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How can you invest in real estate, gold, jumbo CDS in a Roth IRA if the maximum contribution a year is $5,000?
Does that mean that ONLY the interest minus taxes, and NOT the principal amount invested in a Jumbo CD goes to your Roth IRA? Will that interest have to be less than $5,000 a year?
Also, must the first initial deposit not go beyond $5,000 when you open a Roth IRA in your 20s? Can you own more than one? Is it better to open one with a brokerage firm rather than a bank? Will they give you better advice and choices? Are they FDIC insured? Are there monthly fees?
Lastly, what happens if you don’t invest your yearly IRA contributions? Will it just grow on interest like a savings account? TIA! ü
ROTH IRA is after tax money, so anything you earn will be TAX FREE after 59 1/2 years old.
You have no limitation on your interest you earn in your ROTH IRA.
For example, if you put 5000 in Roth IRA in 2010, you earn 10000.00 in your return if you are good, so Roth IRA in 2011 is 15,000.00. You put 5k in 2011, so your account is 20k and if you earn 5k in 2011. So your account is 25,000.00. and THE PROCESS CONTINUE years after years, that the purpose for retirement saving, keep the account growing untouch.
IRS is only allow maximum for the ROTH IRA is 5000 for 2010. additional 1000, call catch-up contribution for 50 years or older.
I suggest open Roth IRA in brokerage account, give you more freedom to choose investment choices like BOND, CD, Mutual fund, ETF ( which you could Buy Gold), REITS (realestates TRUST), individual stocks.
A lot of brokerage waiver monthly fee. They may let you initial 500 deposit. and you could deposit any amount you want until the MAX is 5000. If in 2010 you could only afford put in 2000. put it in 2000. The Max is 5k, but anything less than 5k is still okie.
You could open and put in any amount up to 5k/year.
Hope you put the money in and consitently so you will be millionaire by the time of 62.
Learn how to invest properly.
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References :
ROTH IRA is after tax money, so anything you earn will be TAX FREE after 59 1/2 years old.
You have no limitation on your interest you earn in your ROTH IRA.
For example, if you put 5000 in Roth IRA in 2010, you earn 10000.00 in your return if you are good, so Roth IRA in 2011 is 15,000.00. You put 5k in 2011, so your account is 20k and if you earn 5k in 2011. So your account is 25,000.00. and THE PROCESS CONTINUE years after years, that the purpose for retirement saving, keep the account growing untouch.
IRS is only allow maximum for the ROTH IRA is 5000 for 2010. additional 1000, call catch-up contribution for 50 years or older.
I suggest open Roth IRA in brokerage account, give you more freedom to choose investment choices like BOND, CD, Mutual fund, ETF ( which you could buy gold), REITS (realestates TRUST), individual stocks.
A lot of brokerage waiver monthly fee. They may let you initial 500 deposit. and you could deposit any amount you want until the MAX is 5000. If in 2010 you could only afford put in 2000. put it in 2000. The Max is 5k, but anything less than 5k is still okie.
You could open and put in any amount up to 5k/year.
Hope you put the money in and consitently so you will be millionaire by the time of 62.
Learn how to invest properly.
References :
Slow down!
It doesn’t matter if you have one IRA account or a hundred. You can only contribution $5000 per year for all of them COMBINED. Earnings on assets already in the IRA do not count toward that $5000. It’s "new money" that is limited.
The best choice of custodian depends on what YOU want to invest in within the IRA. Custodians can be banks, mutual fund houses, brokerages, even insurers.
References :
If you are 20 years old the maximum contribution this year for a traditional IRA and Roth IRA is $5000. That is a total for all accounts. You cannot put $5000 in one account and $5000 in another account. You could put $2500 in a traditional IRA and $2500 in a Roth IRA, but both accounts combined cannot have more than $5000 put into them in a given year.
What state are you from? If you add the state you are from, I could direct you better on what you are asking.
References :
Current Financial Rep