Archive for the Retirement

401Ks and ROTH IRAs

My employer offers a 401k for retirement savings.  I contribute 6% of my salary, and they contribute 4% of my salary and give me dollar for dollar matching.  I’ve contributed 6% for years, and it’s a number we’ve been comfortable with.  However, I got to thinking the other day how Mr. Money’s employer doesn’t offer any type of retirement savings (they haven’t ever) and how we probably need to get cracking on saving for retirement with him.  We each have a Roth IRA that are in mutual funds, and my account has around $500 in it while his has maybe $2500 in it.  That is all we have saved for retirement minus my 401k, which I know has a decent balance, but not as much as I’d like for both of us, especially with Mr. Money being 34 years old. This is what I’m thinking: I will take a set amount of his paycheck aside each month and transfer it to an ING account where it can stay until we’ve got enough to contribute to the Roth IRA.  The reason […]

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Should I do a Roth IRA Early Withdrawal?

Almost six years ago I opened a Roth IRA in a brokerage account.  I started the account with just $500, and I did it as more of a favor to the financial adviser that worked for the bank.  Needless to say, I haven’t made any contributions to it since I actively contribute to my 401k offered through my employer.  Every year there is a $15 annual fee, and each year the Roth IRA automatically sells some of my mutual funds to pay for that annual fee.  In addition to losing money with the annual fee for the brokerage account, the value has gone down due to the stock market fluctuations. I’ve been contemplating closing out my Roth IRA.  It doesn’t make sense to have an account that costs me money each year that I’m not going to make contributions to.  I talked with my financial adviser and she agrees that we should just close it out.  It doesn’t make sense financially.  I’ll keep contributing to my 401k, and we’ll leave Mr. Money’s Roth IRA as it is (it’s also a […]

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