Author Topic: Help with online Traditional IRA account  (Read 2287 times)

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #15 on: March 06, 2021, 09:14:39 PM »
What’s different than investing in stocks, ETF, or with any broker ?


Most people should not be investing in individual stocks
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Offline Yo ssi

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Re: Help with online Traditional IRA account
« Reply #16 on: March 06, 2021, 10:33:09 PM »
A back door Roth IRA is a way to put money into a Roth when you don't usually qualify. So you do pay tax on the money but when you withdraw you don't have to pay tax
Any disadvantages using the backdoor method? (Is there a penalty for removing the initial deposit?)

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #17 on: March 06, 2021, 10:34:14 PM »
Any disadvantages using the backdoor method? (Is there a penalty for removing the initial deposit?)
The initial deposit is moved from a traditional IRA into a Roth IRA. It stays there until retirement
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Offline Yo ssi

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Re: Help with online Traditional IRA account
« Reply #18 on: March 06, 2021, 10:36:48 PM »
The initial deposit is moved from a traditional IRA into a Roth IRA. It stays there until retirement
IINM when doing a straight roth IRA, the initial deposit could be removed penalty free.

Online ExGingi

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Re: Help with online Traditional IRA account
« Reply #19 on: March 06, 2021, 10:54:09 PM »
Any disadvantages using the backdoor method? (Is there a penalty for removing the initial deposit?)

Does the 5 year rule apply?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Mordyk

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Re: Help with online Traditional IRA account
« Reply #20 on: March 06, 2021, 11:48:21 PM »

Most people should not be investing in individual stocks
For retirement?  Nobody should. Besides if you have a very large diversified portfolio

Offline Sport

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Re: Help with online Traditional IRA account
« Reply #21 on: March 07, 2021, 08:36:06 AM »
Parenthetically, I've been reading up a lot now about financial Independence. The common theme in almost everything I read is to start as early as you can.
Yup,
Just play around with numbers on this calculator
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
 you'll quickly see that the most significant factor to creating wealth is time.

Offline justaregularguy

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Re: Help with online Traditional IRA account
« Reply #22 on: March 07, 2021, 11:44:58 AM »
You use the money in the IRA to invest, but you don't have to pay taxes on the money you make until you take it out (or ever if it's a Roth IRA)
isnt that rule the same for any stocks or etf's?
if i reinvest all dividends i dont pay taxes until i retire no?
and if im wrong, how would i go about investing in the vangaurd etf im already investing in, thru the ira method?
nothings impossible- the word itself says Im possible

Offline Kobe Bryant

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Re: Help with online Traditional IRA account
« Reply #23 on: March 07, 2021, 12:40:16 PM »
Parenthetically, I've been reading up a lot now about financial Independence. The common theme in almost everything I read is to start as early as you can.
https://forums.dansdeals.com/index.php?topic=117240.0

Offline zh cohen

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Re: Help with online Traditional IRA account
« Reply #24 on: March 07, 2021, 03:14:23 PM »
isnt that rule the same for any stocks or etf's?
if i reinvest all dividends i dont pay taxes until i retire no?

No.

and if im wrong, how would i go about investing in the vangaurd etf im already investing in, thru the ira method?

https://investor.vanguard.com/ira/how-to-open-an-ira

Offline ushdadude

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Trolls will always post stupid replies

Online ExGingi

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Re: Help with online Traditional IRA account
« Reply #26 on: March 08, 2021, 09:50:55 AM »
Parenthetically, I've been reading up a lot now about financial Independence. The common theme in almost everything I read is to start as early as you can.

I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #27 on: March 08, 2021, 12:35:02 PM »
Everything I read about personal finances needs major tweaking to make it relevant to a frum family. (EG send to public school instead of private school is not usually an optionand not everyone will move to CLE)


Maybe it's time to open a new forum (or thread). "The Frum Family Forum for Financial Freedom"
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Offline Kobe Bryant

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Re: Help with online Traditional IRA account
« Reply #28 on: March 08, 2021, 01:26:56 PM »
Everything I read about personal finances needs major tweaking to make it relevant to a frum family. (EG send to public school instead of private school is not usually an optionand not everyone will move to CLE)


Maybe it's time to open a new forum (or thread). "The Frum Family Forum for Financial Freedom"
Feel free to discuss here
https://forums.dansdeals.com/index.php?topic=117240.0

Offline Mordyk

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Re: Help with online Traditional IRA account
« Reply #29 on: March 08, 2021, 01:38:19 PM »
Everything I read about personal finances needs major tweaking to make it relevant to a frum family. (EG send to public school instead of private school is not usually an optionand not everyone will move to CLE)


Maybe it's time to open a new forum (or thread). "The Frum Family Forum for Financial Freedom"
-10000

principles are the same. you need to adjust for whats necessary for your personal life. but overall i found that principles can be applied everywhere the same