ROTH start up question(s)

[Guest Allrager]

I'm 23 years old and I'll be getting married in about a month.

A short term goal of mine is to get set up with a ROTH IRA.

Is there any benefit to making this happen before I am married? Is there any benefit to waiting until after I am married to get started with a ROTH?

FYI - I already contribute to my 401(k) so I've got long term savings started already, I'm just looking for more.

Any help would be appreciated.

Thanks

[John G]

Your eligibility to contribute is determined based upon your tax filing status and income at the end of the year - which means you would be in "married" catagories. The benefit of starting earlier is slight - you get a few more months of tax sheltered growth.

IRAs/Roths are individual accounts. The assets are tied to the person. There is no such thing as a joint IRA or Roth.

After you are married, the income of one spouse can make both eligible to contribute... even if the spouse is not working.

Reminder: You should consider changing your beneficiary designation after you get married.

Congratulations on being able at the age of 23 to recognize the need to save/invest and for finding one of the great tax shelters - the Roth IRA.