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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="97desertCobra" data-source="post: 16178282" data-attributes="member: 53488"><p>downside to a Roth and traditional IRA is that you will get hit with a 10% penalty if you pull money out before 59.5 years old. So if you really, really need immediate access to the funds in your brokerage it’s best to keep it there. Otherwise the IRA is a great place to save. For me it’s all about being tax efficient. I don’t want the government taking my money. If they must take it I only want it to happen once, and at a time thats advantageous to me, not to them. </p><p></p><p>Important to note too, when I go over personal financial plans with clients there is a reason why their IRA’s are touched last for living expenses in retirement. You want that tax advantaged growth to work in your favor as long as possible.</p></blockquote><p></p>
[QUOTE="97desertCobra, post: 16178282, member: 53488"] downside to a Roth and traditional IRA is that you will get hit with a 10% penalty if you pull money out before 59.5 years old. So if you really, really need immediate access to the funds in your brokerage it’s best to keep it there. Otherwise the IRA is a great place to save. For me it’s all about being tax efficient. I don’t want the government taking my money. If they must take it I only want it to happen once, and at a time thats advantageous to me, not to them. Important to note too, when I go over personal financial plans with clients there is a reason why their IRA’s are touched last for living expenses in retirement. You want that tax advantaged growth to work in your favor as long as possible. [/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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