- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering a Roth IRA: What are my options?
For a Roth IRA, is it better to stick with the financial planning company that I use for my 401(k) through work, or should I consider looking elsewhere? I already max out my 401K with what my employer will match, and I’ve read that if you can max out your Roth IRA each year, you should. Is this true? Or should I just ignore Roth altogether and stick with my savings accounts and 401(k)? I am open to any and all advice as I am still learning! I’m 25 years old and want to make the best decision for my financial future.
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Yes. Max it out every year for 35 years.
Use a compound interest calculator to see what $7k/yr over 35 years yields, with 10% annual growth. Now imagine that being the account which is tax free when you withdraw funds.
Feel free to then play with the calculator (30 years, 6% growth, etc). But the point is the same. With compound interest time is the most important variable. The last few years of that exponential graph is what you’re going for. Getting in early gives you a huge leg up.
For an IRA, it’s best to go with the “Big 3” firms: Vanguard, Schwab, or Fidelity.
Reason being that these companies are well established, and offer mutual funds and ETFs with very small expense ratios. Typically the firms that offer a 401k will have limited fund options and high expense ratios.
The general advice is to first contribute to your 401k up until you get employer match. Then you would max out an IRA, and then contribute more to the 401k.