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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:19 PM Original message |
Saving in an IRA or a 401k is a ripoff |
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bbinacan (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:22 PM Response to Original message |
1. Have you considered the effects |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:39 PM Response to Reply #1 |
7. Growth? The S&P has been stagnant for a decade! |
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bbinacan (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:44 PM Response to Reply #7 |
10. How long have you |
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Swede (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:49 PM Response to Reply #7 |
11. You do realize you make money on volatility? |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:45 PM Response to Reply #11 |
36. no, s/he doesn't, unless s/he had the very unusual good fortune |
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Swede (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:51 PM Response to Reply #36 |
38. Deferred sales charge takes care of that. |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 10:01 PM Response to Reply #38 |
39. That is simply NOT TRUE. Check your mutual fund statements and any |
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Swede (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 10:11 PM Response to Reply #39 |
40. Dollar cost averaging works. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Mon Feb-07-11 10:56 AM Response to Reply #40 |
43. Sad how few people understand that. |
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WCGreen (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:25 PM Response to Original message |
2. But what is your income, not your taxable income, but your income... |
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LiberalFighter (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:27 PM Response to Original message |
3. How do you get taxable income of $3k on $2k? |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:37 PM Response to Reply #3 |
6. I ran them on my tax preparation program. If you take $2000 out |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:27 PM Response to Reply #6 |
21. You can't get $3000 of taxable income from $2000 of anything. |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:51 PM Response to Reply #21 |
32. MAGI is a crazy formula to determine SS taxability |
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Riftaxe (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:27 PM Response to Original message |
4. Fortunately they are not mandatory |
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hfojvt (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:34 PM Response to Original message |
5. it appears that your modest pension is over $25,000 |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:58 PM Response to Reply #5 |
12. That $25000 pension you claim is way out of whack. The way |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:39 PM Response to Original message |
8. People still working should consider a Roth over traditional IRA. |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:01 PM Response to Reply #8 |
14. Exactly, Do think $25000 is an extravagant income for a |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:27 PM Response to Reply #14 |
18. Yeah personally I think the cutoff is too low. |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:35 PM Response to Reply #18 |
24. Just what deductions on page 1 do you plan to take 40K AGI to 25K? |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:40 PM Response to Reply #24 |
25. Well if you have no deductions you will get std deduction and exemption which is roughly $10K |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:44 PM Response to Reply #25 |
28. Simma Dawn Knaw |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:48 PM Response to Reply #28 |
31. DUH!. Brain fart on my part. Took me looking at 1040 is realize. |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 06:40 PM Response to Original message |
9. UnRec |
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girl gone mad (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:00 PM Response to Reply #9 |
13. It's the tax hit that discourages people from saving. |
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browntyphoon (64 posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:03 PM Response to Reply #13 |
15. It's another way to punish the middle class for working hard. |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:15 PM Response to Reply #13 |
17. I have no problem being taxed on my pension or any income |
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doc03 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 07:04 PM Response to Reply #9 |
16. I don't know about that when you save and you are penalised for |
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indepat (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:18 PM Response to Original message |
19. Welcome to the club. Another nicety you might not have considered |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:24 PM Response to Reply #19 |
20. Wrong |
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indepat (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:41 PM Response to Reply #20 |
26. Not assessed until distribution, but then taxed at your highest marginal tax rate no matter what |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:44 PM Response to Reply #26 |
29. Then chose Roth over traditional IRA. No taxes on gains. |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:45 PM Response to Reply #26 |
30. Any distribution is taxed at the same rate that you would get working at Arby's. |
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indepat (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:10 PM Response to Reply #30 |
33. But capital gains and dividends are not earned income and enjoy a much more favorable |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:38 PM Response to Reply #33 |
34. Distributions from 401ks, deductible IRAs, etc., are not treated as capital gains |
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sendero (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:28 PM Response to Original message |
22. I agree.. |
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PBS Poll-435 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:31 PM Response to Reply #22 |
23. Contribute a smaller portion, then |
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sendero (1000+ posts) Send PM | Profile | Ignore | Tue Feb-08-11 06:23 AM Response to Reply #23 |
45. Luckily... |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 08:42 PM Response to Reply #22 |
27. Over last 3 years I have converted roughly 40% of 401K/IRA to Roth IRA. |
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browntyphoon (64 posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:43 PM Response to Original message |
35. Punishing people for saving money is stupid |
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Swede (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 09:46 PM Response to Reply #35 |
37. It's a tax incentive. |
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cbdo2007 (1000+ posts) Send PM | Profile | Ignore | Sun Feb-06-11 10:55 PM Response to Original message |
41. You REALLY NEED to talk to a financial advisor. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Mon Feb-07-11 09:41 AM Response to Reply #41 |
42. "Really, your understanding of these issues is very limited" |
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SOS (1000+ posts) Send PM | Profile | Ignore | Mon Feb-07-11 11:08 AM Response to Original message |
44. Hidden fees will take another 10-15% of your retirement |
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