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question about 401k
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<blockquote data-quote="browniehound" data-source="post: 800954" data-attributes="member: 4653"><p>Please excuse my ignorance but who is Dave Ramsey? I love the idea of investing in a Roth IRA (minus the low 5K Max you can invest). Its like a win-win-win product. First because you don't have to think about the tax consequences like 401k's and traditional IRA's. The money you invest is taxed but when you take a withdrawal its tax free and so are your investment capital gains after you reach retirement age.</p><p> </p><p>Also, if you get stuck and need money you can take a withdrawal on your principal without penalty because the money has already been taxed. I really dig the fact that when its time to retire you can tap that account and not pay a penny in taxes. I just think that is great.</p></blockquote><p></p>
[QUOTE="browniehound, post: 800954, member: 4653"] Please excuse my ignorance but who is Dave Ramsey? I love the idea of investing in a Roth IRA (minus the low 5K Max you can invest). Its like a win-win-win product. First because you don't have to think about the tax consequences like 401k's and traditional IRA's. The money you invest is taxed but when you take a withdrawal its tax free and so are your investment capital gains after you reach retirement age. Also, if you get stuck and need money you can take a withdrawal on your principal without penalty because the money has already been taxed. I really dig the fact that when its time to retire you can tap that account and not pay a penny in taxes. I just think that is great. [/QUOTE]
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