/biz/ - Business & Finance

[Anonymous No.24899890]

You DO plan on maxing out your Roth IRA this year, right anon?

[Anonymous No.24899951]

>>24899890
Uh yeah, considering it's tax-protected and several companies match stock buys, it's sort of a no-brainer, especially with how awesome the market's been doing.

[Anonymous No.24899972]

>>24899951
What you invested in? Low cost boomer index funds, I hope.

[Anonymous No.24900248]

>>24899890
Maxed out in GBTC

[Anonymous No.24900308]

>>24899890
(((Roth IRA)))

[Anonymous No.24900354]

>>24899890
Maxed out in BTC/ETH in my Roth IRA grandpa.

[Anonymous No.24900686]

>>24900308
A Roth IRA is the opposite of a jewish scheme, it literally prevents government jews from taking your hard earned shekels.

[Anonymous No.24901351]

>>24899890
Im a poor faggot with a tiny dick, best i could do is 1000

[Anonymous No.24901456]

>>24901351
1000 is a whole lot better than nothing. I am sorry about your small dick though.

[Anonymous No.24901505]

>>24899890
absolutely not. everything is going into volatile bio pharmaceutical penny stocks

[Anonymous No.24901540]

>>24899890
I always max out my tax free vehicles and still find$1-2k a month for crypto.

[Anonymous No.24901581]

It's the only money I put in the stock market, the rest is in crypto. Roth IRA's are the one thing that protects my future against the Jew government going full Sweden and raising effective tax rates to 60% to pay for "free housing, food, healthcare, and education" for all. I'd rather pay for myself than ensure Sharkisia and her 8 kids get free healthcare

[Anonymous No.24901596]

>>24900686
Yeah but its locked up until you're 60. That's the main caveat. I'm not even 30 yet so that's more than an entire lifetime of waiting for me. Other than that they're pretty based. I currently only have like $1k in mine. I max out my employer 401k match though

[Anonymous No.24901686]

>>24901596
I guess once I'm settled in my new career next year I'll start thinking about contributing more to it. I've mainly been focusing on accumulating shitcoins the past few years. If I make enough money to cover living expenses for a long enough time I'll just max out all my retirement accounts, HSA etc.

[Anonymous No.24901848]

>>24901596
The earnings are locked up if you become a poorfag brainlet can’t you withdraw the amount you put in

[Anonymous No.24901915]

>>24901848
Thats what I did. I contributed and then withdrew the contributions so that $1k is all profit

[Anonymous No.24901985]

>>24901581
If things get really bad you honestly think your Roth IRA won't be raided?

I do traditional.

[Anonymous No.24902012]

>>24900686
>>24901581
At some point in the future the single-party Democrat federal government will change the rules to tax these previously untaxed earnings. After all, only rich white men have access to these accounts. It's only fair to make them pay for everyone else's welfare as reparations for slavery and racism and sexism. The biased white man's system prevented women and POC and immigrants from saving for retirement so white men have to chip in for everyone else's retirement too and pay their fair share.

[Anonymous No.24902067]

>>24902012
Pretty much this.

Max out a traditional and move the rest to crypto.

[Anonymous No.24902114]

>>24902012
This.
They won't outright tax it... more like.
> gov sees your roth
> nice.jpg
> cancels your UBI
> reduces your social security

[Anonymous No.24902149]

>>24899890
My income is too high. I have to do a backdoor.

[Anonymous No.24902364]

Do you have to have an employer to get a Roth account?

[Anonymous No.24902401]

>>24902114
Right, I couldn't think of the word for it while typing my post but it just came back to me.
>means-testing
That's how they will punish anyone who was responsible enough to save. You'll still pay into Social Security your entire career of course but as soon as you're old enough to get a check they'll say you don't really need it because of your retirement accounts. But means-testing won't be implemented until after all the boomers die off, so the far wealthier older generation will bankrupt the system then leave poorer younger generations with the bill. This shit is blood-boiling.

[Anonymous No.24902430]

>>24902364
no you just have to have earned income in a given year to make contributions that year.

[Anonymous No.24902458]

>>24902114
I'm fucking seething how realistic this sounds, hell they already pulled that shit with the $1200 to every American but you have to make less than $75k.

[Anonymous No.24902460]

how does having a roth ira make you money? what are the cons?

[Anonymous No.24902546]

>>24900308
It's actually not named after a Jew, funny enough.

[Anonymous No.24902613]

>>24902012
By that point America will cease to be a world power and I'll have moved to Ching Chong land. i'd rather live in an authoritarian shithole that at least lets me make money than a country that's going to give my life savings to nigger mammies that can't stop shitting out niglets.

[Anonymous No.24902923]

>>24902460
You get all stock gains tax free. Good for doing crazy degenerate options gambles. Say you get lucky and do a 5x buying a weekly call, you would avoid the capital gains on your profit.

The con is your money is tied up in the US gov until you’re 60, which may be a problem because America is set to demographically be Brazil at that point

[Anonymous No.24902934]

>>24902460
Roth IRA = the earnings you put in are taxed now as if they were part of your salary, but any gains made on the contributions are not taxed once you cash out when you're a boomer.
Traditional = Not taxed now, but will be seen as salary when you cash out when you're a boomer.
There's pros and cons to anything. Theoretically if you're making 0 dollars when you cash out of your trad IRA, you wouldn't be bumped into a higher tax bracket. If you're not in a high tax bracket right now, I would say do Roth. But I'm a retard just regurgitating the reasoning that others have made for me so DYOR.

[Anonymous No.24903000]

>>24902460
roth ira saves you from taxes on gains. suppose you open up a self-directed roth ira and invested 10k into bitcoin today. let's pretend bitcoin hits 100k in the future at some point. you just made 5x your money with no tax liability on the gains. the catch is you have to wait to 59 and 1/2 to pull out the earnings without penalty. your initial 10k contribution you can take out at anytime. so if you sold your bitcoin for 100k, you could keep the 40k in and take out the 10k if you needed it for some reason. as well, you can pass on a roth ira with no death/estate tax. so it's great if you have or plan to have a family. essentially, the government can never touch your money again once it's there. then if you invest in crypto, you can make way higher gains than (((index funds))) and laugh all the way to the bank.

[Anonymous No.24903038]

>>24899890
I've been the peak retard boomer maxing out my Vanguard Roth IRA just buying their standard Retirement 2060 funds. Any anons have advice on what I should be putting into my Roth instead that will net better returns? I'm not afraid of some risk considering I have six figures in crypto.

[Anonymous No.24903156]

>>24903038
bitcoin, ether, chainlink via a self-directed roth ira. if you're too big a pussy to set one up, try gbtc or ethe. the premiums rape you though. maybe if a bitcoin etf comes out next year you could do that.

[Anonymous No.24903266]

I did max it and I feel retarded with my $100 profit over 3 months on my $6k, meanwhile made $2k this week with my $12k crypto folio.

Thinking of yoloing the roth ira into a meme stock like mara, tls, lazr, or just pltr.

[Anonymous No.24903278]

>>24902923
>>24903000
that doesn't sound like a good deal at all if I have to wait till I'm 60 to get the money. I might be dead by then. I want to retire by 45 at the latest.

[Anonymous No.24903499]

>>24899890
Max out this dick!

[Anonymous No.24903874]

>>24903499
> Muh dick
Bigger

[Anonymous No.24903926]

>>24899890
I plan on maximizing my dick inside your sister's vagina.

[Anonymous No.24904011]

>>24899890
You will be replaced by the time you are 60 anon I’m sorry

[Anonymous No.24904201]

>>24903278
This. I can't imagine having to wageslave until I'm 60 to consider retirement. I'll probably still put money in retirement accounts but what are you guys doing for savings prior to 60? Is there another kind of retirement account or do you just rely on crypto/stocks for that?

[Anonymous No.24904588]

>>24904201
cocaine, crypto, etf's
no need to save when you make more money than you know what to do with

[Anonymous No.24904768]

>>24904201
you can retire before that. again you can take out contributions at any time, it's just more for lasting wealth. but i can see why incels would be uninterested.

[Anonymous No.24905278]

>>24902012
For any anons that can remember the mid 80,s what event back then made it so a third party, (mainly the libertarians) can't really make any gains?

[Anonymous No.24905505]

>>24902012
>>24902114
This. I max out my employer contribution, because that's free money, but I don't trust that government will leave any retirement funds beneficial to the middle class alone in the long run.
They will, however, not touch capital gains and shy away from welfares taxes, though, because their corporate masters won't let them.

[Anonymous No.24905508]

I opted out of my company's 401k since i put 75% or more of my pay into btc

[Anonymous No.24905534]

>>24904588
this.
If you make a shit ton of money, then you can pretty much retire early through your investments

[Anonymous No.24905563]

>>24905505
Wealth taxes, I mean. They'll definitely touch welfare taxes for the middle class.

[Anonymous No.24905601]

>>24902460
>pay taxes now
>invest money
>receive money at 59.5 years of age tax free
The biggest benefit is taxed now. The reason this is a benefit is because you know the tax number now and don't know the tax number later. This is also a benefit because it means you can count on the number being the actual number, and you won't have to try and time it sometime in a 5 year window when the rate is best to withdraw. Probably the single biggest advantage of taxed now instead of later though is that your gains aren't taxed.
>pay taxes
>invest
>withdraw gains with no tax
versus
>invest
>pay taxes on principal + interest to withdraw
Due to the tax incentives of a Roth, you will almost always come out ahead of a traditional IRA. As other anons have pointed out though, a traditional IRA being taxed before the investing means you won't get looted by political parties looking for a quick billion dollar tax to shoot in the arm.

[Anonymous No.24905654]

>>24902114
>>24902401
This is partly the reason why, back in march of this year I opted out of my 401k and just put all my money into crypto each pay. They've done this to penisons, mortgages, it's highly likely that someone will come after the money in 401ks, if not direct than indirect. Thats billions of dollars thats not actively being managed, and all it takes is some politican to sign a bill that fucks over the avg person out of retirement.

[Anonymous No.24906216]

>>24905601
But you have to wait till 60 to actually earn any money from a Roth IRA. I don't want to wait till I'm so old to actually have earned from investments. Why not just invest in other stuff like stocks so I can earn money at the moment. I could die any day from stupid small stuff like a car crash or maybe the whole world ends before I turn 60. I don't think Roth IRAs are really worth it. I think people are saying there is no risk, but there is risk because you have to wait till 60 and risk you even make it to 60.

[Anonymous No.24906433]

>>24906216
>average male life expectancy in the US 78.4 years
>Oh no I'll only have 18.4 years of using my retirement fund when I'm old and won't want to work.
You don't plan to die early bud. Worst case scenario it will go to someone else in your will. You could apply the same "I could die tomorrow" logic to working out, studying, or really anything that requires effort now for payoff later.

[Anonymous No.24907203]

>>24906433
All of those examples you see your gains quickly and aren't constricted to waiting till you are 60 years old. It's also in your control.
Working out: you see your gains pretty quickly, monthly at least, and you can maintain it afterwards. It gives you instant benefits healthwise, mentally, and getting girls.
Studying: finish college in 4 years and you have a degree at 22. The payoff of waiting to 60 doesn't seem worth it.

[Anonymous No.24907733]

>>24899890
not yet, I put in $2k so far, maxed it out last year though. I keep throwing money at crypto instead

[Anonymous No.24907936]

>Roth
>Not just putting it in a traditional IRA for the sweet deductions and then doing trad->Roth conversion ladder to retire early
Dumbasses

[Anonymous No.24908036]

>>24907936
Explain more anon

[Anonymous No.24908059]

>>24908036
>Not just getting an IUL or the variation of it

[Anonymous No.24908110]

>>24908036
https://www.moneyunder30.com/roth-ira-conversion-ladder

[Anonymous No.24908382]

>>24908110
So basically you're taking advantage of the tax deductions a traditional ira gives you, and then when you get close to retiring early you start converting that traditional ira into a roth ira. Since your income is much lower once you retire, and now you are in a lower tax bracket, the income tax you have to pay on that conversion is also much lower? Am I understanding this right? It's just a way to get both the tax advantages of a traditional ira when you're making a lot of money, and the tax free withdrawals of a roth ira once you retire.

[Anonymous No.24908424]

>>24906216
>Wow this retirement fund sucks for non-retirement purposes
An Individual Retirement Account is a retirement fund dummy. It isn't for "get rich quick" cryptokids or swing traders. The goal is for workers to drop cash into it every year to serve as savings for retirement. It is a very safe, stable, and powerful investment far superior to letting money depreciate in a bank account. The average retirement age is 61, so the 59.5 year age limit is early. Even if you do retire earlier, say at 50, it helps to get a tax-free cash injection later. You can even let the fund continue to sit and withdraw later if you don't need the funds. It could pay for a child's wedding or college, claw your retarded sibling out of credit card debt, off-set medical expenses, become a summer home in Florida, you get the picture. It is maximum insurance against returning to waging as an old person.