Investing
I am planning on retiring end of 2025. I have a 401K with my employer and would like to invest approx. 10K in something and continue to add to it about 1,000 monthly. What is my best strategy to build up portfolio? My bank is no help. I did reach out to Fidelity who handles our 401K and they are recommending an IRA. Either Traditional or Roth. Listen to you on WGN and would appreciate some direction.
Thank you!
Terry Says
Well, if you qualify based in income, you could/should open a Roth IRA — and Fidelity is a good place to do that.
The income limit to contribute the full amount to a Roth IRA in 2024 is $146,000. And if you’re over 50, you can contribute up to $8,000 in 2024.
You won’t get a deduction for your contribution, but all growth will be tax-free,and you won’t be subject to REquired Minimum Distributions down the road.
