Current Events > Don't forget to max out your Roth IRA for the year, CE >_>

(+) Yeah! (+)

You can put in up to $6500 every year and if you can, you should put it all in at once at the start of the year so that the entire investment has all year to work instead of piecemealing it slowly throughout the year >_> But whatever you can handle

This is a PSA from your resident Titty Meister!

Don't forget to increase your 401k contributions either. Max this year increased to 22.5k from 20.5k

No.

As well as your HSA; max it out!

Brb just maxed everything out. Now struggling to live paycheck to paycheck. Had to be late on bills.

What do tc?

WingsOfGood posted...

Brb just maxed everything out. Now struggling to live paycheck to paycheck. Had to be late on bills.

What do tc?

You won't live paycheck to paycheck when you retire...hopefully >_>

NeonTentacles posted...

You won't live paycheck to paycheck when you retire...hopefully >_>

I will be rich! Live like a king!

*dies before retirement

yeah, just do it. if you end up making enough money that you're not eligible, you can take it out before you file your taxes next year.

emblem-man posted...

Don't forget to increase your 401k contributions either. Max this year increased to 22.5k from 20.5k

Oh gee, I was wondering what to do with all this extra money sitting around

Don't forget to rent out your third house. You barely visit. Might as well overcharge some hipsters

I really hate the idea of putting away money that I'm not allowed to touch for 30 years.

The world is going to be pretty much a wasteland by then anyway.

Mearcstapa posted...

I really hate the idea of putting away money that I'm not allowed to touch for 30 years.

The world is going to be pretty much a wasteland by then anyway.

Maybe if you saved money you can afford to relocate to a habitable area

Mearcstapa posted...

I really hate the idea of putting away money that I'm not allowed to touch for 30 years.

The world is going to be pretty much a wasteland by then anyway.

Don't let doomerism keep you from making decisions about the future

Dat_Cracka_Jax posted...

Maybe if you saved money you can afford to relocate to a habitable area

I am saving money. I save around 90% of what little I earn.

My issue isn't with saving generally; it's with that particular investment vehicle.

Are the tax incentives worth making that money untouchable for the next 30 years (with even the possibility that I die before being able to use it)? It's a frustrating problem.

Mearcstapa posted...

I am saving money. I save around 90% of what little I earn.

My issue isn't with saving generally; it's with that particular investment vehicle.

Are the tax incentives worth making that money untouchable for the next 30 years (with even the possibility that I die before being able to use it)? It's a frustrating problem.

Mathematically, over decades of growth, the tax savings are enormous. But it's fair to hold off if you know that you have savings goals you want to reach within the next few years (if you're saving for a down-payment or something, for example). Personal finance is personal after all. For what it is worth, you can withdraw the principle of your Roth IRA contributions without penalty so it's not as super duper locked up as you might think.

Mearcstapa posted...

I really hate the idea of putting away money that I'm not allowed to touch for 30 years.

The world is going to be pretty much a wasteland by then anyway.

With a Roth you don't get those penalties. It's the reason some prefer it over a standard 401k

johntravola.gif

wheres this 6500 i just have laying around?

I will do 15% of my income and that's it. 6% for my Roth and 9% for the 401k

With a Roth IRA, you can always take out the money you put in, without any penalties. You pay a penalty for taking out gains early.

But yes, the tax incentives are worth it

balls deep