Kentucky Armory Club

Rem700 wrote: ↑

Sat Nov 19, 2022 11:28 pm

If you are looking for more retirement savings. Use a ROTH IRA. You save after tax dollars, no tax deduction today. But as long as you wait until at least age 59.5 to start taking money out, then you get tax free growth on that money and get to pull it out tax free after age 59.5. Granted you have to be under the income limits for the year to save this way. You can put in up to $6k per year.

If you wanted to also do a traditional IRA. Again you put in up to $6k per year, you get a tax deduction for the contribution but when you start pulling money out in the future (after age 59.5 or you pay 10% penalty to Uncle Sam) it counts as ordinary income.

Bigtime agree with this.
Step 1: push as much to your 401k as your employer will match (Do a Roth 401k if your company allows)
Step 2: Max your Roth for the year
Step 3: Go back to 401K and continue to pile on there
Step 4: if you have the money to pay the taxes, at the start of each year, do a Roth Conversion on the employer match of your Roth 401k (Employer matches are ALWAYS conventional. Only your portion can be Roth)

I've not been able to rock step 4 yet but I got the first 3 solid

Also Rem, check out a Backdoor Roth. If you make over Roth limits you can contribute to your conventional IRA and Roth convert it legally(another step I am not on or even close to).

Yes we do a lot of ROTH conversions and back door ROTHs. Great way for high income earners to get tax free growth. You are on the right path for sure.

When one of the ponies your riding breaks a leg….

iron369 wrote:When one of the ponies your riding breaks a leg….

That one is off to the glue factory.


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I kinda expected this thread to be rejuvenated by now since the crypto market has been on an uptrend for the last couple months. Maybe everyone sold when it was down? They say 90% of the people in crypto will sell when it’s low and buy when it’s pumping.
I sold about 1/3 of a bitcoin last summer and I’m kicking myself in the ass, but it had to be done. I’ve been scooping up some alt coins although I’m not a fan of gambling like that. Most of my crypto is just bitcoin and eth.
I hope everybody’s portfolio is shooting for the moon!

iron369 wrote: ↑

Mon Mar 11, 2024 12:27 pm

I kinda expected this thread to be rejuvenated by now since the crypto market has been on an uptrend for the last couple months. Maybe everyone sold when it was down? They say 90% of the people in crypto will sell when it’s low and buy when it’s pumping.
I sold about 1/3 of a bitcoin last summer and I’m kicking myself in the ass, but it had to be done. I’ve been scooping up some alt coins although I’m not a fan of gambling like that. Most of my crypto is just bitcoin and eth.
I hope everybody’s portfolio is shooting for the moon!

hadn't looked at it in forever, i bought when it was 32k/coin and now doubled. wow. I guess it may be here to stay.