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Reply to "What's the point of an IRA"
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[quote=Anonymous][quote=Anonymous]Your CPA is wrong IMO. One point of putting money in there is that it grows tax free (dividends and cap gains) for as long as you leave it there, and when you withdraw it years from now you may be in a lower tax bracket (many people's income is less in retirement), so you get the tax sheltered growth and a potentially lower tax rate at withdrawal. [/quote] pp here... in fact I would probably fire any CPA that gave me such simplistic and ignorant advice, unless it is likely that my income in retirement will be so high/ high enough that there is no benefit to sheltering your dividends and capital gains on the IRA for years til you withdraw it. That's very questionable advice from the CPA if they didn't also point out this benefit to offset the lack of deductibility.[/quote]
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