Comments on: Addendum to 2008 Goals http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/ A Personal Finance Blog with a Silly Name Tue, 22 May 2012 09:34:42 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Roth IRA or Traditional IRA? How about neither? » pantsinacan.com http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-34217 Roth IRA or Traditional IRA? How about neither? » pantsinacan.com Thu, 04 Sep 2008 09:50:06 +0000 http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-34217 [...] Which to choose… I’m not really sure. I’ve researched the advantages and disadvantages of both and it’s just left me more [...] [...] Which to choose… I’m not really sure. I’ve researched the advantages and disadvantages of both and it’s just left me more [...]

]]> By: Heather http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32634 Heather Wed, 13 Aug 2008 18:10:31 +0000 http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32634 Well, whatever happens - I know you'll keep us informed on PAC! Good luck with todays news of getting your PMI taken care of! Can't wait to see the hilarity insue with Countrywide! (I am laughing WITH you - honestly!! I feel your pain!) If they send you another one of those notices, your photo of the day needs to be of the guy with his head up his rear with a caption of "countrywide's star employee" Well, whatever happens – I know you’ll keep us informed on PAC!

Good luck with todays news of getting your PMI taken care of! Can’t wait to see the hilarity insue with Countrywide! (I am laughing WITH you – honestly!! I feel your pain!)

If they send you another one of those notices, your photo of the day needs to be of the guy with his head up his rear with a caption of “countrywide’s star employee”

]]> By: Brainy Smurf http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32578 Brainy Smurf Tue, 12 Aug 2008 21:58:01 +0000 http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32578 Heather, you hit the nail on the head when it comes to my confusion about Traditional vs. Roth. I totally understand the part about being taxed now and being taxed later and I guess that's where I've never understood why so many say to immediately go with the Roth. I'm guilty of blindly following (or at least I'm on the verge of being guilty...) I don't know what tax bracket I'm in right now off the top of my head, but I'm semi-certain that I've plateau'd when it comes to my earnings. I'd say I peaked a few years ago, now I'll be steady for a decade or so, and then I'll start to slowly fade in the decade prior to retirement. I guess all I'm saying is that I don't expect my income to keep going up and up and up (in which case a Roth would be better), so I don't expect my tax bracket to move higher and higher either -- so now you've got me thinking of going against the grain an opting towards the traditional... I suppose it's a good thing I'm not really planning on making a move either way until December! Heather, you hit the nail on the head when it comes to my confusion about Traditional vs. Roth.

I totally understand the part about being taxed now and being taxed later and I guess that’s where I’ve never understood why so many say to immediately go with the Roth. I’m guilty of blindly following (or at least I’m on the verge of being guilty…)

I don’t know what tax bracket I’m in right now off the top of my head, but I’m semi-certain that I’ve plateau’d when it comes to my earnings.

I’d say I peaked a few years ago, now I’ll be steady for a decade or so, and then I’ll start to slowly fade in the decade prior to retirement.

I guess all I’m saying is that I don’t expect my income to keep going up and up and up (in which case a Roth would be better), so I don’t expect my tax bracket to move higher and higher either — so now you’ve got me thinking of going against the grain an opting towards the traditional…

I suppose it’s a good thing I’m not really planning on making a move either way until December!

]]> By: Heather http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32577 Heather Tue, 12 Aug 2008 21:37:19 +0000 http://pantsinacan.com/2008/08/12/addendum-to-2008-goals/#comment-32577 I was under the understanding tho that a Roth makes you pay taxes on the money now, when technically you're in a higher income bracket because you are still earning your wage. My finance guy told me a long time ago that a regular IRA was better because when you withdrawl it later you'll pay taxes on it then when you're in a lesser tax bracket. You and I are about the same age, I'm a couple years older, so the priciple about being in a higher tax bracket now would certainly apply. He also mentioned the tax savings (filing your annual taxes) would be benefitted by doing a regular IRA. Since I bought my house, that hasn't remained true as the house benefits me more tax wise. But for someone who is married, it may be more of a benefit in filing taxes - I'm not sure. Just a blurb about what my Morgan Stanley/Dean Whitter guy said! Might be something to consider. ALSO, put it in some sort of stable goods - my standard IRA has been in stocks and is up and down like a toilet seat! I'm looking into switching it into some sort of account where it is secure and I won't keep losing money. For that reason alone - your savings account is more secure - unless of course you're with some bank that is gonna go under next month! Let us know how it turns out - ofcourse I know you will! I was under the understanding tho that a Roth makes you pay taxes on the money now, when technically you’re in a higher income bracket because you are still earning your wage. My finance guy told me a long time ago that a regular IRA was better because when you withdrawl it later you’ll pay taxes on it then when you’re in a lesser tax bracket.

You and I are about the same age, I’m a couple years older, so the priciple about being in a higher tax bracket now would certainly apply.

He also mentioned the tax savings (filing your annual taxes) would be benefitted by doing a regular IRA. Since I bought my house, that hasn’t remained true as the house benefits me more tax wise. But for someone who is married, it may be more of a benefit in filing taxes – I’m not sure.

Just a blurb about what my Morgan Stanley/Dean Whitter guy said! Might be something to consider.

ALSO, put it in some sort of stable goods – my standard IRA has been in stocks and is up and down like a toilet seat! I’m looking into switching it into some sort of account where it is secure and I won’t keep losing money. For that reason alone – your savings account is more secure – unless of course you’re with some bank that is gonna go under next month!

Let us know how it turns out – ofcourse I know you will!

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