Author Topic: Help with online Traditional IRA account  (Read 6366 times)

Offline kishke

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Help with online Traditional IRA account
« on: March 05, 2021, 04:20:35 PM »
I need to open a traditional IRA account ( cuz of tax purposes)
Anyone has any experience, where to start, what to look for?
Online? In person
My husband n me are both in our mid 50

Offline incendia

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Re: Help with online Traditional IRA account
« Reply #1 on: March 06, 2021, 07:49:23 PM »
You can open an IRA at Schwab Etrade Fideilty etc or any pretty much any bank

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #2 on: March 06, 2021, 08:01:54 PM »
You can open an IRA at Schwab Etrade Fideilty etc or any pretty much any bank
Vanguard is popular too

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #3 on: March 06, 2021, 08:02:42 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.

Offline Mordyk

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Re: Help with online Traditional IRA account
« Reply #4 on: March 06, 2021, 08:17:30 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.

We need to say this with a loud speaker in our communities. 

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #5 on: March 06, 2021, 08:28:23 PM »
I need to open a traditional IRA account ( cuz of tax purposes)
Anyone has any experience, where to start, what to look for?
Online? In person
My husband n me are both in our mid 50


Also, if you don't have any other IRAs you should look into doing a back door Roth IRA

Offline justaregularguy

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Re: Help with online Traditional IRA account
« Reply #6 on: March 06, 2021, 08:30:06 PM »
I’m young.
What’s an IRA?
nothings impossible- the word itself says Im possible

Offline sguitarist18

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Re: Help with online Traditional IRA account
« Reply #7 on: March 06, 2021, 08:31:19 PM »
Individual Retirement Account.

Offline justaregularguy

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Re: Help with online Traditional IRA account
« Reply #8 on: March 06, 2021, 08:33:35 PM »
What’s different than investing in stocks, ETF, or with any broker ?
nothings impossible- the word itself says Im possible

Offline zh cohen

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Re: Help with online Traditional IRA account
« Reply #9 on: March 06, 2021, 08:44:55 PM »
What’s different than investing in stocks, ETF, or with any broker ?

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)

Offline kishke

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Re: Help with online Traditional IRA account
« Reply #10 on: March 06, 2021, 08:57:10 PM »
Is there a difference with which online place u open it with? 

Offline Mordyk

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Re: Help with online Traditional IRA account
« Reply #11 on: March 06, 2021, 08:57:45 PM »
I’m young.
What’s an IRA?
That's awesome.   Google it. Go on YouTube.     Young is the best thing working for you when you talk about retirement accounts!

Offline Essen est zich

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Re: Help with online Traditional IRA account
« Reply #12 on: March 06, 2021, 08:58:27 PM »
Whats the advantage of backdoor as opposed to standard ira?
Shloffen Shloft Zich

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #13 on: March 06, 2021, 09:12:55 PM »
Is there a difference with which online place u open it with?


Subtleties. Probably won't matter initially but if you discover something at one that you like better you can always move your assets over

Offline ushdadude

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Re: Help with online Traditional IRA account
« Reply #14 on: March 06, 2021, 09:13:33 PM »
Whats the advantage of backdoor as opposed to standard ira?

 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

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

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?)
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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

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.
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Offline 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