401k roll over to IRA/ ROTH IRA

[k2s]

2 hours ago, jersey babai said:

Point noted. Thanks bro.

So, 5500 is the max we can contribute kada?

Also, it is Post tax money kada?

Is those contribution can be tax exempt at the end of the year for tax returns?

Traditional ira - before tax $5500 max (see income limits)

roth is after tax 

[das123]

@Jersey Babai .... do ROLLOVER IRA ....... do NOT do ROTH IRA

[athadu]

7 hours ago, AryaD said:

IRA and Roth IRA max limit is $5500 for 2016 . Understand the terms very carefully in Traditional IRA. You have to pay penalty if you want to withdraw the contributions from traditional Ira where as in Roth IRA you can withdraw whenever you want . In my opinion Roth IRA is best for us . 

+1 ROTH IRA is better any time. 

[argadorn]

anaty ento ...

[captcha]

7 hours ago, AryaD said:

One more option to contribute is to open a HSA account to contribute 3600 per year . If you are planning for kids it is very good option to contribute 8k for 2 years .

I didnt understand this. HSA lo contribute chesindi saving kadukada. If you wanted to change the plan the next year, having more amount in HSA isnt good.

[jersey babai]

thanks all.

[jersey babai]

4 hours ago, das123 said:

@Jersey Babai .... do ROLLOVER IRA ....... do NOT do ROTH IRA

Ya das123?

 

any specific reason?

 

Looks like ROTH IRA is more advantageous.