• Hi, I am the owner and main administrator of Styleforum. If you find the forum useful and fun, please help support it by buying through the posted links on the forum. Our main, very popular sales thread, where the latest and best sales are listed, are posted HERE

    Purchases made through some of our links earns a commission for the forum and allows us to do the work of maintaining and improving it. Finally, thanks for being a part of this community. We realize that there are many choices today on the internet, and we have all of you to thank for making Styleforum the foremost destination for discussions of menswear.
  • This site contains affiliate links for which Styleforum may be compensated.
  • We would like to welcome House of Huntington as an official Affiliate Vendor. Shop past season Drake's, Nigel Cabourn, Private White V.C. and other menswear luxury brands at exceptional prices below retail. Please visit the Houise of Huntington thread and welcome them to the forum.

  • STYLE. COMMUNITY. GREAT CLOTHING.

    Bored of counting likes on social networks? At Styleforum, you’ll find rousing discussions that go beyond strings of emojis.

    Click Here to join Styleforum's thousands of style enthusiasts today!

    Styleforum is supported in part by commission earning affiliate links sitewide. Please support us by using them. You may learn more here.

Retirement

kwilkinson

Having a Ball
Joined
Nov 21, 2007
Messages
32,245
Reaction score
884
Originally Posted by Ambulance Chaser
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.
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,722
Reaction score
63,071
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.
 

the shah

OG Yamamoto
Joined
Jun 2, 2008
Messages
17,561
Reaction score
12,863
Originally Posted by Piobaire
Do a Roth while you can.
can you expand on this ? i just opened one
lol8[1].gif
 

the shah

OG Yamamoto
Joined
Jun 2, 2008
Messages
17,561
Reaction score
12,863
Originally Posted by kwilkinson
Roth isn't very nice to old farts.
because of the issue of when it is taxed ?
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,722
Reaction score
63,071
Originally Posted by shahanshah
can you expand on this ? i just opened one
lol8[1].gif


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.
 

the shah

OG Yamamoto
Joined
Jun 2, 2008
Messages
17,561
Reaction score
12,863
Originally Posted by Piobaire
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
plain.gif
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,722
Reaction score
63,071
Originally Posted by shahanshah
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
plain.gif


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.
 

ramuman

Distinguished Member
Joined
Feb 14, 2009
Messages
4,615
Reaction score
710
Originally Posted by Piobaire
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 ****** 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.
laugh.gif
"
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,722
Reaction score
63,071
Originally Posted by ramuman
The cap is such a ****** 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.
laugh.gif
"


laugh.gif


No, wait.

frown.gif


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)!
ffffuuuu.gif
 

StephenHero

Black Floridian
Joined
Mar 10, 2009
Messages
13,949
Reaction score
1,951
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.
 

ramuman

Distinguished Member
Joined
Feb 14, 2009
Messages
4,615
Reaction score
710
Originally Posted by Piobaire
laugh.gif
No, wait.
frown.gif
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)!
ffffuuuu.gif

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.
confused.gif
I'm waiting to have kids until this paradox is resolved so I can decide what to teach them.
devil.gif
Originally Posted by StephenHero
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.
frown.gif
 

SkinnyGoomba

Stylish Dinosaur
Joined
Jan 3, 2008
Messages
12,895
Reaction score
2,402
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.
 

ramuman

Distinguished Member
Joined
Feb 14, 2009
Messages
4,615
Reaction score
710
Originally Posted by SkinnyGoomba
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.
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,722
Reaction score
63,071
Originally Posted by SkinnyGoomba
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.
 

Featured Sponsor

How important is full vs half canvas to you for heavier sport jackets?

  • Definitely full canvas only

    Votes: 55 36.4%
  • Half canvas is fine

    Votes: 59 39.1%
  • Really don't care

    Votes: 16 10.6%
  • Depends on fabric

    Votes: 26 17.2%
  • Depends on price

    Votes: 26 17.2%

Staff online

Forum statistics

Threads
505,151
Messages
10,578,794
Members
223,879
Latest member
StyleSavvyDad
Top