Dear Ephemeral or anyone else who probably has an IRA

[vaped]

HELLO GRAN!

[gran guerrero]

HeLLo

...

Just like when I tried cocaine for the first time, my expectations have been let down. I'm going back to 'Sup' followed by head nods that flick upward.

Thanks for trying though, I appreciate your good will.

[vaped]

One love

[404 Not Found]

When you invest in the Roth, IRA, keep in mind that it is tax free for when you come of age as to when you are ready to take monies out. A standard IRA is considered Taxable income. The earliest age at which you can withdraw funds from a traditional IRA account ... If you have rolled your 401k funds to an IRA, age 59 1/2 is the earliest. Age 70 is the age that required minimum distributions start. When you finally reach that age, are you going to want to pay taxes on that income? BTW, Social Security is also taxable income!

[Fit of Rage]

When you invest in the Roth, IRA, keep in mind that it is tax free for when you come of age as to when you are ready to take monies out. A standard IRA is considered Taxable income. The earliest age at which you can withdraw funds from a traditional IRA account ... If you have rolled your 401k funds to an IRA, age 59 1/2 is the earliest. Age 70 is the age that required minimum distributions start. When you finally reach that age, are you going to want to pay taxes on that income? BTW, Social Security is also taxable income!

404, I am pretty sure I understand the differences in the tax structure. I also know that SS is taxable income (if it's even there for my generation). My point was that in all likelihood, my expenses as a retiree will be lower than before then. I expect to have paid off a residence/house, so that's a major expense I don't have to worry about. As such I'll need less income annually, and between (probably) being married and a lower required income, I'll be in a lower tax bracket than if I paid the taxes now. So I'm pretty sure Eph is right, the Roth really only benefits me if I expect my marginal tax rate at retirement to be higher than it is now.

[Zeebu]

wait what?

people in our generation are actually planning on SS comin through?

thats a bold strategy, cotton. lets see if it pays off for em

[404 Not Found]

404, I am pretty sure I understand the differences in the tax structure. I also know that SS is taxable income (if it's even there for my generation). My point was that in all likelihood, my expenses as a retiree will be lower than before then. I expect to have paid off a residence/house, so that's a major expense I don't have to worry about. As such I'll need less income annually, and between (probably) being married and a lower required income, I'll be in a lower tax bracket than if I paid the taxes now. So I'm pretty sure Eph is right, the Roth really only benefits me if I expect my marginal tax rate at retirement to be higher than it is now.

I am invested in a Roth myself. I see the taxes going back up and I personally do not wish to pay additional tax when I retire, when and if I am able to retire?!?! I am probably a lot closer to itthat you though so who knows for sure. All I can say is I have a lot less road in front of me than I do behind me!

[Jerome Scuggs]

damn i thought i had finally reached adulthood when fedex sent me my insurance card. now apparently there's shitloads of acronyms to worry about. which one is right for me? wait, which one doesn't lose value when the idiot fed finally sends our dollar crashing into the ground?