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Stop working and start spending NOW !!
Posted by TKC (more from TKC) on Fri, 25 Jul 2014 07:11:55
In Reply to: OT: The rapidly approaching ugly side of IRAs and like, MI-Roger [Profile/Gallery]
, Wed, 23 Jul 2014 18:16:20
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Seriously, you knew your pretax money is going to be taxed right ? The usual expectation is that tax rates are always going up in the future.
When the IRA, 401 etc schemes were cooked up, they want "ordinary" folks to put money into their own retirement, so they have this pretax contribution thing, some form of tax shelters. Then came the Roth with after tax contribution but no tax on gains, aimed at a wider and "richer" class of people.
Is your income too high to switch to Roth if not pay the tax now and not later ? If your current income is too high to qualify for Roth, then you don't have much choice other than spend your retirement money and pay the taxes hopefully at income levels lower than what you have now.
You seem to be complaining that you have too much money saved up, which is opposite of us folks 8-), you can always give to charity if you don't want the state and Uncle Sam to take a chunk of your retirement income.
Michigan is actually one of the friendlier states for estate/inheritance taxes as I believe it has no inheritance tax or estate tax.
You already has a trust for kids, what else are you worried about ?
Yes, retire early, travel the world, visit the kids, give $$$ to grand kids, buy more used SAABs donate your SAABs to us folks when you're tired of them 8-).
posted by 100.1....
Posts in this Thread:
- OT: The rapidly approaching ugly side of IRAs and like, MI-Roger , Wed, 23 Jul 2014 18:16:20
- Real or Nominal dollars?, RodM, Fri, 25 Jul 2014 11:41:27
- don't worry, money money, Fri, 25 Jul 2014 07:46:18
- Stop working and start spending NOW !!, TKC, Fri, 25 Jul 2014 07:11:55 <-- Viewing This Message
- Re: OT: The rapidly approaching ugly side of IRAs and like, larry byer, Thu, 24 Jul 2014 04:47:53
- Re: OT: The rapidly approaching ugly side of IRAs and like, larry byer, Wed, 23 Jul 2014 20:12:17
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