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Buy a Roth IRA, max it out.
clambo says
Buy a Roth IRA, max it out.
He said pre-tax. And with a second job he's probably over the limit already.
SEP-IRA reduces self-employment tax.
Roth really is the best option or if you're good with stocks that would be better.
Second job=1099 ? Get a SEP-IRA.
An HSA is awesome if you qualify.
It's taxed the full 30%,
Your rate when up for some upper class under Trump's Tax Cuts and Jobs Act such as those make $200,000 to $400,000 saw an increase in the ordinary tax rate from 32% to 35%
Traditional IRA and HSA are pretty much all options you have. The former is subject to income and contributions limits the latter also has contributions limit ($7K iirc) and you must have a high-deductible medical insurance to be eligible to contribute into it.
Buy a Roth IRA, max it out.
Invest in mutual funds with capital appreciation as the objective.
An HSA is awesome if you qualify.
I have an HSA at Fidelity invested for capital appreciation. Fidelity is easy.
Invest your HSA for use in retirement, or when you are on Medicare.
I'm using my HSA for stuff not completely covered by medicare, like $35 to see a specialist.
HSA are "triple tax free", I wish I had put more money in it.
clambo says
Buy a Roth IRA, max it out.
Invest in mutual funds with capital appreciation as the objective.
An HSA is awesome if you qualify.
I have an HSA at Fidelity invested for capital appreciation. Fidelity is easy.
Invest your HSA for use in retirement, or when you are on Medicare.
I'm using my HSA for stuff not completely covered by medicare, like $35 to see a specialist.
HSA are "triple tax free", I wish I had put more money in it.
Thank you, meeting with a tax attorney Friday and Fidelity advisor in the morning. 🇺🇸🇺🇸🇺🇸
Buy a Roth IRA, max it out.
Invest in mutual funds with capital appreciation as the objective.
An HSA is awesome if you qualify.
I have an HSA at Fidelity invested for capital appreciation. Fidelity is easy.
Invest your HSA for use in retirement, or when you are on Medicare.
I'm using my HSA for stuff not completely covered by medicare, like $35 to see a specialist.
HSA are "triple tax free", I wish I had put more money in it.
Someday I'm going to open the money faucet but it's so hard to change my habits now.
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speaking of tax ... see below tax brackets for this year
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Add Obamacare taxes to those figures.
Are not the withdrawals or distributions from traditional IRA, non-Roth 401K's, SEP IRA (i.e., pre tax contribution accounts) taxed at the ordinary income tax level ? But yes they do not get taxed at the capital gains tax rate.
Someone paying +30% income tax rate (after standard deductions on the 1040 tax return form) is in a very high bracket.
GNL
A Health Savings Account contribution is also deductible, like a traditional IRA, so it's "triple tax free".
I wish I had put more money in mine, oh well.
clambo says
GNL
A Health Savings Account contribution is also deductible, like a traditional IRA, so it's "triple tax free".
I wish I had put more money in mine, oh well.
Protected as well. No one gets they can go on a binge when they're 65 and drop $300k on CC's and not pay it. Max out protected retirement funds BEFORE other investments.
Fuck the "heirs" - run up the CC's and live large, then let the 80,000 armed IRS agents duke it out with the executors of the "estate."
This is why the Dave Ramsey types are stupid. Yes his ideas work for dip shits that don't understand tax free leverage, but it's flat out bad advice.
Credit cards are "unsecured debt."
Nobody but the cardholder is on the hook for the debt.
Ramsey is great for those looking to get ahead and only make about $50,000 in household income; he does encourage saving in growth stocks mutual funds, as I have heard him tout Wilshire 5000 index funds.
I get your point, but Ramsey is for lazy people really.
WookieMan says
I get your point, but Ramsey is for lazy people really.
I understand and agree, but Dave Ramsey tailors to the blue collar and clerical worker crowd (~$40,000 to $60,000 annual household income). So their tax rate is not 30% and likely is very low if they have children. Ramsey advises them to at least avoid costly mistakes to progressively improve their finances.
The key is to know when you got in over your head. AND if you can just dump the debt. Most cases you can. Put a fence around your assets and you can walk away. Dave tells you to stop going out to eat and you'll need to live with pennies for years and get two jobs. I live once. Fuck that. Learn how to game the system. The one thing the wealthy and blacks have in common.
I'd like to know more about what you mean by "put a fence around your assets and you can walk away"
Now is it possible for most? Likely no, you'd need $200k of income and the median is still sub $70k for a family.
He does encourage saving in a Traditional IRA with growth stock mutual funds.
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