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Ok here is a question from a newbie about the union, stock investing, and the 401k...
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<blockquote data-quote="raceanoncr" data-source="post: 227949" data-attributes="member: 6408"><p><strong>Re: Ok here is a question from a newbie about the union, stock investing, and the 401</strong></p><p></p><p>The 401K takes $ out of the top of your check each wk/mo and is not taxed until you take it out upon reaching 70 1/2 yrs old, which, of course, will be a lower tax rate. You will earn $ on growth and interest all those yrs.</p><p> </p><p>The Roth IRA puts a max of $5,000 (if you're over 50) each yr AFTER taxes and grows in whatever fund you put it into. The benefit? Your earnings are NOT taxed again! It was explained to me that since the IRS knows they're screwing us on so many counts, they'd let us have this one as a freebie.</p><p> </p><p>Do the 401K first. Max it out yourself every pay period. You will not be sorry.</p></blockquote><p></p>
[QUOTE="raceanoncr, post: 227949, member: 6408"] [b]Re: Ok here is a question from a newbie about the union, stock investing, and the 401[/b] The 401K takes $ out of the top of your check each wk/mo and is not taxed until you take it out upon reaching 70 1/2 yrs old, which, of course, will be a lower tax rate. You will earn $ on growth and interest all those yrs. The Roth IRA puts a max of $5,000 (if you're over 50) each yr AFTER taxes and grows in whatever fund you put it into. The benefit? Your earnings are NOT taxed again! It was explained to me that since the IRS knows they're screwing us on so many counts, they'd let us have this one as a freebie. Do the 401K first. Max it out yourself every pay period. You will not be sorry. [/QUOTE]
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Ok here is a question from a newbie about the union, stock investing, and the 401k...
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