Maxing My Roth IRA for 2004, Will I Make It?
I am attempting to max my Roth IRA for the 2004 tax year. So far I've contributed $1000, but I need to come up with another $2000 by April 15th . . . err! I will put another $500 in during my mid-month paycheck in April. It looks like I will have to borrow $1500 from my emergency fund in order to meet the deadline. Its not my ideal plan, but cest la vie.
My Roth IRA currently is in an S&P 500-based fund. As I accumulate more money, Ill diversify it. When I first opened my Roth a little over a year ago, I was searching for an index fund that had no load, low expense and administrative fees and also accepted low balances. I wanted to open an account with Vanguard, but they wanted $1000 to start. I had $400. I found the Motley Fools No Load Index Center. Its pretty old and some of the information is outdated but I made a few calls and eventually opted to go with a company that had a low minimum, and met all of my other requirements. Im glad I started my Roth IRA when I did, because every little bit helps. I think I can do it.
This is also posted at Financial Freedom Trek.
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