I personally opened a couple different ROTH IRA accounts with an online platform which ended up saving me from having to pay in taxes due to the credit I received from paying it.

I am wondering if there are any other Penny Hoarders who also have an IRA or ROTH IRA and what are some of the benefits you have received for having it or if there is anything you dislike about it.

Also, if you do not have one, what is keeping you from getting one?

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Original Post

@PiNaY I am using several different online platforms that allow me to open a ROTH IRA. I would be happy to share them with you if you are interested.

While it is fine to have several different accounts, you still have to adhere to the max contribution limit across all accounts.

I just use different ones for the services they offer.

For example, one of them is a robo-advisor and makes all the trades for me, while the other one I choose my specific stocks and investments.

Standard IRA for years. I will pay taxes on the RMDs but my tax bracket is much lower than it was when working.  I considered Roth, but the standard IRA just seemed like it made more sense based on my past career income vs. retirement income.  Guess I'll find out !


We were really hit during the recession and could not make payments beyond what I automatically got through my job into a 503B.  (My husband is self-employed).  In one year both our salaries went way up as I got a new job and he got a LOT more business. I did not check, but I assumed that the taxes we would have paid on a Roth during the boom years would be more than what I would pay in retirement, pulling it out a portion at a time.  Is my thinking logical? 

Moore Income, thanks for that link to Nerd Wallets comparison.  There is information there about Roths I did not know. I just reached 70.5 and have been working with my financial adviser as to how best/when take my RMDs and then what I'm going to do with it.  The hope is that I can tighten the belt enough to reinvest some of it!

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