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Jan 18, 2020
11:26
:07
am
Pedant
Walk-on
while you're likely right, keep in mind, you're comparing your marginal rate now
to your rate after you retire. Not your top income years.
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Pedant
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BertoChavez
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SalmonOfCapistrano
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Pedant
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Feb 1, 2012
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Jul 31, 2021
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Messages
Author
Time
I'm about to dump a bunch of cash into a Roth IRA. Someone stop me if this is
vegasnative
1/18/20 11:18am
I endorse this plan
CBaass
1/18/20 11:18am
haha thanks. It is just so hard to find straight forward information in this
vegasnative
1/18/20 11:20am
As long as this doesn't mean you are missing out on a 401k match, this is smart.
Pedant
1/18/20 11:20am
Kinda work for myself (family firm) so no 401k, let alone any matching.
vegasnative
1/18/20 11:21am
Then IRA is correct choice. Roth? Also correct choice since it sounds like
Pedant
1/18/20 11:23am
This is what I am thinking.
vegasnative
1/18/20 11:24am
What is your current tax rate and what do you expect it to be when you retire? Roth is generally a fine option but in
Pimpin4Paradise
1/18/20 11:22am
My tax rate should be hire in the future (knock on wood), so that is why I am
vegasnative
1/18/20 11:24am
Not just in the future, but specifically in retirement.
Pimpin4Paradise
1/18/20 11:25am
Most people will have a lower tax bracket at retirement
Baron
1/18/20 11:27am
compared to their top earning years, yes. Not necessarily when you are just
Pedant
1/18/20 11:28am
and confirmed on profile that he's a lawyer
Pedant
1/18/20 11:28am
I don't know how a firm has anything to do with it.
Baron
1/18/20 11:35am
"firm" often means lawyer. Lawyers often retire quite wealthy.
Pedant
1/18/20 11:37am
Hahaha. Not true. Nice people still think that.
Baron
1/18/20 11:48am
Right. I anticipate my rate to be substantially lower in retirement. For that reason I do primarily traditional
Pimpin4Paradise
1/18/20 11:29am
while you're likely right, keep in mind, you're comparing your marginal rate now
Pedant
1/18/20 11:26am
Good point. I anticipate it being higher in retirement. I also feel like
vegasnative
1/18/20 11:33am
Politically it is likely to be lower. Tax rates have been dropping.
Baron
1/18/20 11:36am
Maybe I'm a pessimist, but I see the future being more bernie and less trump.
vegasnative
1/18/20 11:39am
It's a good plan
nut-e-professor
1/18/20 11:47am
This.👍🏼
BringYourUltimate
1/18/20 12:03pm
Do it. Stay disciplined and make monthly contributions.
AeroCoug
1/18/20 12:13pm
You're talking about withdrawing from the taxable accounts right? Can't withdraw
vegasnative
1/18/20 12:14pm
The principal is tax free on a roth at anytime. The growth has to wait till 59.5
RexIdaCoug
1/18/20 12:24pm
Roth Rules...
AeroCoug
1/18/20 12:33pm
Maxing out your IRA and/or 401k is always a good move
therock
1/18/20 1:58pm
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