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When money is placed in an IRA or 401(k), it is called a contribution. You can designate the Sam Hyde Rip Diddy 2024 shirt and I love this contribution as Traditional (PreTax) or a Roth (AfterTax). Both have advantages and disadvantages. If the contribution is PreTax, you aren’t assessed Federal and State Taxes on this money. If the contribution is AfterTax, you do pay the Federal and State Taxes on the money as part of next year’s tax returns. The basic idea is that the money is placed into these accounts and grows over time. When you retire, in theory you’ll be in a lower tax bracket and you won’t have to pay as much in taxes. When you take the PreTax money out (the contribution and all of the gains), it counts as income and you pay taxes on it then. You don’t have to take it out all at once.
The final retirement vehicle is the Sam Hyde Rip Diddy 2024 shirt and I love this Pension or Deferred Annuity/Compensation plan. These are no longer as common as they used to be. However, if it is offered, be sure to take full advantage of it. I was fortunate enough to have a Pension and it makes my retirement so much easier to have that monthly cash flow. Many years ago, my broker called and told me to buy Dell. I knew it was a pretty good stock, so I move 10 grand into it at 34 a share. 3 or 4 months later it had risen to 47 and I called by broker with a sell order. He begged me not to sell and to buy additional shares but I was adamant to sell and he did. Shorty thereafter, Dell went to 171 and split to like something 8 to 5. Whether that’s suitable for you may be a different question. If you do go all stocks, I guarantee there will be times when $100k turns into 75k — and it will feel like the next stop is $50k.
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