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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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<blockquote data-quote="99cobradave" data-source="post: 4691208" data-attributes="member: 13295"><p>lol. Well, all IRA's are for "retirement," so you cannot withdrawl until a qualifying age w/o penalties. It may not sound good now, but you'll think differently when you are 59 1/2 and you don't have any money saved up.</p><p></p><p>However, a traditional IRA is tax deductable, ie. you can deduct the contributions from your income taxes each year, and it's tax deferred (gains and/or dividends are not taxed). BUT, upon your qualifying age, you are taxed at the reqular tax rate when you withdrawl. Boooooo!</p><p></p><p>A ROTH IRA is not tax deductable, and grows tax deferred. BUT, upon your qualifying age, the money IS TAX FREE when you withdrawl!!!!! Now that is a good deal!!! You can withdrawl from your ROTH at any time before your qualifying age, but there are stiff penalties.</p><p></p><p>Long term, the ROTH is the better deal.</p></blockquote><p></p>
[QUOTE="99cobradave, post: 4691208, member: 13295"] lol. Well, all IRA's are for "retirement," so you cannot withdrawl until a qualifying age w/o penalties. It may not sound good now, but you'll think differently when you are 59 1/2 and you don't have any money saved up. However, a traditional IRA is tax deductable, ie. you can deduct the contributions from your income taxes each year, and it's tax deferred (gains and/or dividends are not taxed). BUT, upon your qualifying age, you are taxed at the reqular tax rate when you withdrawl. Boooooo! A ROTH IRA is not tax deductable, and grows tax deferred. BUT, upon your qualifying age, the money IS TAX FREE when you withdrawl!!!!! Now that is a good deal!!! You can withdrawl from your ROTH at any time before your qualifying age, but there are stiff penalties. Long term, the ROTH is the better deal. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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