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<blockquote data-quote="blacksheep10" data-source="post: 15783" data-attributes="member: 13"><p>cole, you are WAY ahead of the game. here's how it was put to me. your Simple or 401K goes in pretax. when you draw it out, (in 40 yrs) you will will be taxed on that as income then. Okay, lets say you saved enough to pay yourself 50K per year for the rest of your life. you are taxed like a person making 50K, pretty hefty tax bracket. A roth is post tax. you can save any money you come across if you can prove you make that much (no drug money). you earn on that money and also get to deduct that. when you retire and start taking it, you aren't taxed on it coming out. I've been told to put whatever your company will match and then some in the Simple/401K and then half that much in a roth. My boss matches 100% my contributions up to 3%, my money since day 1. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite2" alt=";)" title="Wink ;)" loading="lazy" data-shortname=";)" /></p></blockquote><p></p>
[QUOTE="blacksheep10, post: 15783, member: 13"] cole, you are WAY ahead of the game. here's how it was put to me. your Simple or 401K goes in pretax. when you draw it out, (in 40 yrs) you will will be taxed on that as income then. Okay, lets say you saved enough to pay yourself 50K per year for the rest of your life. you are taxed like a person making 50K, pretty hefty tax bracket. A roth is post tax. you can save any money you come across if you can prove you make that much (no drug money). you earn on that money and also get to deduct that. when you retire and start taking it, you aren't taxed on it coming out. I've been told to put whatever your company will match and then some in the Simple/401K and then half that much in a roth. My boss matches 100% my contributions up to 3%, my money since day 1. ;) [/QUOTE]
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