What should Scav do?

[AeWingnut]

My uncle managed to live off playing the horses for a little more than a year. Then as all gambling stories - it ends in tragedy
he put every penny on a horse - horse wins
then the INQUIRY lights up

back to work

[skippy3481]

Gales i think that is great advice. Although roth dollars are taxed going in not coming out as opposed to the traditional 401k where it is opposite. Scavs, my best advice, do what makes you happy. Personally if i was in your position, I would take a stab at it. 50 Years from now would you rather look back and say well i tried and this is the outcome or say "i wonder if...." I would def not tell your boss to gfy. Take a little time off, study more and throw some time into the races.

[gales0678]

Originally Posted by skippy3481

Gales i think that is great advice. Although roth dollars are taxed going in not coming out as opposed to the traditional 401k where it is opposite. Scavs, my best advice, do what makes you happy. Personally if i was in your position, I would take a stab at it. 50 Years from now would you rather look back and say well i tried and this is the outcome or say "i wonder if...." I would def not tell your boss to gfy. Take a little time off, study more and throw some time into the races.

I think at Scavs age the roth is more ideal than a regular ira, if he can put 4k in a year for the next 10 years and invest wisely when he gets 59.5 he can withdraw the $ (contributions and gains) tax free. With the ira he is taxed at ordinary income upon withdrawl. I think the roth is a great product for young people, co's are now offering the roth 401k at work. If you can be in the mkt for 30+ years , i believe the roth is a no brainer, assuming the dems don't change the tax law on it

[skippy3481]

Oh i agree gales, sorry i was just clarifying your point. I agree the roth being a much better value with market age. But alot of people just hear retirement account or 401k or roth and think its just diffrent names for the same thing. Just trying to add my two cents well maybe 1.5 cents since i did capitalize off your remarks.