Who wants to explain Roth IRAs to me
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Replying to @LeahLikesDogs
Your income gets taxed, dollars go into Roth, it cooks and grows until... age 59.5? Unsure if early withdraw incurs penalty.
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Replying to @twirlthat @LeahLikesDogs
I started funding a Roth then switched when I read this: http://www.madfientist.com/retire-even-earlier/ …
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Replying to @twirlthat
If I don't make very much $ w/no employer retirement what's the takeaway of this article as it relates to where to put my $
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Replying to @LeahLikesDogs
Sorry, that article has more noise than I wanted. Pre-tax accounts grow money more than Roth since more goes in. When you...
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Replying to @twirlthat @LeahLikesDogs
take money out, you will be in a lower tax bracket than when you were making money, probably. So you keep more money.
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Replying to @twirlthat @LeahLikesDogs
ppl get in big fights over this & it doesn't matter that much as long as you're using some kind of retirement acct
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but if (big if) you're maxing out your contribution, the Roth contribution is objectively more money
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also with a Roth you can take money back out up to the amount you put in without incurring penalties
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it sounds like since Leah is in a low tax bracket rn the Roth is prolly better for her
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that article was aimed at ppl w relatively high-paying jobs who hope to save enough to retire in the near future
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