What is a Roth IRA - Will you start a movement with me? | Bloggers Lair | Yakezie Forums

I wrote a post a long time ago on when to invest in your 401K, Roth IRA, and then Traditional IRA.  Needless to say, there is value in all of these…but they need to raise the income limitations on them, right now I don't contribute to one.

I'm definitely interested.

I think it's a great idea…it's not only for young people but for anybody that is in the accumulation stage. I'll be writing about this eventually but people DEFINITELY don't realize how bad of shape the younger generation is going to be in once Social Security collapses.

It's going to be a very bad and scary time for this country. The only way to do anything about it is to start saving NOW.

Awesome….love to see the interest.   I'm rounding up other PF bloggers right now and I'm going to hit some of the other personal finance companies and get them on board (Credit Karma, Sesame, Betterment, etc).  

Awesome!!!   I've got about 15-20 bloggers on board so far.  Love to get it about 50+.   More work to do…. :)

iam1percent said:

LOVE the idea even though I can't contribute anymore due to the income limit.  Maybe I can talk about the Traditional IRA or about Roth IRA conversions?  What day are you looking to do this?

I'm in the same boat but we can still educate those that still qualify :)  But yes, anything you want to write about that educates people. 

I'm thinking the middle to later part of this month.  I'm currently reaching out to a bunch of bloggers to get as many on board as possible.   I'll have more details soon…..

I'm game. Is the plan to link to each other's posts on the topic?

Sounds good but in their defense I don't think people really get a grasp on those type of things until after they get out of college, get a real job, start making money, and start thinking about adult things.  I agree it's never too early to teach, but the concept of saving for retirement is very abstract to someone who is probably focused on getting a job as their number one goal.

MoneyBeagle said:

Sounds good but in their defense I don't think people really get a grasp on those type of things until after they get out of college, get a real job, start making money, and start thinking about adult things.  I agree it's never too early to teach, but the concept of saving for retirement is very abstract to someone who is probably focused on getting a job as their number one goal.

Good point. I'll also suggest (this is the financial coach in me) that most of these kids don't even know how to balance a budget, spend less than they make, save for emergencies, and avoid debt. Those skills are critical to free up cash flow so that they can then invest in 401(k)'s and Roths. I'm all about teaching them what a Roth is and how to use it, but we need to teach them how to manage their money in the first place so they will have money to actually use a Roth.