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Help! Want to start a Roth IRA

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Ok not sure which category this fits in, but I want to retire in 5 yrs and have seen that a Roth IRA is a good way to save money.

Is there anything or any place that’s best? I have $38,000 in my banks savings which basically earns me nothing? But it’s secure. So do 8 pull it from the bank and place it in an IRA or leave it? Is there a “best” place to start an IRA?

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1 hour ago, IndyPoolPlayer said:

This definitely not within Advanced Credit realm. I'll get Pam or Marv to move it.

Thanks!! I’m reading but I want some advise here!

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Just a couple of points. Basically anything you would put in a Roth IRA you could put in a regular IRA.

Also, there are annual income limits and annual contribution limits for Roth IRAs. I couldn't contribute a penny into a Roth IRA last year because of the income limits (I maxed out my 401k at $19,000).

You mentioned you have $38,000 in savings. The 2020 limit for contributing to a IRAs is $6,500. The 2019 limit is $6,000. I'm assuming  you have earned income.  If you want to do both limits right now, you can contribute $12,500, assuming you haven't used some or all of that limit contributing to another IRA.

Edited by Burgerwars

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