UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: IndecisiveFool Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: Parents IRA Date: 1/14/2004 11:34 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I don't know what their incomes are individually but I am somewhat sure that they both don't make over 105,000 which I think is the cutoff..but not sure...assuming that they don't make over the cutoff, my dad would like to start an IRA for himself and my mother and is not sure if 1. he is allowed and 2. what the max contributions would be. If it is possible I recconmended Scottrade which I just started an IRA with and seems to be a great deal. As for how he should invest I think I would reccomend a Vanguard Fund like the total mrkt, or S&P500.

They can contribution the full amount to Roth IRAs if they're income is less than $150k. The allowable contributions phase out at $160k. Since they are over age 50, they can each contribute $3500 to a Roth IRA this year.

IF

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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