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Brown Cafe UPS Forum
UPS Retirement Topics
I need advice on 401K
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<blockquote data-quote="Ms.PacMan" data-source="post: 1840329" data-attributes="member: 4656"><p>Hold on there, Spenderina. </p><p></p><p>Just because I can read what you wrote and figure out how you are reducing your tax bill does not mean that I accept everything you're saying.</p><p></p><p>Congrats on reducing your tax burden but not saving for retirement is foolish. You are correct that tax deferred accts are not tax exempt and will be taxed as ordinary income in retirement. But in order for you to have the same income as someone drawing on their retirement accts in addition to their pension, you will have to supplement your pension by working - which is also taxed exactly the same.</p><p></p><p>You may have more disposable income now because you don't save but I will have more disposable income than you in the future (and I'll be relaxing on the deck watching you leave for work).</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1840329, member: 4656"] Hold on there, Spenderina. Just because I can read what you wrote and figure out how you are reducing your tax bill does not mean that I accept everything you're saying. Congrats on reducing your tax burden but not saving for retirement is foolish. You are correct that tax deferred accts are not tax exempt and will be taxed as ordinary income in retirement. But in order for you to have the same income as someone drawing on their retirement accts in addition to their pension, you will have to supplement your pension by working - which is also taxed exactly the same. You may have more disposable income now because you don't save but I will have more disposable income than you in the future (and I'll be relaxing on the deck watching you leave for work). [/QUOTE]
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I need advice on 401K
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