Vanguard or Fidelity??? ROTH IRA?
Maximum contribution allowed by law $5,000 for tax years 2009
+ is this for one account or all accounts combine?
+ better to sign up with Vanguard Roth ira or Fidelity ira?
+ can i deposit up to 10,000.00 and stop for the rest of my life? (my 401k will take up all of my available fun after I am able to contribute 10g to a roth ira)
*i’m new at this, pardon if Qs: seem stupid.
i don’t have a 401k plan right now until July. my co.’s 401k plan will be with JohnHamcock once i’m eligible in July and there is no limit to the amount i want to contribute, they only match 100% of first 3% and 50% of follow 2%. guess i could just rollover my right now roth ira with fidelity once my 401k with JH ROTH is in effect.
1.) $5000 is for all iras combined. If your income doesn’t exceed a certain level, then you can also contribute the maximum to your 401k – which is an additional $16,500, that is if your company doesn’t have a limit on your 401k (actually its a little more complicated than this – see link at very bottom for details).
This will also be the IRA max for 2010, after that, Obama will let Bush’s tax plan sunset & the max for IRAs will go back down to $2,000, however the max for 401ks were made permanent under Bush
http://www.globalfinanceworld.com/finance/retirement-planning/how-knowing-contribution-limits-will-help-benefit-your-roth-ira/
http://www.csdcu.org/IRA%20Cont%20Questions.htm
2.) Vanguard has a larger number of better funds (lower cost) to choose from. With Fidelity, they do have good funds, but it may take a little more researching to find them
3.) investing $10,000 is not enough for retirement. 10,000 invested for 40 yrs at 8% earnings will earn you $217,245. Forty yrs from now this amount will not be a very much
As a general rule choosing between a Roth or a Traditional IRA, this depends what tax bracket you’re in.
If you think you will be in a lower tax bracket when you retire, then you should choose the Traditional IRA (pay taxes when you retire), however if you think you will be in a higher tax bracket when you retire, then select the Roth (pay taxes now)
For details & to find out about investing in both of your IRA & 401k at the same time, you should read this article
http://www.investopedia.com/articles/retirement/05/022105.asp
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