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I don't understand why people don't do IRAs. I can invest in whatever I want. Leave 401k for employer contributions.
by mattmcknight 18y ago
I don't understand why people don't do IRAs. I can invest in whatever I want. Leave 401k for employer contributions.
- dantheman 18y agoIRA's have limits, and you pay tax now, instead of later. 401ks let you reuduce your taxible income & most employer contributions are some sort of matching.
- mattmcknight 18y ago401ks have the same maximum dollar investment limits, but you can invest in whatever you want in an IRA. You only pay tax now on Roth IRAs, not standard IRAs, which are tax deferred. I don't like matching. I think the company should just throw some amount of money/profit sharing into the retirement plan- which is what every place I've worked at for the last 13 years (including my own company now) does.
- dantheman 18y agoI think the limits vary by type... IRA 2009 $5,000 $6,000 401k 2009 $16,500 $22,000 http://www.themoneyalert.com/Retirement-Plan-Limits.ht http://www.themoneyalert.com/Retirement-Plan-Limits.ht