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Question: Going to Grad School: So Invest in 410k or IRA or Anything Else?

So I have just landed a job out of college, but I am planning to leave in 2 years in order to go to Grad School (MBA).

My company offers me 410K, however I won’t get the benefit of matching fund if I leave before 2 years, and only 20% of the amount invested if i leave 2-4 years.

So these lead me to possibly do an traditional IRA investment, which I can play around a little in what I can invest in so. Also I heard that there are exceptions for higher education so I won’t get the 10% penalty.

However, I’m still not sure what the best options are. I’m not expecting huge returns b/c I’m only investing for a short term: but I do want to do what I can in terms of earning/saving some extra money for college.

Thoughts? Suggestions?

Thanks.

Answer: Well you might as well invest in the 401k upto your co’s matching percent because it’s free money. Also put what you can in a traditional IRA and yes you would get the education exemption.

Conversations with History: Ira Michael Heyman

ira faqs

Life Insurance Faq

More life insurance questions please visit : InsuranceFreeFAQ.com

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Insurance is a:??
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Is it possible to insure my p enis?
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Is near any policy for one year?
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Self Directed IRA Custodian Sunwest Trust, Inc FAQs

wells fargo ira services

Question: I want to open a SEP IRA, rollover my 401k, and do stock trading…all with one company. Who’s the best?

I use Fidelity for my 401K, Ameritrade for my stocks, Wells Fargo for my checking accounts, INGDirect for my savings account, Chase for my credit cards and HELOC, and WaMu for my mortgage. I’m looking to consolidate a bit, so I don’t have to deal with so many different log-ins and interfaces. I also need to open a SEP IRA before the tax deadline. If I want to at least consolidate my 401K, SEP IRA, and Stock Trading with one company, what company should I go with? Schwab? Ameritrade? Fidelity? WellsFargo? ETrade? A different company? My must-haves are:
1. No/Low Fees
2. Good Customer Service
3. Intuitive Online Interface
4. Fast and easy set up (e.g. account set up, rollover, initial deposit, etc.)

Thanks for your help!!!

Answer: Vanguard will give you the lowest fees.

Schwab will probably give you the best service.

ira questions

Question: Roth IRA questions from my bank?

If I open an Roth IRA with my bank, do I contribute to it whenever I want? or does the bank automatically contribute a certain amount each month to my Roth IRA for me from my checking account?

The maximum contribution to it is 5,000 dollars. Does the penalty still stand if I contribute less than that, but when it draws interest, it goes over that?

Also, IRS regulation says that you can not withdraw until 59.5 but products can last about 23 months. What happens after the 23months is over and I am not 59.5? does it stop drawing interest and just sit there? or can I take it out? or am I required to renew or open a new IRA?

Answer: Do not open a Roth at your bank. Banks are not brokerages, your investment options will be severely limited. Open it at a discount brokerage like Schwab, which has low initial deposit requirements and the lowest fees on index funds that currently exist.

You can contribute up to $5000/year to your Roth, limits may change in future years. You can set it up to fund monthly or fund it whenever you like throughout the year. I’m not sure what penalty you are talking about. Your bank may have minimum balance requirements that would cause a penalty for having too little money in the account. Pick an institution with minimum balance requirements that fit with how much money you can afford to start out with.

If you fund your account the money in the Roth is initially in cash. You can then take this cash and purchase shares in a mutual fund, bond fund, a CD, or any other type of investment instrument. If you were to buy a 12-month CD, when the time ran up you could either extend the CD or the money would stay in the account as cash. You could then use it to purchase another financial instrument.

Do not take money out once it goes into your Roth. For most people personal retirement savings are your only hope of having a decent retirement.

You don’t have to open a Roth immediately, so take some time to learn about how these plans work, what brokerages you might choose to use, and what investment options you should use (read up on asset allocation). I suggest starting with a broad-market index fund (total stock market index fund or S&P500 index fund). Later you can add other investment types, like small-cap stock funds, international stock funds, or bond funds.

Edit: I see you were asking about a penalty if your deposits plus earnings run over $5000 in a year. Earnings do not count towards your $5000 limit, which is great because hopefully at some point you will be returning much more than $5000 annually in the account! Only transfers into the account count towards the $5000 limit.

Considering A Gold IRA: Questions To Consider Prior To Adding Gold To Your IRA

irs ira distribution tables

Question: IRS Rules about substantially equal premature IRA withdrawals???

Hypthetical situation: I’m 45 and have enough money in my Roth IRA to retire. Is it really as simple, as using the life expectancy table and dividing my balance by that number each year to withdraw from my Roth so I can never work again? No penalty for early distribution, and no taxes since it is a Roth?

Answer: That is generally correct. Of course, with IRS rules there are additional hoops to go through.

Read the details in IRS Publication 590 (Individual Retirement Arrangements), Roth IRAs, starting with “Are Distributions Taxable?” (starting on p. 65)

http://www.irs.gov/pub/irs-pdf/p590.pdf

Key Investments for Middle-Class Families