Posted: 1/30/2009 1:33:18 AM EDT
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Let me preface this by saying I'm not too knowledgeable about finance, so don't throw too much at me!
I opened a Roth IRA (in addition to existing savings, TSP, etc.) since I got deployed. I tried adding more money to it and there was a warning about a $5000 yearly limit. What exactly does that mean? Should I be trying to add the max to it? Or spread my investment across all my options? |
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Quoted:
Let me preface this by saying I'm not too knowledgeable about finance, so don't throw too much at me! I opened a Roth IRA (in addition to existing savings, TSP, etc.) since I got deployed. I tried adding more money to it and there was a warning about a $5000 yearly limit. What exactly does that mean? Should I be trying to add the max to it? Or spread my investment across all my options? Yes, there is a max per year contribution. It resets ever year. It used to be only $2,000, but recent legicaltion has been upping it a tad per year. Reason for this is the tax benefits. if you can afford it, max your Roth and your TSP. Not suir eif you even CAN max TSP anymore, though - and not sure which is smarter to spend all on - I split it, myself. |