from wiki. stocks and shares ISA is not a retirement account where taxman touches anything going in. i won't go into specifics as it's late and im tiredA Roth IRA contribution is taxed at the taxpayer's current income tax rate
also
ISA's in UK have no such limits and we can withdraw tax free when ever we like whether it was contributions or earningsFlexibility: You can withdraw your contributions at any time without taxes or penalty. Although you normally must hold the Roth account for at least five years and be at least 59 before you can tap the earnings tax-free and penalty-free,
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09-03-2016, 01:22 PM #61
- Join Date: Apr 2012
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09-03-2016, 01:27 PM #62
If you're poor, then can confirm, your tax rate is ****ing nothing. Would Roth whatever I could.
If you're stuffing away 30K a year, you can defer that with a 401k and be growing a massive amount of money, while paying poverty taxes on the money you're currently spending to live. Win-win.FA Crew
Always Pick 1 Crew
"Experience is something you get right after you need it."
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09-03-2016, 01:29 PM #63
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Right, contributions are taxed at the current income tax rate. So I paid taxes on the income, but then those dollars have been "bought and paid for" and are never taxed again, not when I put them into the account, not when I take them out, and not on the earnings accrued with them over the years. This is identical to my reading of the Stocks and Shares ISA.
This differs from the Traditional account, which are paid for with "pre-tax" dollars instead of "after-tax" dollars: I deposit them BEFORE I am taxed, thereby reducing my income and deferring some tax on the highest bracket of my income, until a later date (retirement) when I will presumably have no wages and be at a lower tax bracket.Nah, fukk that. I’m not doing that.
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09-03-2016, 01:31 PM #64
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09-03-2016, 01:34 PM #65
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I will have 2 pensions so will be bringing home about $2500 per month after taxes.
Plus about 100k in savings so i should be ok. this wont happen until 62-63 or so.
that should be fine for me. Not like I need a lavish lifestyle. dont have one now so really cant imagine i will need one then.
to be quite honest, my plan is to move to vegas or laughlin. get a place within striking range of a casino. go there a couple times per week to party and bet on horses. i will alot $400 per month for this so that 100k will last me about 20 years.
of course thats if I do this every week and dont take time away from it plus not factoring in any money i save through me pensions."To be a warrior is not a simple matter of wishing to be one. It is rather an endless struggle that will go on to the very last moment of our lives. Nobody is born a warrior, in exactly the same way that nobody is born an average man. We make ourselves into one or the other."-- Carlos Castaneda
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09-03-2016, 01:34 PM #66
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09-03-2016, 01:35 PM #67
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09-03-2016, 01:37 PM #68
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09-03-2016, 01:37 PM #69
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09-03-2016, 01:37 PM #70
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09-03-2016, 01:43 PM #71
The part that gets me is what it takes to start making those huge contributions. Unless you land a huge windfall or are able to make six figure, ****-you type money for decades on end,
-You're going to have to be working a STEM or similarly high-paying job.
-You're never going to be able to "downshift" to a lower paying job or industry.
-You're going to have to never get divorced. This may mean never getting married in the first place.
-You're going to never have kids
-You're going to have to never get into medical trouble
-You're going to have to never get into legal trouble
-You're going to have to live poverty during the best decades of your life
-You likely won't be able to travel
etc etc
Just if you want to retire before 60 or so.
Now again, being FA makes a lot of those pretty easy, so I'm probably going to go for it. But it takes a LOT of sacrifices to be able to rack up the kind of investments you'll need.FA Crew
Always Pick 1 Crew
"Experience is something you get right after you need it."
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09-03-2016, 01:45 PM #72
- Join Date: Jul 2013
- Location: New York, United States
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Other way around: Traditional 401k/IRA takes from your paycheck before taxation. It's also common for an employer to provide a "match" up to a certain amount in additional tax-deferred dollars. This is the typically the primary retirement vehicle for ordinary Americans - those who have one at all - since the decline of "defined benefit" pensions.
Roth 401k/IRA is an alternative retirement vehicle that takes from your paycheck after taxation, but in exchange, never taxes either the principle or the earnings again. This, from what I read about the ISA, seems to be essentially identical?
Because of where I am in my career (early 30s but relatively high-earning), my pattern is to get my 4% match from my employer using a Traditional 401k, max out my allowable Roth contribution, then put more into my Traditional. Those Roth dollars will be sweet to pull out and spend without having to pay any higher-bracket taxes after 40 years of compounding.Last edited by ANumber1; 09-03-2016 at 01:51 PM.
Nah, fukk that. I’m not doing that.
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09-03-2016, 01:46 PM #73
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09-03-2016, 01:46 PM #74
True, if you wanna retire early you either gotta get real lucky or work your ass off in your youth.
That's what grinds my gears about women and dating. I've worked hard to invest and save, and most women out there come waltzing in with debt expecting some man to pick up the tab. Women who have lived it up, while I've made sacrifices - dunno maybe I'm just bitter.𝕮𝖍𝖆𝖘𝖊 𝖆 𝖈𝖍𝖊𝖈𝕶, 𝖓𝖊𝖛𝖊𝖗 𝖈𝖍𝖆𝖘𝖊 𝖆 𝖇𝖎𝖙𝖈𝖍
█▓▒▒░░🧵Make trolls invisible: https://forum.bodybuilding.com/showthread.php?t=180234573 ░░▒▒▓█
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09-03-2016, 01:47 PM #75
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09-03-2016, 01:49 PM #76
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09-03-2016, 01:51 PM #77
Don't blame you at all brah.
The best way to do it would be to find a wife who earns good money herself and throws it at your retirement fund. Brb living expenses stay close to the same, brb way more disposable income, brb big tax breaks, brb faster and richer retirement with less sacrifices today.
But I've probably got as good of a chance at finding a career woman who wants to stay childfree and retirement-grind as I do of ****ing a Victoria's Secret model.FA Crew
Always Pick 1 Crew
"Experience is something you get right after you need it."
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09-03-2016, 01:53 PM #78
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09-03-2016, 01:54 PM #79
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09-03-2016, 01:54 PM #80
- Join Date: May 2010
- Location: Washington, United States
- Age: 39
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When social security rolled out, mortality rates were right around the retirement age. My dad might be able to retire at 65. House is paid off, all us kids are out of the house and both him & mom work (engineer and programmer). Realistically we're all going to need to work until 75 at least, even with savings and 401ks (here's to hoping there's not another 9/11 where everyone's mutual funds drop 40%+).
Edit: S.S. was meant to let you die comfortably in a few months, not live off of for 20 more years.MFC
My most recent log with past links: SuperPump 3.0 http://forum.bodybuilding.com/showthread.php?t=160083011
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09-03-2016, 01:57 PM #81
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09-03-2016, 01:58 PM #82
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09-03-2016, 01:59 PM #83
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09-03-2016, 02:07 PM #84
- Join Date: Jul 2013
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If things ever fail between the Oneitis and I, my plan is work remotely from countries that allow Americans without a visa for 90 days and rotate frequently enough to evade all income tax liability, driving as much into my retirement funds as possible while plowing through a personally curated blend of Thai-Czech escorts.
Nah, fukk that. I’m not doing that.
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09-03-2016, 02:10 PM #85
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09-03-2016, 02:17 PM #86
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09-03-2016, 02:18 PM #87
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09-03-2016, 02:19 PM #88
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09-03-2016, 02:20 PM #89
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09-03-2016, 02:23 PM #90
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