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Reply to "I am poor but want to fund my Roth IRA but am worried about the economy"
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[quote=Anonymous]I get a nice tax refund because I work and have a child. I usually put the majority of it into my Roth IRA, which, you need to understand, is a lot of money for me. My teen works part time and I started a separate one for him as well. I am almost 50. This year I am pretty worried about the economy long term. There are no RMDs thankfully so in theory my money can just sit there… unless totally wiped out? But I am so scared of the risks. It took me a lot to even start investing. Anyway, should I still put money into my IRA this year? I think yes but I need smart, successful people to tell me this. Or to tell me to add to my CDs/savings which I also have. And on a separate note, does it make sense to put anything into my kid’s account or should it all go to mine and then he can inherit it anyway. Note: in any case the contributions will be under the limit for 1 person (I can’t afford investing 7k per year, unfortunately). Thank you for any guidance. [/quote]
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