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<blockquote data-quote="defcon4" data-source="post: 217306" data-attributes="member: 10526"><p>My Dad is a Financial Analyst and he says the following:</p><p></p><p>There is a limit as to how much you can invest in a Roth IRA every year and you have to be in a lower tax bracket to be able to invest in one, but this is the BEST retirement investment you could have. Put the maximum you are allowed into a Roth IRA every year FIRST. (obviously since you're p/t package handling, just put whatever you wanted to invest in, you don't have to make the maximum investment).</p><p></p><p>After putting as much as you can into a Roth IRA, then take the rest of your investment cash and put it into a 401(k). (If your employer, UPS, offers any kind of matching, THEN put $ in a 401(k) first, since us part-timers don't get matching, we should invest in a Roth first). If you did decide to change careers, you can transfer your 401(k) at UPS into a Traditional IRA (which is basically a 401(k) that's not attached to a company). Then when you get a new job, you can transfer your traditional IRA into the new company's 401(k) plan. This is required by federal tax law. So don't worry about putting $ into a ups 401(k), but you should put as much as you can/want into a Roth First, the long term tax advantages REALLY ADD UP$$$$$$$$!</p></blockquote><p></p>
[QUOTE="defcon4, post: 217306, member: 10526"] My Dad is a Financial Analyst and he says the following: There is a limit as to how much you can invest in a Roth IRA every year and you have to be in a lower tax bracket to be able to invest in one, but this is the BEST retirement investment you could have. Put the maximum you are allowed into a Roth IRA every year FIRST. (obviously since you're p/t package handling, just put whatever you wanted to invest in, you don't have to make the maximum investment). After putting as much as you can into a Roth IRA, then take the rest of your investment cash and put it into a 401(k). (If your employer, UPS, offers any kind of matching, THEN put $ in a 401(k) first, since us part-timers don't get matching, we should invest in a Roth first). If you did decide to change careers, you can transfer your 401(k) at UPS into a Traditional IRA (which is basically a 401(k) that's not attached to a company). Then when you get a new job, you can transfer your traditional IRA into the new company's 401(k) plan. This is required by federal tax law. So don't worry about putting $ into a ups 401(k), but you should put as much as you can/want into a Roth First, the long term tax advantages REALLY ADD UP$$$$$$$$! [/QUOTE]
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