Mon. Mar 20th, 2023

Roth Ira’s for Financial Retirement

Roth Ira’s for Financial Retirement this is entirely an opinion based on the facts that I have available and should be viewed as nothing more than that. However, I feel I would be remiss in not pointing out the incredible value that Roth IRAs can bring to the table for savvy people who are planning their retirements. (“Roth IRAs for Financial Retirement – LaterLifeNow”)

There are advisors that straddle the fence on this issue, and I can honestly see the validity of both sides. For me, a Roth IRA is preferable to the Traditional IRA for one reason and one reason only. I would much rather face the evil that I know and pay taxes on that money now than the evil that I do not know by paying taxes not only on the investment but also the earnings later. (“USA Personal Finance”)

I know what tax bracket I am relegated to now. (“ROTH IRAS FOR MONETARY RETIREMENT – One Point”) I know about how much I am going to pay in taxes on the income I have labored to receive about 65% of. I know these things in terms of what a dollar means today and would much rather pay that price now than later when I have no idea what tax bracket I will be in or how much money I will see of my retirement earnings. (“When should you Retire – LaterLifeNow™”)

“Many point out that the laws regarding the Roth IRA could change between now and then.” (“March 21, 2022 – Page 2”) This is true. At the same time, the laws regarding the 401 (k) could quite possibly change in time as well. (“USA Personal Finance”) In the art form of complication, the IRS could put out next year’s tax code in Greek and the average citizen would not be able to tell the difference, I for one think they already do this in the ultimate practical joke on the people. “Bottom line is I would much rather retain the maximum allowable control over my money when I need that money rather than trying to write off the taxes I will gladly pay today.” (“March 21, 2022 – Page 2”)

Putting the taxes off until a later date is like getting a credit card with 0% interest for 12 months. What they do not put in the big bold print is that after the one-year period or the ‘honeymoon’ is over that number goes up to well over 20%. (“USA Personal Finance”)

At this point in time, I have no magic crystal ball that can in anyway indicate what my tax bracket will be, nor can it indicate that percentage of taxes I will owe five years from now much less thirty-five when retirement comes knocking on my door. “The peace of mind that goes with not wondering if it will be enough after taxes is well worth the inconvenience of paying taxes on those funds today.” (“March 21, 2022 – Page 2”)

If you are looking for some even better news, try this on for size. By not paying taxes on the final amount, you are adding hundreds of thousands of dollars to your income if you invest the full amount allowable over the course of the next 50 years. (“USA Personal Finance”)

You will still save a huge amount of money if you only make the maximum investment over the course of the next 30 years. Every year you add to those figures helps wildly of course when it comes to the bottom line but if you are looking for a way to maximize your retirement funds, eliminating the taxes on those funds is the way to go. (“USA Personal Finance”)

Best Wishes, Coyalita

See Tomorrow: “The Future of Assisted Living for The Elderly


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