Retirement

Discussion in 'Business, Careers & Education' started by Piobaire, Feb 7, 2011.

  1. kwilkinson

    kwilkinson Having a Ball

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    Quite well. I have been there twice. The food is excellent. I highly recommend it to anyone who lives between Baltimore and Philly, or anyone who has reason to be in Wilmington.

    That's a good looking menu for a wine bar.
     
  2. Piobaire

    Piobaire Not left of center?

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    Yes, there is no doubt cuffthis is living the dream and has done quite well. His WBTG program seems to be excellent as is his kitchen. I have no doubt he's earned every bit of that success though.
     
  3. the shah

    the shah Persian Bro #2 and enabler-in-chief

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    Do a Roth while you can.
    can you expand on this ? i just opened one [​IMG]
     
  4. kwilkinson

    kwilkinson Having a Ball

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    can you expand on this ? i just opened one [​IMG]

    Roth isn't very nice to old farts.
     
  5. the shah

    the shah Persian Bro #2 and enabler-in-chief

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    Roth isn't very nice to old farts.
    because of the issue of when it is taxed ?
     
  6. Piobaire

    Piobaire Not left of center?

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    can you expand on this ? i just opened one [​IMG]

    If your career plans are successful you will soon surpass the limit on AGI that allows you to contribute to a Roth, and let's face it, Roths are probably the best retirement vehicle going, i.e. totally tax free income upon conforming withdrawal.
     
  7. the shah

    the shah Persian Bro #2 and enabler-in-chief

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    If your career plans are successful you will soon surpass the limit on AGI that allows you to contribute to a Roth, and let's face it, Roths are probably the best retirement vehicle going, i.e. totally tax free income upon conforming withdrawal.
    i thought the only difference was that roth is taxed pre-contributions and standard contributions come out of your income so are taxed only when you withdraw from the account ? the banker himself didn't seem to know what he was talking about [​IMG]
     
  8. Piobaire

    Piobaire Not left of center?

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    i thought the only difference was that roth is taxed pre-contributions and standard contributions come out of your income so are taxed only when you withdraw from the account ? the banker himself didn't seem to know what he was talking about [​IMG]

    I could be wrong as I don't pay attention to Roths anymore, but pretty sure Roth contribution is post-tax dollars and the incentive to do that is all conforming withdrawals, including returns, come out tax free.

    Just looked it up, single and earning >122k AGI = no Roth for you.
     
  9. ramuman

    ramuman Senior member

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    I could be wrong as I don't pay attention to Roths anymore, but pretty sure Roth contribution is post-tax dollars and the incentive to do that is all conforming withdrawals, including returns, come out tax free. Just looked it up, single and earning >122k AGI = no Roth for you.
    The cap is such a shitty concept isn't it? I have lots of friends in grad school (medicine, engineering, etc.) that won't make a decent wage until they're in their late 20s. Many will have debt, but the moment they start making a real salary, they'll be instantly over the cap and can't put aside a penny in a Roth. Most people in my situation never get to put aside anything significant into a Roth unless we live well below our means. It's like saying to them, "well it sucks that you didn't leave after undergrad, make 50k a year and stash away 5k", but retirement is your problem now, not the government's. We do have social security for you though. [​IMG]"
     
  10. Piobaire

    Piobaire Not left of center?

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    The cap is such a shitty concept isn't it? I have lots of friends in grad school (medicine, engineering, etc.) that won't make a decent wage until they're in their late 20s. Many will have debt, but the moment they start making a real salary, they'll be instantly over the cap and can't put aside a penny in a Roth.

    Most people in my situation never get to put aside anything significant into a Roth unless we live well below our means.

    It's like saying to them, "well it sucks that you didn't leave after undergrad, make 50k a year and stash away 5k", but retirement is your problem now, not the government's. We do have social security for you though. [​IMG]"


    [​IMG]

    No, wait.

    [​IMG]

    Also, don't forget, all those k's of student loan interest...can't deduct it due to income cap (which is far, far lower than Roth cap)! [​IMG]
     
  11. StephenHero

    StephenHero Black Floridian

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    My dad is going to start a lawncare business in a few years when he hits 60. He spends about six hours a day outside on Saturday and Sunday just tending to plants that don't need to be tended to.
     
  12. ramuman

    ramuman Senior member

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    [​IMG] No, wait. [​IMG] Also, don't forget, all those k's of student loan interest...can't deduct it due to income cap (which is far, far lower than Roth cap)! [​IMG]
    I often fear that some of my friends will end up in some no man's land of wealth...which can happen even if you make 200k/year if you didn't start making that until 30 and had notable debt. Perhaps the key to success in this environment is to never try at all and live a blissful life with low standards for yourself. [​IMG] I'm waiting to have kids until this paradox is resolved so I can decide what to teach them. [​IMG]
    My dad is going to start a lawncare business in a few years when he hits 60. He spends about six hours a day outside on Saturday and Sunday just tending to plants that don't need to be tended to.
    I've owned two plants in my life and killed one. I can't bet my retirement on those odds. [​IMG]
     
  13. SkinnyGoomba

    SkinnyGoomba Senior member

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    Starting to look like a traditional IRA is the way to fly, you can write it off and their is no income cap. In the tri-state area the joint income isn't hard to surpass.
     
  14. ramuman

    ramuman Senior member

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    Starting to look like a traditional IRA is the way to fly, you can write it off and their is no income cap. In the tri-state area the joint income isn't hard to surpass.

    Traditional IRAs still have income caps for deductions. At that point, why even bother? You're basically getting no benefit putting money into them at the start and you'll be taxed on earnings when you withdraw.

    If you're sinister, I guess you can view it as the government giving you an interest-free "loan" on your cap gains (or however you grow your IRA) taxes while you accumulate them prior to withdrawal, but after you subtract out inflation and contribution limits, that's a joke too.
     
  15. Piobaire

    Piobaire Not left of center?

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    Starting to look like a traditional IRA is the way to fly, you can write it off and their is no income cap. In the tri-state area the joint income isn't hard to surpass.

    What ram said. If you qualify for a plan at work, married couple with AGI of 109k and good bye any deductibility. If one spouse works but is not eligible for a plan at work, that spouse can tax deduct only up to 179k AGI.

    That's a real insult, IMO, paying tax on the way in and paying tax (on the contribution part!) on the way out.
     

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