Thread: What is an IRA?
View Single Post
Old 07-15-2017, 08:27 AM   #7
Emily Fox Seaton
Grand Member
 
Emily Fox Seaton's Avatar
Emily Fox Seaton has no updates.
 
Member Since: Dec 2016
Location: Senegal
Posts: 850
My Mood:

140 hugs
given
Default Re: What is an IRA?

Quote:
Originally Posted by Rose76 View Post
If it's Roth money, you won't get taxed on the money you, yourself, put in there. (It was already taxed before you put it in the Roth, assuming it was money you earned.) But you will get taxed on the interest/dividends that your investment in the Roth earned . . . when you take out those earnings. .
Thanks your post was helpful but I guess i still don't see that a Roth IRA is even worth it... I mean yes.. you might save some money but I don't understand what everyone is on about. Like it is the greatest thing since sliced bread. I suppose I am still going to do it so I can have some source of income that won't be factored into taxes and can drop my tax bill. I already have a Roth in the form of my workplace retirement plan. But it has only been around for a few years and doesn't have as much as my non taxable retirement money.

I am currently looking to find a "self directed" Roth IRA so I can put a lot of good investments in there. But honestly it has been hard to find.

I still think the amount of taxes on the elderly is insane.
Emily Fox Seaton is offline   Reply With Quote