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Does anyone here have an IRA?

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 09:42 PM
Original message
Does anyone here have an IRA?
I'm about to get one and am wondering what to do with it.

I understand there is some flexibility in what I can do with it but am not sure of the options. Short of just letting it sit there til I'm 59-1/2, I'm asking for opinions.

Thanks.
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HipChick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 09:44 PM
Response to Original message
1. I have quite a few....
portable 401K's from various past employers that I rolled over..
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 09:52 PM
Response to Reply #1
2. So you rolled them over into an IRA? nt
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Common Sense Party Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 10:08 PM
Original message
Yes.
PM me with what you're trying to do, how old you are, what you're trying to do with the money, how much you have, etc.

I won't give advice, but I'll steer you in the right direction.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 10:26 PM
Response to Original message
5. OK, I will, thanks. nt
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Common Sense Party Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 10:08 PM
Response to Original message
3. Yes.
PM me with what you're trying to do, how old you are, what you're trying to do with the money, how much you have, etc.

I won't give advice, but I'll steer you in the right direction.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 10:12 PM
Response to Original message
4. Yeah!
It's doing quite well ... in Belfast! :sarcasm: :silly:
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demosincebirth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 11:06 PM
Response to Original message
6. I have some in fixed annuities. Better interest than any CDs out there.
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Lasher Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 11:27 PM
Response to Original message
7. You can withdraw Substantially Equal Periodic Payments before age 59 1/2
And if you follow the rules you don't get hit with the IRS 10% early withdrawal penalty. Long story short, you have to take out the same amount each month for 5 years, starting at age 54 1/2.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 06:23 AM
Response to Reply #7
9. Ooh! I didn't know that! I'll have to look into it, thanks. nt
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Lasher Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 08:28 AM
Response to Reply #9
17. Google Substantially Equal Periodic Payments
The Google will tell you all about it.
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Phoebe Loosinhouse Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 07:12 AM
Response to Reply #7
14. What are you talking about?
Are you discussing how to tap into an existing IRA without penalty? I'm confused.
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Lasher Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 08:27 AM
Response to Reply #14
16. Yes I am.
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MrMickeysMom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-28-10 11:32 PM
Response to Original message
8. I recently shifted around my IRA, as I'm not happy with the risk
Edited on Fri May-28-10 11:32 PM by MrMickeysMom
I get to do things like this online.

Have you examined how the money in your IRA is invested? I didn't like the 10 largest stocks, so moved it into a Prime Money Market fund, feeling the need to respond to the old adage: "Return OF capital is better than return ON capital". Maybe I'm paranoid

edit: spell
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 06:24 AM
Response to Reply #8
10. I don't have the IRA yet; next week, maybe. That's what
I am wondering; how or if to invest it to best benefit me. Thanks.
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MrMickeysMom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 07:53 AM
Response to Reply #10
15. FYI...
If this helps, they offer information on your way to making that decision. I'm sure there are others, too.

https://personal.vanguard.com/us/home?fromPage=portal
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DailyGrind51 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 06:41 AM
Response to Original message
11. Use it in conjunction with your tax preparation to determine your year-end obligation.
Start both a "Traditional" and a "Roth" IRA. Since the Traditional IRA permits you to take your deduction now, but taxable upon withdrawal. The Roth IRA, on the other hand, is not deductible on your tax form, but not taxed upon withdrawal. By having both you can balance you tax obligations now and upon retirement.
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calico1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 06:54 AM
Response to Original message
12. There is a regular IRA and a Roth IRA.
Both have advantages and disadvantages but I suggest you carefully educate yourself about both so you can decide which kind is best for you. Basically, with a regular IRA you have a tax advantage now. With a Roth you contribute after tax money but you won't get taxed on it when you retire. Look into both kinds before you decide.
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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-10 07:07 AM
Response to Original message
13. There are a lot of different products out there that fall under either Roth or traditional...
http://beginnersinvest.about.com/cs/iras/f/tradvsrothira.htm

Here is a good starting point in looking at which IRA you should consider.

We make contributions to an IRA throughout the year and then do our taxes ASAP figuring out how much of a deduction we will get. I then manipulate to get to the point where the tax refund pays for the contribution we are making.

We don't think we will have a large amount of money in our retirement so the deduction is worth more to us now.
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