No. of Recommendations: 0
As for Roth, I do not qualify due to income - one of the downsides to living in a place like CT

But there are ways around "not qualifying". My financial planner showed me if you put it into a regular IRA you can "roll" it into a Roth at the end of the year even if you make way too much to qualify.

So that's the back-door method of getting into a Roth. Once it's invested in a regular fund it can be rolled to Roth.

If you take a tax deduction when you put it into the regular you'll have to pay that back, though - but you probably make too much to take the deduction anyway, so it's a wash.

SG "Rollin' rollin' rollin...keep that Roth a-rollin'....rawhide!"
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement