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Retirement PLANning

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Flechas said:
You are right about that,they now better than we do, but unlike our passengers, we can learn to invest and make better choices for ourselves. Like I said before, either way it is a gamble. I'm not an expert, nr I'm rich, so everything I stated is personal opinion.

It is a gamble in a sense...and if you dont "gamble", there really isnt much of a retirement fund. My advice, seek a professional unless you study the market enough to know how to daytrade. I'm not going to call myself an expert either, but I am licensed in this area.
 
Flechas said:
That being said, I have a 401K plan with my company,but I only put into it whatever amount the company matches, because at the end, even if the money ddidn't makemuch money, you get the free money from the company.

Flechas,

Are you aware of the tax advantages of putting as much money as possible into your 401k annually? Don't discount those tax advantages...they are huge. And if you can't break the standard deduction every year, it may be your only tax shield (other than the standard deduction).

-Neal
 
BluDevAv8r said:
Flechas,

Are you aware of the tax advantages of putting as much money as possible into your 401k annually? Don't discount those tax advantages...they are huge. And if you can't break the standard deduction every year, it may be your only tax shield (other than the standard deduction).

-Neal

I' am not really aware. But I can't afford to put more money in my 401K. I'm barely making it. I have some credit card debt to pay (Some ratings and personal expenses during my CFI years) and I just started second year pay this month. As soos as I catch up with my debt I'll have to look more into it.

Andres
 
BluDevAv8r said:
Flechas,

Are you aware of the tax advantages of putting as much money as possible into your 401k annually? Don't discount those tax advantages...they are huge. And if you can't break the standard deduction every year, it may be your only tax shield (other than the standard deduction).

-Neal

those same tax advantages can be utilized in ira's...even better in a roth ira...401k's are good, their uses are many, but maxing out your 401k isnt always in your best interest
 
Flechas said:
I' am not really aware. But I can't afford to put more money in my 401K. I'm barely making it. I have some credit card debt to pay (Some ratings and personal expenses during my CFI years) and I just started second year pay this month. As soos as I catch up with my debt I'll have to look more into it.

Andres

Andres,

Go pick up a copy of "Automatic Millionaire." That book has some great lessons in personal finance. Well worth the few bucks.

-Neal
 
Rottie said:
those same tax advantages can be utilized in ira's...even better in a roth ira...401k's are good, their uses are many, but maxing out your 401k isnt always in your best interest

How is it better in a Roth IRA...given that it is after-tax dollars? Most guidance I have seen says to max out your 401k first...then max out a Roth if you can afford it.

-Neal
 
BluDevAv8r said:
Andres,

Go pick up a copy of "Automatic Millionaire." That book has some great lessons in personal finance. Well worth the few bucks.

-Neal

Thanks Neal, willdo that tomorrow, who's the author?
 

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