Law School Discussion

Home Ownership and Wealth Building

pikey

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Re: Home Ownership and Wealth Building
« Reply #580 on: June 15, 2007, 12:43:16 PM »
Curious, how many folk here have started IRAs? After getting a bit more info about it this spring, I've been converted.  If you have one, where did you start it and why?

I don't have an IRA but I have a retirement account/pension.  I've been contributing since I started working and have also received a 5% contribution from the bank.  It just vested (I think this week), which means that I can't touch it until I retire.  It's mandatory (by Bermuda law) so I really don't have a choice!

a well functioning social security system?

Well we have both.  Social insurance is the equivalent of social security, while pension is a private pension through your employer.  Both are taken directly from your paycheck, but si goes to the govt while pension is through you job and is usually administered by an insurance company.  All employers in Bermuda (that includes families with nannies!) are required to provide pension and health insurance for their employees.

One Step Ahead

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Re: Home Ownership and Wealth Building
« Reply #581 on: June 15, 2007, 12:47:07 PM »
TIAA CREF.. DCPS kicked it off but I've kept it going..

Curious, how many folk here have started IRAs (tax sheltered individual retirement accounts)? After getting a bit more info about it this spring, I've been converted.  If you have one, where did you start it and why?

sorry I'm only semi-financially literate so please explain.

Re: Home Ownership and Wealth Building
« Reply #582 on: June 15, 2007, 01:06:45 PM »
DCPS - DC Public Schools lol...TIAA CREF is short for Teachers Insurance and Annuity Association, College Retirement Equities Fund...

Charles Schwab has excellent products as well.. my parents advised my brothers and me to begin those accounts as soon as we could afford to...

I wish we could go back to the 80s though..when the returns on CDs were excellent..these days the rates are so low one might as well look into other options for "locking up" untouchable funds for a short period of time...


TIAA CREF.. DCPS kicked it off but I've kept it going..

Curious, how many folk here have started IRAs (tax sheltered individual retirement accounts)? After getting a bit more info about it this spring, I've been converted.  If you have one, where did you start it and why?

sorry I'm only semi-financially literate so please explain.

One Step Ahead

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Re: Home Ownership and Wealth Building
« Reply #583 on: June 15, 2007, 01:26:57 PM »
thanks.  :) what rate was it in the 80s?

Re: Home Ownership and Wealth Building
« Reply #584 on: June 15, 2007, 01:30:22 PM »
not completely sure but i know of an 8k cd started in 87 that quadrupled by 95...

thanks.  :) what rate was it in the 80s?

One Step Ahead

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Roth IRA
« Reply #585 on: June 19, 2007, 12:29:53 PM »
Thinking about making the plunge and setting up a Roth IRA with Vanguard.  Thoughts?

A.

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Re: Roth IRA
« Reply #586 on: June 19, 2007, 12:32:12 PM »
Thinking about making the plunge and setting up a Roth IRA with Vanguard.  Thoughts?

I'm going to sponge, k? :)

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Re: Roth IRA
« Reply #587 on: June 19, 2007, 12:41:05 PM »
Thinking about making the plunge and setting up a Roth IRA with Vanguard.  Thoughts?

I'm going to sponge, k? :)

 :D I'm sure.  looks like I need to go to the nillas on this one.

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Re: Roth IRA
« Reply #588 on: June 19, 2007, 12:41:40 PM »
Thinking about making the plunge and setting up a Roth IRA with Vanguard.  Thoughts?

I'm going to sponge, k? :)

 :D I'm sure.  looks like I need to go to the nillas on this one.

Duh!

2Lacoste

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Re: Home Ownership and Wealth Building
« Reply #589 on: June 19, 2007, 01:39:26 PM »
I've wanted to set up a Roth IRA for the last three years but I've been broke and always used whatever free cash I received to pay off all my credit cards (thankfully securing decent credit at a young age, phew). 

But now I need to just go and do it.

So how much does it cost to set up a Roth IRA?  How much do I have to have to start one?  $5K?  $2K?