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Set up a Roth IRA

May 8th, 2008 at 04:46 pm

I've been off nursing a nasty flu that I've had for the last two and a half weeks and trying to wrap up work at the "office" job, which is officially over on May 21. Thus, I haven't had much time to focus on financial matters.

One thing I did manage to accomplish, though, was setting up a Roth IRA with Fidelity. This was all part of paying off my one-and-only personal credit card using some of my savings. I arranged to have the Roth funded with automatic deposits from checking each month, so it should be easy on my part from here on out.

I'm off to lay down down and hopefully build up enough energy to plow through some jobs for the booming side business later today....

Posted in Savings | 4 Comments »

4 Responses to “Set up a Roth IRA”

  1. A Nonni Mouse Says:
    May 8th, 2008 at 04:52 pm 1210265548
    1210265548



    Are we missing something here?

    Savings - $375,000+

    Debt - $135,000

    Isn't the solution here rather, well, obvious?

    At least it is according to all the "financial experts." :-X

  2. compulsive debtor Says:
    May 8th, 2008 at 05:17 pm 1210267079
    1210267079

    Yeah, you are missing something ANM. Go read all my entries and you will see why I have all that debt and all that savings. I'm too sick to go into it here in great detail. You'll just have to read back in the archives to find the answers you seek. (And those "financial experts" don't know it all....)

  3. merch Says:
    May 8th, 2008 at 05:21 pm 1210267307
    1210267307

    You have to be careful of your MAGI. Roths starts phasing out at 156,000 and you are completely ineligible at 166,000.

    Good luck and glad to hear you are still alive.

  4. compulsive debtor Says:
    May 8th, 2008 at 08:06 pm 1210277201
    1210277201

    Thanks for the reminder, Merch. I know I'll be OK for this year at least. And since I'm quitting the "office" job, we should still be OK for next year. The phase out is based on your adjusted income, so that helps as well.

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