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re: Someone Tell Me About Roth IRAs (New ? on Pg 3)
Posted on 8/31/12 at 10:47 am to GoHoGsGo06
Posted on 8/31/12 at 10:47 am to GoHoGsGo06
quote:
I think I got you. So say you make $100,000 and put $10,000 towards a traditional, you would essentially pay taxes that year on $90,000. If you make $100,000 and put $10,000 in a roth, you still pay taxes on $100,000 worth of income for that year. Right?
Right
quote:
I believe this is correct. One of the reason's Roth's are pumped up is the assumptions tax rates will increase overtime, meaning paying tax today is better than paying tax later when withdrawing.
right.
Additionally, early on in one's career, you are likely to make the least amount of money you will make for your entire career, so it's best, even with static tax rates, to pile into a Roth at that point.
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