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#61 | |
Sapere Aude
Join Date: Jun 2001
Casino cash: $18037
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Quote:
Clearly you can't. Your sauce is weak.
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Posts: 61,362
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#62 |
MVP
Join Date: Nov 2011
Casino cash: $5000
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Posts: 7,611
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#63 |
Akhilandeswari
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $37580
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Imagine if you could save as much of your income as you wanted to without being taxed on it. You know, because you're the one who made the money. And then imagine if you could put aside a substantial amount because you knew that you could take it back out without a "penalty" if something unexpected happened, or if you had a large purchase that you wanted to save for.
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Posts: 43,633
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#64 | |
MVP
Join Date: Nov 2011
Casino cash: $5000
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#65 |
Akhilandeswari
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $37580
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No, I'd rather not be taxed on money that I put into an IRA.
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Posts: 43,633
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#66 |
MVP
Join Date: Nov 2011
Casino cash: $5000
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Posts: 7,611
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#67 |
Banned
Join Date: Mar 2012
Location: Sea of Green 23.4°
Casino cash: $5000
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Posts: 3,833
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#68 |
Akhilandeswari
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $37580
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From what I understand, deposits into a Roth IRA are taxed. Traditional IRA's are taxed upon withdrawal.
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Posts: 43,633
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#69 | ||
Supporter
Join Date: Feb 2005
Location: Olathe, Ks
Casino cash: $74227
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Well, the deposits are made with after-tax $'s, so.....
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#70 |
Akhilandeswari
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $37580
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Imagine if the US had a consumption tax replacing the income tax.
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#71 |
The 23rd Pillar
Join Date: Sep 2002
Casino cash: $19337
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Not true.
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#72 |
MVP
Join Date: Nov 2011
Casino cash: $5000
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So rollover your traditional into a Roth. Here's the point: you don't even do the bare minimum of saving and taking advantage of the tax code's IRA advantages. So spare us the lecture of how if only there was no income tax your life would be so much better. Not really: you would just spend it all.
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#73 | |
Banned
Join Date: Mar 2012
Location: Sea of Green 23.4°
Casino cash: $5000
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#74 | |
The 23rd Pillar
Join Date: Sep 2002
Casino cash: $19337
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Quote:
Oh, and I'm not sure what your point is about rolling over a traditional into a Roth. No matter which way you do it, you pay taxes on one end or the other. If you start out traditional and then roll to Roth, you pay taxes in the middle. A traditional IRA is the closest approximation to the treatment you'd get from a consumption tax. But it's limited, so it's an inferior approximation.
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#75 |
MVP
Join Date: Nov 2011
Casino cash: $5000
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Yes it is true. If you put the $5500 each year into a Roth IRA for 40 years, you will have a nice little nest egg when you retire that isn't taxed. That doesn't take into account any additional savings you do on your own or employer savings.
Everyone has that option. Most people choose not to. Whose fault is that? |
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