So I am just starting my research, but thought I would ask here too, and see what has worked for people, or what plans they have put into place.
Currently, I am 49 and my DW is 44. We both have our retirement accounts through work (401k) with pretax and Roth options. I want to open a Roth account outside of work for the following reasons.... first of all I am maxing out my current limit in my 401k (but I turn 50 in 2019 so it goes up). Second of all, when I leave work and retire, I will want to move my money into personal accounts and not leave them in my work 401k. My understanding is that I will need to have a Roth account open for 6 years before I can withdraw funds from it, even if it is transferred from my Roth 401k which will have been open for a long time.
My questions are...
- Should I open a Roth IRA for myself, and one for my wife, or should I open a joint account
- My wife is 5 years younger than me and wont be able to withdraw from her account until 59.5, she will likely be retired before that.
- Can I get a Roth IRA started with any brokerage?
Currently, I am 49 and my DW is 44. We both have our retirement accounts through work (401k) with pretax and Roth options. I want to open a Roth account outside of work for the following reasons.... first of all I am maxing out my current limit in my 401k (but I turn 50 in 2019 so it goes up). Second of all, when I leave work and retire, I will want to move my money into personal accounts and not leave them in my work 401k. My understanding is that I will need to have a Roth account open for 6 years before I can withdraw funds from it, even if it is transferred from my Roth 401k which will have been open for a long time.
My questions are...
- Should I open a Roth IRA for myself, and one for my wife, or should I open a joint account
- My wife is 5 years younger than me and wont be able to withdraw from her account until 59.5, she will likely be retired before that.
- Can I get a Roth IRA started with any brokerage?