IRA
03-31-2005, 09:15 PM
#11
1.0 BAR
Join Date: Dec 2004
Posts: 292
Re: IRA
DO NOT do something like deferred compensation. My dad begin saving his money up in a deferred comp. account when he started working because they grow interest and taxes are waived while you're saving. However, when you begin withdrawing, you get taxed up the ***. My dad passed away a ways back, but fortunately left my family with some cash to get through things like school and anonymous costs that pop up (like my slamming a tranny on railroad tracks and needing a new one 
). Everytime we withdraw however, the amount we withdraw is taxed 20%. It's a horribly shitty deal and defeats the whole purpose of waiving taxes while saving. I guess my mom is looking into moving the money into an IRA account since they are apparently a more sound choice and you don't get taxed like we are right now. I don't know much about them unfortunately, but dude, stay away from deferred comp.
). Everytime we withdraw however, the amount we withdraw is taxed 20%. It's a horribly shitty deal and defeats the whole purpose of waiving taxes while saving. I guess my mom is looking into moving the money into an IRA account since they are apparently a more sound choice and you don't get taxed like we are right now. I don't know much about them unfortunately, but dude, stay away from deferred comp.
04-02-2005, 04:16 PM
#12
1.0 BAR
Join Date: Mar 2005
Posts: 248
Re: IRA
most roth ira's and stuff are not that great on returns, your get a bigger return if you just settle in one stock and watch it grow. im all into the stock market, email me if you would like
ciea_r@hotmail or contact me on msn ciea_r@hotmail.com
ciea_r@hotmail or contact me on msn ciea_r@hotmail.com
04-02-2005, 08:35 PM
#14
0.0 BAR
Join Date: Apr 2004
Posts: 0
Re: IRA
anything pharmacutical. thats my $.02.
dont jump into buying stock. take your time, research, learn everything...play the fantasy stock market. if you play the stock market the right way you could be a millionare in 15 years. my father-in-law has made almost a half a million in 4 years by playin his cards right.
I plan on doing exactly what he did...
I have alot of plans though. :P
dont jump into buying stock. take your time, research, learn everything...play the fantasy stock market. if you play the stock market the right way you could be a millionare in 15 years. my father-in-law has made almost a half a million in 4 years by playin his cards right.
I plan on doing exactly what he did...
I have alot of plans though. :P
04-03-2005, 01:14 AM
#16
0.0 BAR
Join Date: Oct 2004
Posts: 20
Re: IRA
If you aren't a experienced investor, you should go to the library and start reading up on the different types of funds and investment strategies that are available to you.
After that I suggest you talk to a professional. Let them know what your looking to do and your goals. (retirement, childrens college, house, etc..) It's your money, you can never be too careful.
The one thing I would suggest you stay away from is whole or universal life insurance. You can get much better returns going with term (no frills) life insurance and investing the difference in premiums.
Good luck.
After that I suggest you talk to a professional. Let them know what your looking to do and your goals. (retirement, childrens college, house, etc..) It's your money, you can never be too careful.
The one thing I would suggest you stay away from is whole or universal life insurance. You can get much better returns going with term (no frills) life insurance and investing the difference in premiums.
Good luck.
04-03-2005, 01:33 AM
#17
0.0 BAR
Join Date: Feb 2005
Posts: 0
Re: IRA
term life is bullshit 30 years then its gone. im sure hes not planning on dieing when hes 50. i mean in an even if case its still bullshit. your paying out all of this money and you cant even borrow aginst it if you need to. you get nothing back if you decide to quit so your just paying in hoping you die within the next 30 years. and when your 55 or whatever theres a good chance its going to be a hell of allot harder to get the same pollicey with the same payout and benifits. so youve just been spending money for 30 years on horse ----. yeah sure its cheeper but theres a reason why. and that 30 years is the maximum amount you can buy from just about any company.
04-03-2005, 04:12 AM
#18
0.0 BAR
Join Date: Jan 2005
Location: bellevue, wa
Posts: 0
Re: IRA
if you're looking into an IRA look into a Roth IRA, you get taxed now, but you dont get taxed when you have your lump sum when you retired. get taxed on a few thousand now, not a few hundred thousand or million later. and the reason you get taxed up the butt when you take money out of the roth is because they want you to keep your money in it, its an incentive to keep your money invested. although i think you can tax free take out money for a mortgage and college tuition but i forget off the top of my head.
