Results 1 to 5 of 5

Thread: IRAs and retirement savings

  1. #1
    God/dess
    Joined
    Sep 2002
    Posts
    8,031
    Thanks
    0
    Thanked 143 Times in 42 Posts

    Default IRAs and retirement savings

    Does anyone here have an IRA or other retirement savings? I just opened an IRA but I'm interested in other forms or saving for retirement. I'd love to hear what the rest of you are doing.

  2. #2
    Senior Member guywholikesdancers's Avatar
    Joined
    Dec 2003
    Location
    Columbus, Ohio
    Posts
    108
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:IRAs and retirement savings

    Are you an independent contractor or an employee? If the former, you should be able to open a SEP IRA, which dramatically increases what you can contribute. If you are eligible for that you should also be eligible for a Medical Savings Account, which will further increase your alloted contribution.


  3. #3
    God/dess montythegeek's Avatar
    Joined
    Oct 2003
    Posts
    2,103
    Thanks
    0
    Thanked 9 Times in 5 Posts

    Default Re:IRAs and retirement savings

    SW/CC
    GWLD may well be right. Remember the date to set one up for 2003 is not a calendar year deadline but when you file taxes. One thing to consider is that some brokers wave all annual fees once your balance hits a certain amount or if you select online statements. Stop by a brokers on a slow day or shop online at any big broker.

  4. #4
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:IRAs and retirement savings

    I have a Universal Life Insurance policy which allows me to invest in sector funds. This provides an income to pay the life insurance premiums, it also builds retirement savings tax deferred, and it also allows me to borrow 100% against the value of the investments to access this money in an emergency without being hit with a massive 10% penalty for early withdrawl plus having all of the deferred taxes hit immediately.

  5. #5
    Senior Member m's Avatar
    Joined
    May 2003
    Posts
    148
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:IRAs and retirement savings

    Quote Originally Posted by Melonie link=board=6;threadid=5504;start=msg59408#msg59408 date=1072646240
    I have a Universal Life Insurance policy which allows me to invest in sector funds. This provides an income to pay the life insurance premiums, it also builds retirement savings tax deferred, and it also allows me to borrow 100% against the value of the investments to access this money in an emergency without being hit with a massive 10% penalty for early withdrawl plus having all of the deferred taxes hit immediately.
    you can get tax deffered growth with an annuity and skip the charges for the life insurance, the loan provision rules are different though.

Similar Threads

  1. Hmmm advice? Regarding savings, IRAs, and student loans
    By lilymiaomiao in forum Dollar Den
    Replies: 23
    Last Post: 04-13-2009, 04:54 PM
  2. Replies: 0
    Last Post: 06-07-2008, 04:06 AM
  3. ROTH IRAS.....need help
    By SPAMela12 in forum Dollar Den
    Replies: 15
    Last Post: 07-26-2007, 06:52 PM
  4. I did it! (savings)
    By jaizaine in forum The Lounge
    Replies: 20
    Last Post: 05-24-2007, 11:19 PM
  5. IRAs
    By Bridgette in forum Dollar Den
    Replies: 27
    Last Post: 03-10-2007, 10:41 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •