We Just Opened Up Our First Roth!
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We Just Opened Up Our First Roth!
Opening a Roth account is a significant milestone in anyone’s financial journey. It’s a key step towards saving for retirement and ensuring financial security in the future. For many people, the process of opening a Roth account can be intimidating, but with the right guidance and information, it can be a straightforward and rewarding experience.
For us, opening our first Roth account was a big moment. We had been thinking about starting one for a while, but it wasn’t until we sat down and really looked at our financial goals that we decided to take the plunge. We wanted to make sure that we were setting ourselves up for success in the long run, and a Roth account seemed like the best way to do that.
After doing some research and talking to financial advisors, we decided to open a Roth IRA. This type of account allows us to contribute after-tax dollars to our retirement savings, which will then grow tax-free until we’re ready to start withdrawing the funds in retirement. Not only does this give us a significant tax advantage, but it also provides us with more flexibility and control over our retirement savings.
The process of opening our Roth account was surprisingly easy. We chose a reputable financial institution and set up an appointment with a financial advisor who helped us through the entire process. We had to provide some basic information, such as our social security numbers and banking details, but within a few days, our Roth account was up and running.
Now that we have our Roth account set up, we’re excited to start contributing to it regularly. We have set up automatic transfers from our checking account to our Roth IRA, so we can continue to build our retirement savings without even thinking about it. We’re also looking forward to exploring different investment options and diversifying our portfolio to maximize our returns.
Opening our first Roth account has been a rewarding experience, and we feel more confident about our financial future knowing that we have started saving for retirement in a tax-efficient way. We encourage anyone who is thinking about opening a Roth account to do their research, talk to financial advisors, and take the leap. It’s never too early to start planning for retirement, and a Roth account is a great way to set yourself up for success in the long run.
I think you should ladder Target date funds. You will need so much invested for Year 2060 and for the next 5 years. When you exceed that you should put in 2065 Year fund and so forth. That should allow you to ladder your risk also and be appropriately more aggressive. Now watch those fees in target funds. It's been more than a decade since, but my son was placed in a target fund by default by his employer which had 2% fees. I showed him how to do the same thing for about 0.3% fees. If you go through and analysis to look at what a 1.7% expense on your portfolio with do to your portfolio after 35 years. It isn't pretty. But, in my opinion, there should be no bond exposure in a fund until you are about 10 years away from retirement (or target date) maybe even 7 years.
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Regardless of your investment goals, it is important to start a Roth IRA as soon as possible. There is a 5 year rule for Roth accounts where you can’t touch the money until 5 years have passed from your first contribution to the account.
I am not saying to withdraw early, but it is good to have options. Just throw $50 into one now and come back to it when you’re ready.
Vfiax and chill
Yeah but is this a good idea? What could be better? I’ve also heard you should pick target date retirement funds at a later date rather than you retiring.