it depends on your current tax rate vs your projected tax rate in retirementbabyshark said:
Simple W2 for me and wife
it depends on your current tax rate vs your projected tax rate in retirementbabyshark said:
Simple W2 for me and wife
babyshark said:
Simple W2 for me and wife
OasisMan said:it depends on your current tax rate vs your projected tax rate in retirementbabyshark said:
Simple W2 for me and wife
cjsag94 said:OasisMan said:it depends on your current tax rate vs your projected tax rate in retirementbabyshark said:
Simple W2 for me and wife
I think this is one of the biggest mistakes people make when evaluating long term savings plans. The only reason tl current taxes matter, with regards to retirement savings purposes, is if the current deductibility of your contributions affects how much you will be saving. In my experience, almost everyone saves the same amount regardless (fixed percentage of paycheck, legislative limits, etc.) And then they spend everything else. If you are saving more due to the deduction, then mathematically you are only better off by the spread between current and future tax rates. I defer to siding with the devil I know be the one I don't, unless extreme circumstances.
So, unless you are going to save more because you reduced your tax bill, then you will be much better off in the long run with a significant tax free income source in retirement.
FWIW, back to OP... This is the type of stuff financial advisors can help with, which can be life changing over long periods of time.
this can be true for some, not otherscjsag94 said:...So, unless you are going to save more because you reduced your tax bill, then you will be much better off in the long run with a significant tax free income source in retirement...OasisMan said:it depends on your current tax rate vs your projected tax rate in retirementbabyshark said:
Simple W2 for me and wife
classof2019 said:
I have a family member who is 72 and recently retired. He refuses to talk to any financial planner or advisor as he claims the one he talked to a fidelity just tried to sell him an annuity.....I told him you need planning and tax advice. He has a few MM and still has decent chunks in straight stocks and in things that are too risky when he really needs to be protecting his nest egg...and figuring out the best way to do this in a tax advantaged way.
Very frustrating that I can not get him to talk to someone.