Posted by Art_PA on 11/22/12 1:15pm
Msg #444371

Retirement Planning

It is not too early to think about establishing a retirement plan. There are a few options depending upon how much cash you have available to contribute and your age. There are traditional & SEP IRAs, 401(k)s, Roths, and combinations The 401(k) probably allows you to contribute the most. Remember that the Roth is funded with after tax dollars, and growth and withdrawals are not taxed, unless the rules are changed in the future. Plans funded with pretax dollars reduce your current taxable income, and are taxed when you withdraw.

Reply by GOLDGIRL/CA on 11/22/12 3:09pm
Msg #444376

Thank you, Art!

Now tells us a good investment .. one that pays more than 1% ... and is risk-free (sorta)! Don't want to lose all your retirement funds just before you retire ... like millions of American just did in the housing bust. Billions and billions of dollars down the drain. Didn't everybody lose about half of their 401K retirement in the market?

In any case, 401K and SEP contributions are also great writeoffs.

Reply by Shoshana/AZ on 11/22/12 4:42pm
Msg #444379

GG Find yourself a good financial planner.

We have some fairly conservative investments in our portfolio that pay 5-6%. That's pretty good I think.

Reply by parkerc/ME on 11/22/12 9:39pm
Msg #444384

Re: GG Find yourself a good financial planner.

Ask your financial planner about Fixed Indexed Annuities.

Reply by Shoshana/AZ on 11/22/12 9:48pm
Msg #444385

Personally, I don 't care for annuities. n/m

Reply by HisHughness on 11/22/12 3:20pm
Msg #444377

My retirement planning consisted entirely ...

... of buying a lottery ticket each week.

Reply by ArtG/KS on 11/23/12 6:04pm
Msg #444458

Re: My retirement planning consisted entirely ...

MY son-in-law said buying lottery tickets was a "redneck retirement account". Oh- - - - - - !