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Old 07-31-2012
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Default IRA OR RothIRA?

just wondering if any of you self employed people invest in IRA or RothIRA,
wanting to just put some money away for retirement. any recommendations?
tons of info on the web, but after reading a few of them getting tirehead
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Old 07-31-2012
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To be honest, if you just go talk to a professional you will be very pleased. Some will do it for free, as they want you as a client. It depends on many factors, such as lifestyle, education, kids, major purchased made or are making, etc. Many people can give you their advice, but in the end it is something that depends on how you live your life. You should really just research some reputable people in your area, and call them up, and just give it a shot and see where it leads you. There are also many other areas you can invest your money in as well.
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Old 07-31-2012
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I think the Roth IRA is the better deal. You don't get the tax deduction NOW, but the withdrawals are tax free - PROBABLY. That is the law right now, but Congress COULD change it, if they decide they want to get their greedy, grasping hands on our money.

But I agree that you should speak with a financial adviser. There are other plans that self-employed people can use as well and one of them may be better for you. They are all somewhat complicated and what will be best for you depends on your personal circumstances.
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Old 08-01-2012
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jeffweico said it the best! It's really one of those deals where you'll have to google and do a little homework to find out what is best for you. Your bank can send you information of the two...or you can even go to Sharebuilder's site(just an example)and it should tell you there.

Good Luck!
waterproof



Quote:
Originally Posted by jeffweico View Post
I think the Roth IRA is the better deal. You don't get the tax deduction NOW, but the withdrawals are tax free - PROBABLY. That is the law right now, but Congress COULD change it, if they decide they want to get their greedy, grasping hands on our money.

But I agree that you should speak with a financial adviser. There are other plans that self-employed people can use as well and one of them may be better for you. They are all somewhat complicated and what will be best for you depends on your personal circumstances.
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