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SVTPerformance's Chain of Restaurants
Road Side Pub
Should I start an IRA (individual retirement account)
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<blockquote data-quote="jshen" data-source="post: 16178050" data-attributes="member: 9092"><p>If that is what he does- he is NOT a fiduciary!</p><p></p><p>As to IRA I also join the group of asking an "independent financial advisor" who has no ties to investments that his company sells/pushes. In my opinion, IRA s don't do much for me as you are limited in how much you can put in them. Remember the proposed benefit- you pay taxes later when you pull money out! That being said, there is no way in hell the govt is going to lower the tax rates-especially on IRAs..Taxes will only go up.</p><p>I contributed to an IRA for about 15 years and my money is stuck!..If your stocks or mutual funds take a dive- you cannot deduct a loss. I also have a 457 plan that is pretty much in the same category..and mutual funds have done relatively well..but again I am sweating the mandatory withdrawal at 70 1/2 for tax reasons. I started buying stocks & bonds years ago ..and cash dividends go directly into money money mkt /CDs...Ally is paying 2.75% and you don't have to dick with the feds.. Franky for me I saw no benefit to a Roth IRA..</p><p></p><p>I am thinking about buying gold coins..and holding them in my safe...Assuming prices rise..you sell & can avoid taxes if you do it right. (I am told)</p><p></p><p>Everybody's situation is different..</p></blockquote><p></p>
[QUOTE="jshen, post: 16178050, member: 9092"] If that is what he does- he is NOT a fiduciary! As to IRA I also join the group of asking an "independent financial advisor" who has no ties to investments that his company sells/pushes. In my opinion, IRA s don't do much for me as you are limited in how much you can put in them. Remember the proposed benefit- you pay taxes later when you pull money out! That being said, there is no way in hell the govt is going to lower the tax rates-especially on IRAs..Taxes will only go up. I contributed to an IRA for about 15 years and my money is stuck!..If your stocks or mutual funds take a dive- you cannot deduct a loss. I also have a 457 plan that is pretty much in the same category..and mutual funds have done relatively well..but again I am sweating the mandatory withdrawal at 70 1/2 for tax reasons. I started buying stocks & bonds years ago ..and cash dividends go directly into money money mkt /CDs...Ally is paying 2.75% and you don't have to dick with the feds.. Franky for me I saw no benefit to a Roth IRA.. I am thinking about buying gold coins..and holding them in my safe...Assuming prices rise..you sell & can avoid taxes if you do it right. (I am told) Everybody's situation is different.. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Should I start an IRA (individual retirement account)
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