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Brown Cafe UPS Forum
UPS Retirement Topics
I need advice on 401K
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<blockquote data-quote="olroadbeech" data-source="post: 1734482" data-attributes="member: 52145"><p>the nice thing about the 401k and a traditional IRA is that you can deduct your contributions from your taxes. we maxed out both and was able to shelter 34,000 a year from taxes. at the 28% rate that is a savings of about 9000 a year in taxes.</p><p></p><p>plus when you retire , your income from the 401k will probably be taxed at a much lower rate . about 15%.</p><p></p><p>IF YOU MAX out the 401k, they suggest opening a roth as a counterbalance depending on your income. there is more flexibility with a roth. your money is not locked in. you can take your contributions out at any time without penalty but not the earnings.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 1734482, member: 52145"] the nice thing about the 401k and a traditional IRA is that you can deduct your contributions from your taxes. we maxed out both and was able to shelter 34,000 a year from taxes. at the 28% rate that is a savings of about 9000 a year in taxes. plus when you retire , your income from the 401k will probably be taxed at a much lower rate . about 15%. IF YOU MAX out the 401k, they suggest opening a roth as a counterbalance depending on your income. there is more flexibility with a roth. your money is not locked in. you can take your contributions out at any time without penalty but not the earnings. [/QUOTE]
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I need advice on 401K
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