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Personal Finance and Investing

onlyadream

(2,207 posts)

1. Yes, if they match do it

Reply to Duncanpup (Original post)

Wed May 11, 2022, 12:50 PM

May 2022

The one thing I don't like, or maybe I don't understand, is the Roth IRA.
The Roth IRA, from what I understand, is you pay the taxes now so you don't have to pay them later. The thing is, you're probably in a higher tax bracket now (while working) than when you're retired. So I always thought the Roth IRA wasn't a good idea. I could be wrong tho... I'm no expert.

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? On 401k [View all] Duncanpup May 2022 OP

Yes, if they match do it onlyadream May 2022 #1

Taxes may be significantly higher JenniferJuniper May 2022 #2

I wish I knew that 40 some years ago Deuxcents May 2022 #3

I don't think Roth existed until the late 90's. JenniferJuniper May 2022 #4

Maybe right.. Deuxcents May 2022 #5

You're correct. 1997. A HERETIC I AM May 2022 #8

Roth IRA's are funded with what I call "Checkbook Money" A HERETIC I AM May 2022 #9

So, is this how it works? onlyadream May 2022 #13

One simplified analysis ... progree May 2022 #14

Spot on. A HERETIC I AM May 2022 #15

Much appreciated, thanks progree May 2022 #18

Thank you so much for that awesome explanation! onlyadream May 2022 #16

Your're welcome 😊 progree May 2022 #17

No matter which type IRA, it is worth getting into one as early as possible csziggy May 2022 #19

Not to mention she got a tax break too for the amounts that she put into the 401k progree May 2022 #20

Oh, nice. PoindexterOglethorpe Jul 2022 #22

Zero coupon treasury bills due within two years. Frasier Balzov May 2022 #6

I try to put as much in a Roth as possible. Gore1FL May 2022 #7

Yes, your Roth needs to be the last place you take money from. PoindexterOglethorpe Jul 2022 #23

Just me, but I have invested in good quality, high dividend stocks. multigraincracker May 2022 #10

You asked a couple questions, so at the risk of being redundant from those above..... A HERETIC I AM May 2022 #11

Thank you very much Duncanpup May 2022 #12

Excellent advice here. PoindexterOglethorpe May 2022 #21

Yes take the free money. we can do it Aug 2022 #24