Did you know that you can contribute toward a Roth IRA for the year 2007 all the way up to April 15, 2008? It is pretty nice for all us procrastinators! It means you can still decide to do it for last year! It’s not too late. In the last post I talked about three important Roth IRA facts. I don’t know if they were the three most important or not. There are a few other points about the Roth you need to think about. I also want to explain some of them in detail, at least the way I understand it, concerning Roth rules. You should always go to the IRS website and learn the Roth rules from them. The rules often change and I cannot give you professional tax or legal advice, so be sure to check it out for yourself.
Since it is not too late for 2007, what are you waiting for? I was talking to a friend the other day and he was saying that he wished he could do the Roth but he just didn’t have the money this year. He was also talking about some mutual funds he owned from many years ago.. I asked him why he didn’t just cash those in and fund a Roth with that? He just hadn’t thought about that. Well that’s what he’s going to do, and maybe you could too. That could be a source for you. The important thing is to do whatever you can to get some money in there for 2007. You can’t ever get that chance back. I regret so much failing to do it for many years until I “finally” saw the light!
You can’t come up with 4000 dollars? How about $1000? Do $1000 then. Just do it for 2007 before the opportunity is gone. Take advantage of the best tax free investment there is. Remember the power of compound interest and add to that the power of tax free earnings on investment. A $1000 Roth contribution in 2008, invested in a good growth mutual fund should be worth $1,344,459.56 in 2068 if your just do as well as the market has averaged over the last 70 years. You can change your family tree’s finances forever if you get serious about this. You will be the hero of the family one day, as being the one who changed things forever.
I hope this has encouraged you to investigate the Roth IRA opportunity. If you have any comments to this topic , please post them here. We could all benefit from your experience in retirement investing and how you view the Roth IRA. Let’s hear from you.
Tell me what you think! You can also Email Me! with your questions. I will try to answer them.