIT, they pay interest and they are at least not corrolated well to the market in general. Make money as early as possible in your IRA if you can...
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    For certain high-net-worth individuals, life insurance is a way to pass on more millions to decendants without paying taxes. But financially insurance as an investment is reliably a good deal for your insurance agent, for you, not. Term life is a bet that you will die. If you "win" your family gets the money so they can survive without you. The other kind of life insurance which amasses value is a poor investment. It is better to buy term life while your family needs your income, and once...
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    Regarding the retirement savings part, the more income streams you create that will continue to pay you even after you stop working your regular job. concrete driveways
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