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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="wundrbird" data-source="post: 16178123" data-attributes="member: 18025"><p>Then I would contribute enough in the 401(k) to only meet the match (essentially a 100% return on your contributions). I would put the remainder of what you can afford in a Roth and would completely skip the IRA. If you max out the Roth by year's end, go back to the 401(k) with everything you're able. Any little bit of taxes you can write off now in an IRA or additional contributions to the 401(k) are nothing compared to how much you'll save by withdrawing contributions and interest from your Roth TAX-FREE when you retire.</p><p></p><p>Example:</p><p></p><p>You just put $6,000 in a 401(k)</p><p>In 30 years at 8% with no further investing you'll have $65,614</p><p></p><p>Question: Would you rather save the taxes on $6,000 now or on $59,614 later?</p><p></p><p>Just imagine what that would be like with REAL numbers like the ones it takes to actually retire.</p><p></p><p>Pay a fee to a financial advisor who has NO self-interest in how you invest, and he'll probably confirm what I've said.</p><p></p><p>And don't buy gold unless you have tons of money to throw in the trash.</p></blockquote><p></p>
[QUOTE="wundrbird, post: 16178123, member: 18025"] Then I would contribute enough in the 401(k) to only meet the match (essentially a 100% return on your contributions). I would put the remainder of what you can afford in a Roth and would completely skip the IRA. If you max out the Roth by year's end, go back to the 401(k) with everything you're able. Any little bit of taxes you can write off now in an IRA or additional contributions to the 401(k) are nothing compared to how much you'll save by withdrawing contributions and interest from your Roth TAX-FREE when you retire. Example: You just put $6,000 in a 401(k) In 30 years at 8% with no further investing you'll have $65,614 Question: Would you rather save the taxes on $6,000 now or on $59,614 later? Just imagine what that would be like with REAL numbers like the ones it takes to actually retire. Pay a fee to a financial advisor who has NO self-interest in how you invest, and he'll probably confirm what I've said. And don't buy gold unless you have tons of money to throw in the trash. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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Should I start an IRA (individual retirement account)
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