Jan 15

Just want to know incase i get a job

4 comments so far...

  • Judy Said on January 15th, 2010 at 1:25 pm:

    If you are under 35 think ROTH.
    Please don’t let anyone talk you into an IRA at a young age.
    Unless you decide to set up your own personal IRA through a broker so you can take the 4,000 yearly deduction.

    ROTH – tax free at retirement
    IRA – pay taxes at the rate you are at upon retirement.

  • bud68 Said on January 15th, 2010 at 2:12 pm:
  • Kendall Matthews Said on January 15th, 2010 at 3:01 pm:

    To get the undiluted information on what is an ira. You have to visit the government website at http://www.irs.gov/retirement/article/0,,id=137320,00.html
    it will give you all the information you need. Remember, their from the government, and their here to help.

    An even more important question is, do you want to control where your money goes or do you want a broker to control your money?

    Read this article about self-directed roth ira http://homeessential.com/investmentrealestatecorner/2008/12/03/where-to-find-information-on-self-directed-ira401k-investing/

    You want to ask yourself this question, do I want to pay taxes on the seed or the harvest?

    There’s no way of getting around paying taxes.

    So you have to decide if you would rather pay taxes up front on the few thousand dollars you have right now and have your money grow tax-free? Then you go the roth ira route.

    Do you want to delay paying taxes up-front and pay it on your millions of dollars that you dream of having waiting for you at 65? Then you go the traditional ira route.

    Moving Forward,

    Kendall Matthews

  • Antonio B Said on January 15th, 2010 at 3:12 pm:

    in short, an IRA is pre-tax money, on which you will pay income taxes when you start withdrawals after retirement.

    Roth-IRA is after-tax money, on which you will NOT pay income taxes when you start withdrawals after retirement.

    Roth-IRAs where created so that people who had maxed out on the retirement contributions could still be encouraged to save money towards retirement and get a tax benefit.

    It’s a good idea to take advantage of both types of IRAs to the maximum extent possible.

    401K plans are through your employer rather whereas IRAs are self-created.

    I’ve never heard of ROTH 401Ks before.

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