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#13876 |
Snacks Are Under My Apron
Join Date: Jan 2006
Location: The Edge
Casino cash: $1851660
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Can’t wait to see what my SpirtAerosystems stock does when Boeing buys them back.
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Free DeBerg HayWire Greatest Almost Mod Ever In big nasty kcnut we trust ![]() |
Posts: 24,430
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#13877 | |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
Casino cash: $1797556
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Quote:
any gains you make will be tax free.. you can only fun a roth 6500-7500;a year, because it's such a crazy powerful advantage. your 1st 6500 - 7500 every year of savings should be a roth ira (or 401k)
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Posts: 44,516
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#13878 | |
Veteran
Join Date: Jan 2005
Location: SLC, UT
Casino cash: $8535460
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Quote:
Does he have an emergency fund? Is the money saved for anything upcoming? In my experience novel investors need an in depth conversation before general advice. |
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Posts: 1,782
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#13879 |
Veteran
Join Date: Jan 2005
Location: SLC, UT
Casino cash: $8535460
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My only point was the need to ask more questions and not jump into an IRA. I work in finance, have a BS in Finance, previously was a trader with series 7 and 63. I read the posts here a lot, I just don’t comment much.
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Posts: 1,782
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#13880 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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Quote:
Does a Roth conversion count as income in MAGI for the purposes of assigning Medicare costs? In other words, could a big Roth conversion throw one's income up enough to incur the extra Medicare income-based surcharges? I think it does, but I can't find a definitive answer on the world wide web.
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Active fan of the greatest team in NFL history. |
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Posts: 142,327
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#13881 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $1024734
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Quote:
But let’s walk through it. He said he had nothing invested. That rules out a 401K. Doesn’t necessarily rule out a pension but if all he has is a pension he still needs a Roth. He wouldn’t forego a workplace match. He said he HAS 3000 (not could forego contributions to a qualified plan to get 3000). And the contributions to an IRA wouldn’t count against his contributions to a qualified plan, which from what he said he doesn’t have anyway. An emergency fund shouldn’t be “invested”. If the money is saved for something upcoming it shouldn’t be “invested”. He didn’t ask for a financial plan, he asked what we would do for a first investment so I told him. Sorry if you’re offended. If he wanted an in-depth discussion we’ve been through it all. In 4 lines he asked what investment we’d put the first dollar in. |
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Posts: 57,553
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#13882 |
Grand champ
Join Date: Sep 2007
Casino cash: $792369
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That reminds me, say you had some money tied up in stocks and ETFs in a brokerage account. Realistically, how long would it take for you to sell those holdings and have the money moved to your primary bank account?
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Posts: 45,139
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#13883 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $1024734
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Quote:
Best to read the website of your broker. |
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Posts: 57,553
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#13884 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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I've never closed an account completely, but when I've moved money to a brokerage from my bank, it's typically taken two days to complete.
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Posts: 142,327
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#13885 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $631900
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2-3 days depending on if your cash is settling from recent trades.
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Posts: 46,016
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#13886 |
Grand champ
Join Date: Sep 2007
Casino cash: $792369
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Ok, cool, I figured. So the whole “don’t invest money you’re saving for something” in regards to a brokerage account is advised more so because it’s risky and a portion of the investment could be lost?
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Posts: 45,139
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#13887 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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Yeah, completely. It's about not losing your BMW money because the market happened to dip 15 percent while you were test-driving.
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#13888 | |
GDT Contributor
Join Date: Sep 2018
Location: *
Casino cash: $1640400
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Posts: 8,217
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#13889 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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Dang it. I'm walking a tightrope trying to do Roth conversions without tilting into the next higher tax bracket, and now there's another tax hellhound nipping at my heels.
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#13890 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $736899
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Quote:
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Posts: 52,210
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