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DRPapi1983 · Guru

RE: Lieuntenant Pensions

JustWonderin · Guru

Everyone doesn't live rent free in their parents' basement like you DRPAPI

Tommy Salami · Senior Member

Good luck to all

JustWonderin · Guru

The end is near
Tricky test
I think we will all be surprised
Loll

Is Jman really DRPapi1983 · Newbie

JustWonderin wrote:
Everyone doesn't live rent free in their parents' basement like you DRPAPI

I don't live in my parents basement, I live in my sisters basement! get it right

unborn · Guru

DRPapi1983 wrote:
Thats why is good to hustle now,...sign up for ITHP, 50/50,.Deferred Comp (at least 10%),..open up an IRA (its only $5,500.00 a year you can contribute),....work hard now and relax later

Most of us make too much money to be eligible for an IRA.

ohnoes · Senior Member

Single filers IRA Income limit is $118k to $133k (as you get closer to the upper limit the amount you can contribute goes down)
Married filers IRA Income limit is $186k to $196k (as you get closer to the upper limit the amount you can contribute goes down)

wereinbacklog · Guru

unborn wrote:
DRPapi1983 wrote:
Thats why is good to hustle now,...sign up for ITHP, 50/50,.Deferred Comp (at least 10%),..open up an IRA (its only $5,500.00 a year you can contribute),....work hard now and relax later
Most of us make too much money to be eligible for an IRA.

There's no income limit for a non deductible IRA. You can open one up then do a backdoor roth.

monkeybones · Senior Member

you can always open up the jobs 401k pre tax in conjunction with 457, instead of IRA up to 18k a year. isn't IRA post tax? which is a huge cut unless you are living in your moms basement....

ohnoes · Senior Member

The benefit of the ROTH is you pay the tax upfront, your money grows tax free. If you believe that taxes will increase in the future, ROTH is the right call.

DRPapi1983 · Guru

monkeybones wrote:
you can always open up the jobs 401k pre tax in conjunction with 457, instead of IRA up to 18k a year. isn't IRA post tax? which is a huge cut unless you are living in your moms basement....

IRA operates the same way as 457 or 401K (You dont have to pay taxes on it now (regular IRA/tax deferred) or you can pay taxes on it now (ROTH). Annual limit is $5,500.00 a year,..hope this clarifies all the confusion on here,..wish I lived in my moms basement lmaoooo,..id be a millionaire lol