DH had an investment account with BOA that had just been sitting there. We decided to cash it out and use the money to open Roth IRAs. There was almost enough money to max out his account and we are going to use money from the life insurance to make up the difference and to fully fund mine. Yesterday we mailed the checks off to our bank so when they clear, I'll be opening Roths for us.
I think we're opening up through Vanguard and we'll probably just put it in a Target Retirement fund. That way we don't have to think about it. Maybe as we get closer to retirement or more knowledgeable about all that investing stuff we'll switch.
I'd like it if eventually we'd save all 2007 to max out 2008 and then save all 2008 to max out 2009. Since 2007 is already covered, we just need to start saving for 2008. I'm not quite sure how to do this since all of our 'extra' money was already earmarked for our car loans or down payment. Maybe I'll take like $200 out of what would be our down payment and earmark it for the Roth...although that won't max it out, it will help some. Also we probably won't be purchasing a house for a while so I don't feel as bad 'stealing' from this account.
Retirement account
June 17th, 2007 at 02:44 pm
June 17th, 2007 at 03:17 pm 1182089877
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June 18th, 2007 at 06:12 pm 1182186771