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D/t to my hubby's job, we are over the income limit for a Roth IRA. We both have traditional IRAs and also invest in mutual funds. I'm really not the savviest financial person either.....but am trying to learn.
Any financial whiz Bees out there with advice???!!!???
Well, in my opinion putting money in a Roth IRA is still useful in addition to the maxed out 401k. Even without an additional tax advantage, it means you're paying the tax now and will be able to take out the money tax-free when you retire. Might be a good counterbalance to the 401k (in case tax rates are way up in the future!) I believe you can contribute $5000/year to this unless your income is over a certain limit, in which case you cannot contribute at all.
Other than that, I'd say look into long term CDs which often have better interest rates, though right now those are looking pretty close to 1% too. I don't work in the finance industry so I have no ideas about other types of investments. Hope this is a bit helpful! :)
I don't know-but we have an Ameriprise Financial advisor-I've used them in both Massachusetts and Oregon. They have done great for us! I don't know who you have available in NY or in other states. Also, I have thought about taking Community College non-credit community courses to become more investment savvy or read books/articles by Susan Orzman.
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Hi bees -
This is not exactly wedding related but i thought it fits under "money".
i am a new bee and let me start by saying that i am pretty "finance dumb". My husband and i both work in NYC and max out our 401k. So, what is the most reasonable next step for investing. I know we can open IRAs but we do not get any tax advantage from IRAs because we are over their income limits. For now we put things in a savings account that does not get us anything over 1% interest. What kind of an investment can we make to reinforce our retirement savings - still open an IRA, mutual funds? Since we're in new york, we are renters and do not plan on buying from the city because do not think we will stay here more than 3-5 more years and when we buy we would like to get something cheaper and bigger than what manhattan would allow us :-)
so any thoughts, wisdom from bees that work in finance? Thanks a ton!