Originally posted by @Michael Sechrest :
Originally posted by @Ali Boone:
I'm always leery about any of those accounts- IRAs, roths, 401ks, etc. I realize they are the primary retirement means, but I don't like how they hog my money up and in the ways they tax it and such. I feel like I have more flexibility and growth potential, and fluidity and control, when I do real estate.
Personal opinion with no good arguable basis, but I just don't like any of those accounts personally. I see my dad too tied up with his--how much he'd have to pay in taxes to pull any of it out, so he's not pulling it out, which seems pointless to me. Literally money he can't use without coughing up a huge chunk of cash to have access to it.
I totally agree with you. My dad did the same thing, put every extra dime into retirement accounts and lived very frugally. He passed away before spending any of it. That started my journey into looking into other ways of preparing for the future. I also have a tenant who is on a fixed income and it is a shame to see a hard working person retire with next to nothing.
Originally posted by @Lane Kawaoka :
I am very against the Roth or any retirement account (other than 401k in some situations).
You will pay taxes now or later and you will likely to pay more taxes in the future... so pay it now.
And 10% penalty is nothing to be in retail type investments. You can recoup that in 12-14 months.
Glad to know I'm not the only one who thinks that!
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