CHANGE CD TO ROTH IRA
I have a 9 Month CD, presently, in the amount of $33,818.15. Interest rate is at a all time low. Have been told that a Roth IRA is the best way to go!
Please advise.
Thank you for your attention in this matter.
Sincerely,
Elizabeth L. Smith
Permalink Submitted by Alan - IRA critic on Mon, 2013-02-11 23:26
Is this CD in an IRA now? If not, the maximum regular Roth IRA contribution is 5,500 for 2013 plus another 1,000 if you are 50+. Whether a Roth IRA is best for you depends primarily on your current marginal tax rate vrs what you expect it to be in retirement. That is true regardless of whether you choose to have CDs in your IRA or not. These low interest rates are not helpful regardless of the type of account holding the CD.