roth ira?

**warchild** · 11-13-2008, 02:21 PM

just curious as to how many of you contribute to an ira roth? i am thinking about starting one this year. the max is 5k for 08 and they upped it to 6k for 09.

**JDawg1536** · 11-13-2008, 03:11 PM

I do. The earlier you start the better. Get on it ASAP.

**warchild** · 11-13-2008, 03:25 PM

how old were you when you started?

**JDawg1536** · 11-13-2008, 03:51 PM

23, I haven't had it that long. I read this book called The Automatic Millionaire, and the author gives examples of how much money you lose out on by waiting X number of years to start one. It's pretty sickening.

**warchild** · 11-13-2008, 03:57 PM

thanks man

**daem** · 11-14-2008, 01:51 AM

I always contribute to a self-managed Roth IRA and max it before contributing to a company 401K.

Tax free gains from trades and no withdrawal at time of retirement make it an incredibly powerful tool. Add that to the fact that some brokerages allow you to buy/short and buy options with it and you have an unbeatable combo.

I've made more money shorting the shit out of companies I watched rise than I made the last 3 years from a total return standpoint in my Roth by primarily being a long.

The only downside is that you'll have to wait until 59.5 to touch the money, possibly longer if the democrats **** with everyone's retirement accounts.