- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: What if I make too much money for a Roth IRA/Traditional IRA?
Posted on 3/19/15 at 11:40 pm to player711
Posted on 3/19/15 at 11:40 pm to player711
quote:
Save $ in an account that gives you tax free growth,competitive rate of return, liquidity, control of your money and use as leverage to invest in real estate, businesses, and other entrepreneurial ventures...
That's my advice.
Is this called a unicorn ira?
1
Posted on 3/20/15 at 10:05 pm to tigersnipen
No
Posted on 3/20/15 at 10:12 pm to mule74
Go to www.truthconcepts.com and look at their video on qualified plans or you can find it on YouTube .
401k's look good,but after taxes and fees and licking your money up (conceptually) until 59.5- you are losing the opportunity cost of paying down debt, leverage for other investments, and are going to be paying taxes more than likely at a higher rate than current tax rates.
The match that grows your money now will be fully eaten up by taxation. Run the numbers yourself at a conservative tax rate.
The 401k is a section of the tax code. The government created this to create revenue for the government and force Americans to save more.
I'll say this-if what you were told about money wasn't exactly true-when would you want to know the truth?
401k's look good,but after taxes and fees and licking your money up (conceptually) until 59.5- you are losing the opportunity cost of paying down debt, leverage for other investments, and are going to be paying taxes more than likely at a higher rate than current tax rates.
The match that grows your money now will be fully eaten up by taxation. Run the numbers yourself at a conservative tax rate.
The 401k is a section of the tax code. The government created this to create revenue for the government and force Americans to save more.
I'll say this-if what you were told about money wasn't exactly true-when would you want to know the truth?
Posted on 3/20/15 at 11:12 pm to mule74
Even at that income you can still fully fund a non deductible IRA.
You didn't say if you have a spouse but if you do get her also maxing her 401k and IRA.
You wouldn't be the first person to ever lose a high paying job so if peace of mind means anything to you pay off your house as well. You will have some say you can make more money in the markets and home loan interest rates are low. Could be true but that doesn't account for the risk of losing your job or money in the market. You will never lose sleep if your house is paid for.
If you have children, get them working for you as soon as you can and have them fund their own ROTH IRA.
You didn't say if you have a spouse but if you do get her also maxing her 401k and IRA.
You wouldn't be the first person to ever lose a high paying job so if peace of mind means anything to you pay off your house as well. You will have some say you can make more money in the markets and home loan interest rates are low. Could be true but that doesn't account for the risk of losing your job or money in the market. You will never lose sleep if your house is paid for.
If you have children, get them working for you as soon as you can and have them fund their own ROTH IRA.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News