Comments on: Have You Maxed Out Your Roth IRA This Year Yet?

By: MoneyNing

MoneyNing — Wed, 18 Jan 2012 18:37:20 +0000

No worries about the rant. Everyone is welcomed to their own opinion but have you thought about how you can come up with $5k eventually? You found a way to get online. Is the cost and time really necessary? How about a cell phone? Do you really need that to survive? Do you have a TV subscription too? If you really scrutinize your expenses, you will probably find that other than perhaps basic food, nothing else is really a necessity.

Too many people give reasons why they don’t save for retirement, and most of the time (at least for practically everybody living in a developed society) it turns out that they are just choosing not to put money towards their future. You chose to go online like everybody else does instead of putting money towards your retirement. You chose to surf the web instead of trying everything you can for additional income. You chose to live a little now by trading off a more financially stable future.

And by the way, those are fine choices. Just know that you did choose, subconsciously or not.

By: Michael

Michael — Wed, 18 Jan 2012 03:12:27 +0000

Opps, I’m sorry my wife and I were laughing at the post and the idea of having 5K to use this way and then my wife pointed out that this was a linked article to the one called “5 Ways to Help Your Children Become Wealthy” so again I apologize for the rant! I still think people with money don’t need advise on saving it or investing it!

By: Michael

Michael — Wed, 18 Jan 2012 02:47:26 +0000

I’m a father of two a 13yr old and a 7 month old, money management is a big concern I have for them. I’m 44 with no 401k no retirement no savings not to mention no 5k I can just transfer over to a IRA. Needless to say the thought of advising my children on how to become wealthy caught my eye. However after reading this I realized it wasn’t meant for low income families. Pfft Sorry 5K, 5 grand, 5 thousand dollars, $5,000? Yea hold on I’ll just transfer that from my want pile to my wish pile. Do you live in America? Sorry for the rant! I don’t see the point in offering money advise to people who have it, they don’t need advise obviously!~LOL

By: Stan

Stan — Sun, 18 Dec 2011 12:17:51 +0000

I’m close to retirement (it could be like tomorrow if I want). I’m currently debating whether I should fund my roth IRA or pay down the mortgage with less than 5 years. Interest from the mortgage is not worth the tax savings at this point in time. The emergency fund is there as well. What do you think?

By: Alex Roth

Alex Roth — Fri, 19 Aug 2011 22:52:42 +0000

T. Rowe Price is a great option… and fidelity offers some great plan

By: ANonyMouse

ANonyMouse — Sat, 28 May 2011 08:38:06 +0000

What if you have a bank-based Roth IRA that only allows you to contribute to it once every year (say it’s pretty much a CD but w/ Roth IRA benifits?)

By: Andralyn

Andralyn — Thu, 26 May 2011 09:25:00 +0000

And I thought I was the sensible one. Thanks for setting me straight.

By: Ryan Roth

Ryan Roth — Mon, 24 Jan 2011 17:57:43 +0000

I’m still surprised how many of my friends don’t take the time to invest in a Roth IRA when it’s so simple to set up. Literally takes 5 minutes online and is something that’ll continuously make money without you doing work… why not?

By: Financial Samurai

Financial Samurai — Thu, 14 Jan 2010 05:38:08 +0000

Oh, no. I really hope nobody converts to a ROTH IRA or believes in the hype. We’ve got like a 50+ commented post over on my site why converting to a ROTH is a government trick.

Contributing is better than not contributing, but you’ve got to understand the process before you do.

By: MoneyNing

MoneyNing — Mon, 11 Jan 2010 05:46:25 +0000

You are right, and I always truly appreciate everyone’s point of view. This post definitely already assumed that Roth IRA is good.

I like the Roth IRA more than a Traditional IRA (since you are implying this comparison instead of whether retirement accounts are better than taxable accounts) because I think having a large 401k artificially inflates someone’s “outlook” of how much they really have. To me, the numbers is such a small part of personal finance when compared to psychological side of things, thus why I talk about it much more than anything else over here.

For example, while no one got rich with ONLY savings accounts, these conservative people usually have no debt and are doing just fine. That’s mainly why I like Roth, because it gives you a truer picture of what you actually have.

No one really knows what the tax code will be decades down the road, and unpredictability is a HUGE obstacle to someone’s piece of mind during retirement.

Roth money = taxed money = my money

401k = my money – Uncle Sam’s money (a much different beast).