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Reply to "Long Term Financial Strategy"
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[quote=Anonymous][quote=Anonymous]Ex didn't even contribute to 401k to get the whole match. People just don't think about it or know any better. [b]I think 401k is a scam, [/b]but people don't know any better. I took any extra money we had and I invested in Roths. We have several of them. Now I trade in Roths tax free. I have no plans to work unless very bored. Now you see why I didn't care for him adding to 401k. There's is nothing good in it for you. No tax break and match can make up what it takes from most people.[/quote] :lol: You advocate not using the 401K but invest in a Roth instead. Let's think that through. A 401K allows you to contribute $23,000 while a Roth allows only $7K. Assuming a 32% marginal tax rate, if you'd invested the $23K in a 401K, you'd get a tax deferral of $7400 which you can use to invest in a Roth. That's what I do and so do many others.[/quote]
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