Author Topic: Latest: put 5.5k of savings into traditional or roth ira before yr ends?  (Read 17628 times)

Emergo

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #100 on: December 02, 2015, 07:18:09 AM »
So my ira and my non retirement accounts all will be invested in vtsax eventually right?

boarder42

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #101 on: December 02, 2015, 08:43:35 AM »
thats where i would put it.

DK

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #102 on: December 02, 2015, 08:54:35 AM »
ha, "only" 5K/yr raises...

I'd rec looking and reading through fool.com as well, they gave me a lot of good general investing/tax advice.

boarder42

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #103 on: December 02, 2015, 09:12:47 AM »
you're in houston.  you just jump ship to the company that will pay you the most.  and 5k a year is nothing to frown out either.  Houston is a hired gun city for engineering.

Malum Prohibitum

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #104 on: December 07, 2015, 03:24:58 PM »
You have until tax day in April to fund your IRA for 2015 just an FYI
Emergo, I just wanted to make sure you did not miss this deadline.  You get until April 15, 2016 to fully fund your IRA for the prior year (2015).

MoonShadow

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Why do you want a $10,000 emergency fund?


In case I get laid off or any emergency event in my life or family. I thought this was the common thing people do?

It's a common thing that undisciplined savers do.  It's not really necessary for most of us here.  But since you can take your contributions out of a Roth IRA if you need too, put some money into a Roth IRA for a few years, till your contributions are at least $10K, and don't worry about an e-fund.  Max out that 401K, and leave it that way.  Let the rest of the details come to you as you learn more about investing.

MDM

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #106 on: December 07, 2015, 03:40:30 PM »
You have until tax day in April to fund your IRA for 2015 just an FYI
Emergo, I just wanted to make sure you did not miss this deadline.  You get until April 15, 2016 to fully fund your IRA for the prior year (2015).

And for the procrastinators in the audience, you get 3 (4 if you live in Maine or Massachusetts) extra days this time.  From https://www.irs.gov/Retirement-Plans/Traditional-and-Roth-IRAs:
Quote
Your tax return filing deadline (not including extensions). For example, you have until April 18, 2016, to make your 2015 contribution.

See http://www.irs.com/articles/tax-deadline-alert-2015-tax-returns-are-due-april-18-2016 for details.

davef

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Re: Latest: put 5.5k of savings into traditional or roth ira before yr ends?
« Reply #107 on: December 08, 2015, 04:23:42 PM »
I didn't read the whole thread but 10,000 is way too much for an emergency fund for a single guy that lives with mom. lets face it if you lost your job you living expenses would fall to about 1k per month. 6k is the most you need. Realistically in your situation I'd be comfortable with 3-5k. Especially if you have other non-liquid funds accessible to you.