One caveat, of you have access to a retirement account at work (401k, 403b, pension), your IRA contributions may not be deductible. That's another reason to go Roth.
Retiring early was priority for me as well as financial independence. So, Roth was an easy choice. Not to mention, folks can say whatever but lowering taxes permanently wouldn't be substainable permanently and at our current debt to GDP rate, we are at credit card rate amounts in debt interest and it is highly likely taxes would need to go up at some point to keep up with it. Government has shown no signs of letting up on the trillions in debt. Not paying one of the social programs like medicade, social security, etc would be political suicide. So, I do a bit of both, but history continues to show America ain't lowering taxes that's for sure.
How would this be affected when trump eliminates income tax from all Americans? He was saying he would use tariffs to pay the government instead of income taxes from Americans?
I think it is smart of you to do both and not metaphorically put all your eggs in one basket. Great video, by the way.
It is possible that support for repealing the 16th Amendment (direct federal income taxes) might happen in the future. So who knows.
Can u do sep also
One caveat, of you have access to a retirement account at work (401k, 403b, pension), your IRA contributions may not be deductible. That's another reason to go Roth.
Basket of money lol another banger
Retiring early was priority for me as well as financial independence. So, Roth was an easy choice. Not to mention, folks can say whatever but lowering taxes permanently wouldn't be substainable permanently and at our current debt to GDP rate, we are at credit card rate amounts in debt interest and it is highly likely taxes would need to go up at some point to keep up with it.
Government has shown no signs of letting up on the trillions in debt. Not paying one of the social programs like medicade, social security, etc would be political suicide. So, I do a bit of both, but history continues to show America ain't lowering taxes that's for sure.
If single, Traditional IRA contributions are not deductible for medium/high earners. They are not for me
At 18:42, it would've been more appropriate if instead of saying "buddy," you had said the naughty B curse word.
We will just have “buddy” in quotes
How would this be affected when trump eliminates income tax from all Americans? He was saying he would use tariffs to pay the government instead of income taxes from Americans?