| 4/1/2024 8:51:00 PM Ikeh89 |
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| Why is "investing in a Roth" your worst financial decision. I would say a majority for finance people would say it's one of, if not the best, retirement vehicles available. I'm just curious on your take. |
| 4/1/2024 9:02:13 PM IntoTheFire |
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| Hey! Thank you for commenting. I’m glad I opened a Roth since it needs to be open for five years for a variety of reasons, before the good things can happen. But the reason is I wish I did traditional IRA sooner. Here is the MadFIentist post I read: https://www.madfientist.com/how-to-access-retirement-funds-early/ If you skip to the bottom, he calculates the different scenarios and which pays out more. Spoiler: it’s traditional. Or maybe technically Roth ladder, but if you don’t want to mess with that then it’s traditional IRA. Plus you get those sweet tax savings. |
| 4/1/2024 9:14:17 PM Ikeh89 |
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| Interesting take, I like how easily it's all broken down. Obviously we all have our own opinions on these matters and I really appreciate you sharing yours and the link. My strategy is that of the multiple buckets: Taxable, Tax-deferred (traditional), and Tax free (Roth). I'm investing in all and will plan on withdrawn at different times....Roth being last. I'll be looking forward to more updates! My update will be coming in a few days as I'm traveling due to the holiday. |
| 4/1/2024 9:18:10 PM IntoTheFire |
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| I don’t have taxable but I have Traditional and Roth. In three or four years I’ll be vested in pension, so looking forward to that. I also have 403b and 457. Yes, he breaks it down really well! Sounds fun! Where did you go? I’m really in the boring middle so not too much interesting except hopefully in late April I’ll be getting a boost to my 457. Can’t wait to retire, but that’ll probably be in 17 years or so!! |
| 4/1/2024 9:50:28 PM Ikeh89 |
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| Oh I hear you man, I'm only 34. I'm in government so my eligible retirement is age 57, so only 22.5 more years. Lol. We went up to Wisconsin to visit family. |
| 4/1/2024 10:37:59 PM IntoTheFire |
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| You never know! I heard sometimes they offer buyouts. That’s what I’m hoping for after 10 years. Nice! Wisconsin! Hope you are some good cheese :) |