Diesel Bombers - ROTH IRA

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I got one. as far as CD's being better intrest dont you have to pay taxes on their intrest that you earn while as in a roth you pay no taxes in the end on intrest earned? thats Why i went with a roth and not a Cd

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Originally Posted by cummins freak (Post 102206)

As far as I know this is correct. ROTH IRA's are tax free as long as you don't touch them before they mature. CD's are not tax free whenever you take the money back.

Quote:

Originally Posted by 06 DIESEL (Post 102115)

They do not match at all but they do pay several other retirement plans and other benefits 100% - Vacation and Holidays; Health Insurance; Life / Disability / Accident; Dental / Vision / Medical Accounts; Fully-Funded Pension Plan; Stock Appreciation Rights; Profit Sharing (at company's discretion)

I know that I need to pump more money in there but honestly I need to pay off my credit cards first and formost, IMHO anyway. Then all of that money is going towards retirement/savings since by then I will have a few raises and be in better financial standing with hopefully fewer bills.

That never works... just do like me and make your disbursement to retirement accounts go up 1% or 2% each year and start at like 7 or 8%.. you'll be up to a good amount in a couple years w/o ever even noticing the difference (make the increase around your raise time)

Retirement isn't something you want to wait on either b/c the interest you lose for those 5 years ends up HUGE after 30 years.

I like the Roth. I use it more for trading online than simple interest. But It's a sweet deal, come time for retirement. I still try and put the max in now.

I have several CD's for the kids. They are doing pretty well, for ages 7 & 9.

Quote:

Originally Posted by 06 DIESEL (Post 102258)

As far as I know this is correct. ROTH IRA's are tax free as long as you don't touch them before they mature. CD's are not tax free whenever you take the money back.

Right but when the C.d. ends you re-invest the money and you dont pay taxes....