Tell me about yours! What do you like about yours? Anything you don't like? Where did you open yours?
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Mine is through Vanguard. I just went with one of their Target Index Funds, which is convenient and easy to do. No complaints and it was easy to set up.
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Mine is also through Vanguard, and I went with one of the target retirement date funds.
I picked Vanguard because they have lower fees than a lot of other companies, and all of my personal finance professors in college were big fans of them.
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DH has his with Fidelity and I have mine with BofA simply cause that where we happened to have our accounts when we opened it and it was easiest. No complaints. He is active in investing so he does his thing. I'm lazy and let my financial advisor manage that as well.
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Mine's through Merrill Lynch since I rolled over my old 401k that was there already.
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I don't have one, and I guess it's because I don't fully understand how it works. I need to call Fidelity or someone and ask questions. I thought you couldn't have one if you make more than a certain amount of money, but then I heard you *can* have one, you just can't keep adding to it.
So I guess I have to ask 1) am I allowed to have one 2)if I have one but don't contribute to it ever again become of income cap, how does it stack up between putting it in a regular IRA or a 403b? I realize there are a lot of unknown factors, because you can't really predict how much you will make on any of those in the next 30 years, but some average predictions would be good.
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@Anagram: Here are the income-related contribution limits for 2016: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Amount-of-Roth-IRA-Contributions-That-You-Can-Make-for-2016.
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@raspberries: yeah, thanks...I know what they are. =) I just don't understand if I can put money into a new Roth if we are over that limit. I thought we couldn't, but then recently heard maybe you could put a chunk of money into a Roth, but you can't keep adding to it.
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@Anagram: Oh gotcha! My CPA says the only way to add money to a Roth IRA when you're over the income limit is to rollover/do a conversion from another retirement vehicle (either another trad/Roth IRA or a 401K/403B, etc.) It doesn't seem like someone would be able to just open a Roth IRA and move a chunk of money from their savings account.
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@Anagram: Is that the back door? I think there's a way that you can convert your traditional IRA funds to a Roth when you're retired. Fortune had a great article, but I recycled the magazine, lol!
I personally feel like I've made one bad decision after another with my IRA. I recently opened one because I had to transfer a 401K, but I don't get a deduction for the contribution and that just bugs me.
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@looch: the back door is opening a traditional IRA and then rolling it over to a ROTH. But I have a pension from another state that I can/need to roll over to SOMETHING--I don't pay a penalty if I roll it into another type of retirement account. We also aren't eligible for any IRA deductions, and we are over the cap for a ROTH. I can open a 403b, but there's no match. So it seems like I have a lot of Meh choices and I don't know which one to pick. It's annoying.
A ROTH would be ideal if I could have one--pay the taxes now, but theoretically it would grow and by the time I retire and could withdraw, it'd be a much larger sum. I just need to sit down and call Fidelity and Vanguard and get some advice and compare it. I just never have time without 2 screaming kids, haha.
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@Anagram: Yes, that's how I feel, a bunch of Meh choices!
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My IRA is through Fidelity. I've been happy with them! I would also recommend Vanguard.
@raspberries: @looch: @Anagram: here's a good how to guide on backdoor Roth contributions.
http://thefinancebuff.com/the-backdoor-roth-ira-a-complete-how-to.html
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We do backdoor Roth contributions through our financial advisor. I think it's a good investment since you don't have to pay the taxes on any of the gains when you withdraw.
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