cheejiburga OP t1_j2fqvsc wrote
Reply to comment by MarcableFluke in I want to start saving and investing, but I have no idea what I'm doing and reading all this information is giving me whip-lash by cheejiburga
Can I use any type of taxable account? Or is there a difference?
AdditionalAttorney t1_j2frny9 wrote
When you say any type what do you mean?
An investment account is an account like now checking is an account.
You can open that account at different brokerages like fidelity, vanguard, schwabb. And betterment. Those are all accounts not different types.
You can also open a Roth IRA at these brokerages
Similar to how you can open a checking account at Bank of America, ally, TD bank etc
cheejiburga OP t1_j2ft1f0 wrote
I think I misread some stuff. I think I mean like, whatever is taxable. I read in the link up above that if I don't have access to a 401k to use a taxable account. Aren't IRA's considered taxable? Sorry if I'm making this more confusing..
MarcableFluke t1_j2fsf85 wrote
What "types" are you talking about?
cheejiburga OP t1_j2ftlad wrote
MarcableFluke t1_j2fug6g wrote
401ks and IRAs are special tax advantaged accounts that are intended for people to use for retirement. That's what the tax advantages are for.
A taxable brokerage is just an account that you use to invest money like you do with 401ks and IRAs, but there are no tax advantages.
cheejiburga OP t1_j2fut4a wrote
Ohhh okay. So I guess it's dependent on the person, but would IRA's technically be best for retirement if you dont have a 401k?
MarcableFluke t1_j2fwenx wrote
If your work doesn't offer a 401k, and you're not eligible for a Solo 401k (think business owner with one employee), then yes, an IRA is recommended for retirement savings
cheejiburga OP t1_j2fwqzy wrote
Thank you lots! I don't think I'm eligible for a solo 401k, but I'll see!
cheejiburga OP t1_j2ftm4q wrote
omg i dont know how reddit works im sorry
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