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10th January 2008, 08:31 PM
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 Roth IRA--pros and cons Hi Ladies, Most of us here in US might have been aware of Roth IRA..So how have you benefitted so far...any tips and tricks?      |
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13th January 2008, 01:58 PM
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| Re: Roth IRA--pros and cons Hi Shravanthika - from my personal experience, I have not been able to take advantage of ROTH-IRA due to fact that my husband and I both have 401(k) offered by our employers that we take advantage to its fullest extent. You can still participate in Roth - IRA but there are income limit phase outs - and hence no luck for us there. But if there are people out there who can take advantage of it, I would strongly encourage them to participate in it - due to tax advantages it offers. |
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13th January 2008, 06:02 PM
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| Re: Roth IRA--pros and cons Thanks for the info Shobana... So the money your going to invest is already taxed...but you dont pay tax for the earnings and investment amt later when you take it out(at retirement).Am I right? You can break the account at any time ...after 5 yrs...and you pay taxes and penalty only for your earnings...Am I right again? |
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