So, I'm a 26-year-old married medical student who is just learning about investing. I just realized that my wife and I will no longer qualify for Roth IRA when I become an attending physician, so we have 6 years now to invest in one. I have 2 questions:
1. What is the best institution to open a Roth IRA in?
2. If we hurry up and open it before new years, can we still make the max $5000 contribution for 2018?
why open a roth and be locked in for 20 years when you can just cherry pick the same stocks and come n' go as you please?
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Tax sheltered. I can trade stock as much as I please when I'm a dermatologist making $400,000/year, but I can't legally invesr in IRA at that point. It's not allowed if you make over $200K annually. That's why I need to open one now.
Bump
Step 1 score?
1) if you want to do your own portfolio, cheap index fund vendors like Vanguard, Fidelity, Schwab. There are also ‘robo’ investors like Betterment and Wealthfront that will take your info and buy funds for you, for a fee.
2) it’s $5500 and you have until April 15 of 2019 for tax year 2018
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Thank you so much for the info! Super helpful.
Look into backdoor Roth IRA
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SOMEONE POST THE FACE
you asked for it bub
Nice, I'm taking boards in june. Enjoy derm :)
I’m in the same situation as I make too much to invest in a Roth, apparently there’s something called a backdoor Roth IRA where you can just put money in a regular ira and then convert that into a Roth IRA and get away with it but I haven’t tried it yet
how did you find another pic?
5500 will be peanuts by the time you are earning 400k though. Why even bother?
Is there any reason you can't day trade and swing trade like a mofo in a Roth and have a gorillion dollars waiting for you tax-free at 59.5?
all retirement funds are scams. the fees to maintain them outweigh their positives
get a vanguard account put a monthly investment into VOO sp500 and your talking millions when you retire. just dont sell till you retire or keep it and live off the dividend. one way or another you get the same tax break you want.
with any retirement fund you would be lucky to break one million.
I have a Roth IRA with vanguard. There are no fees beyond the standard fund/ETF management fees, which is like .04% aka practically nothing.
i vouch for vanguard
but not all retirement funds are made the same
Keep anything "safe" in the tax sheltered account, keep anything risky positions in a normal brokerage account so you can sell at a loss for tax deductions if necessary.
Roth goes 2 ways, you're not getting g taxed on your gaones but you're also barred from selling at a loss and declaring it against your income.
You can, but taking risky positions in your Roth is dangerous as there is no tax advantage for selling at a loss.
It is a better strategy to dump your dividend frens in the Roth and take any risk heavy positions in a separate account.
Good to see you here, I’m Rad Onc making 450k a year. Unless you’re planning to move to some crap place you won’t be pulling that 400 a year when you come out. You’re looking at more like 275-300 starting then you can scale from there. There’s a small chance that you won’t be able to scale bc medicine has a high chance of going to the shutter. Anyway, max out for Roth and 401k now it’ll be worth
Is that what a doctors wife looks like at the beach having fun in her 20s?
how about you get the fuck out of here OP before something happens