Hello PF!
I started working at 18. I’m currently almost 32. I barely opened up my Roth IRA last year and contributed for 2019 and 2020 already. I missed out on over 10 years of contributions! We’ve all heard the reasons for starting late, I was never taught, etc.
It just happened, unfortunately. I have a few questions. For a Roth IRA, why is there a deadline to contribute to only the previous year? I get it’s based off of earned income, yet what does the job have to do with the amount put in/timeline/stocks etc?
Since people (should) have their tax records, why can’t contributions be made for years that have passed? Why can’t I contribute now for 2011,2012, etc? The years passed, but I had earned income for all those years. With tax records of course, as proof. As well as a Roth IRA is typically a long term plan anyway.
I know I can’t change the above things, but what can I do now? I know there are taxable accounts out there that have no contribution limits, heck earned income isn’t even a requirement, yet is there something better out there in addition to a Roth IRA? I’m luckily able to put away more than $6k/year, I imagine lots are, and are doing something with the rest after the Roth IRA is maxed.
Thank you for any help! I’m trying to play catch up. I don’t mean trying to make a lot fast, because that typically never works. I mean put in $ now to make up for over 10 years of not contributing.
I have a decent amount saved up. Between a checking and savings account, thanks to all of those years of not investing lol
Submitted April 13, 2021 at 03:50AM by FlyJ776 https://ift.tt/3tiiG0y
