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How Much Does it Take to Open/Start a Roth IRA?

by Jeff Rose on February 4, 2010

in IRA Universe

Starting a Roth IRA can easily be the single best choice you’ve made of your entire life.  Well, other than ordering a Double Double from In-N-Out Burger, of course. –if you haven’t tried it, you’ll just have to take my word for it  :)   Maybe you want to open a Roth IRA, but don’t because you think it takes a large chunk of money to get one started.

How Much Does it Take to Open/Start a Roth IRA?
Creative Commons License photo credit: ambert

Guess what? It doesn’t. This is a common misconception that I run into with many investors wanting to get started but thinking they just don’t have enough. I’m here to tell you how easy it is to open a Roth IRA and how a little bit of money can go a long way to receiving tax free money at retirement.
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Unforeseen Consequences of the Roth IRA Conversion

January 20, 2010 Featured
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This is another guest post from JoeTaxpayer.  On my blog, I’ve shared several articles that discussed the Roth IRA conversion event of 2010 in great length and detail.  While this is can be a great opportunity for many, there are several instances that a conversion does not.  I looked to JoeTaxpayer to share some pros [...]

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Roth IRA Rules For Minors. Your Kids Guide to Tax Free Money

January 3, 2010 IRA Universe
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My baby boomer clients are finally starting to grasp the concept of the tax free benefits of the Roth IRA. So much in fact in that they want to make sure that their kids start a Roth IRA and, in some cases, even their grandchildren. I even had one grandfather who wanted to [...]

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Consolidate Retirement Accounts With a 401k Rollover to IRA

December 14, 2009 401K Planning
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The U.S. Bureau of Labor Statistics estimates that Americans change jobs about 10 times between the ages of 18 and 42. If job changers had an 401k account at just half of those positions, it would represent a significant money management challenge: multiple redundant investment portfolios and a mountain of account statements and investment documentation [...]

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Rules on How to Qualify For Tax Deduction on Traditional IRA Contributions

November 9, 2009 IRA Universe
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2009 is quickly coming to a close and 2010 will be here before we know it, but it’s not too late to make contributions to your traditional IRA.  Although, it’s not as attractive as the Roth IRA (in regards to tax free money), the traditional IRA still has its place for those looking to get [...]

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Can You Reverse/Undo a Roth IRA Conversion?

October 18, 2009 IRA Universe
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How many times in your life do you wish you had a “do over” or “take back”. Often times your stuck with the decision you made and the repercussions that come along with it. When it comes to investing, many of us have made mistakes over the years. Whether is was underfunding your [...]

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2010 Traditional IRA to Roth IRA Conversion Tax Rules

September 10, 2009 IRA Universe
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2010 is literally just around the corner- where did 2009 go?  As the new year approaches I keep getting more inquiries about the 2010 Roth IRA Conversion Event and more specifically what are the tax rules and implications of doing the conversion from a traditional IRA to a Roth IRA.  To help illustrate how the [...]

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Can You Rollover Your 401k to a Roth IRA?

August 17, 2009 401K Planning
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Whenever you leave your job, you have a decision to make with your 401k plan. Typically, most people will initiate a 401k rollover to a traditional IRA. A common question that I’ve been getting lately is if you can roll over your 401k into a Roth IRA and how you do it.  Or [...]

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Using a Roth IRA to Maximize Your Wealth

August 11, 2009 IRA Universe
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Jeff has referred to the Roth IRA as “the greatest thing since sliced bread” and I have to say, I agree wholeheartedly. Today I’d like to discuss how you can use a Roth IRA  to maximize the amount of wealth you can generate. Read that last sentence as “minimize your taxes [...]

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5 Year Rule for Roth IRA Qualified Distributions and Withdrawals

July 20, 2009 IRA Universe
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You might be asking yourself what the Jackson Five has to do with the Roth IRA five year rule for qualified withdrawals? I’m sad to say, “Absolutely nothing”. Other than then number “five”, of course. I just thought it was fitting with all the recent tributes to the King of Pop to [...]

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Gone Daddy Gone – AGI Restriction For Roth IRA Conversion

July 6, 2009 IRA Universe
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In 1982 the Violent Femmes released the title track to their debut album “Gone Daddy Gone” that went on to be an epic album.   Almost just an epic event is the lifting of the $100,000 AGI (Adjusted Gross Income) restriction for individual or couples that are looking to do a Roth IRA Conversion.   As it [...]

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