Any discussions here that I missed? I did a search and could not find anything on this forum. DH and I filled out paperwork last night to start one for each of us. Curious if anyone has experience.
I guess one question would be - what type of information are you after?
I think they make sense as long as it makes sense in your situation.
I personally like them as a way to create a diversified tax basis in my retirement years - should that day really ever come.
I like many of the features they currently have should you need to get at longterm money for any unexpected reason.
I like the options of my own portfolio management with a company of my choice.
Wanted to know if it was a good investment. Have wonderful 401K plan and pension in work. Also had some savings that needs to be moved to make more interest....advisor suggested Roth IRA, so we are moving money.
A Roth can be a great investment tool as long as you're invested in the right assets that take into consideration your financial situation - risk tolerance, all of your other assets & liabilities to name a few.
In my opinion a Roth in and of itself doesn't necessarily make a great investment on it's own. It's what is inside the Roth which generates performance numbers that determine if it's a good investment.
Sounds like you know what you're doing since you mention a 401K, pension & savings...
I think they are great for diversifying tax basis, etc...
And - any money invested well is a great idea!
Sounds like you know the risks & rewards with investing so go for it indeed!!!!
Deemarie - The investment value of a Roth IRA will depend on how you invest it. Depending on the firm that you are with, you should have many choices as to the kinds of funds available.
DH and I like our Roths because they are 1) tax free, and 2) we will never have to draw on them if we don't want to, and can leave them to our children. With a regular IRA you must begin withdrawing money at age 70 1/2. No such rule applies to Roths.
I like Fidelity for Roths as it has an enormous number of funds, from money markets to many bond funds to a great array of equity funds. One click of the keyboard and you can switch to another fund at any time, with no penalties. Be sure to look for no-load funds.
Thank you both for the advice. I feel better about this now.