09-16-2006, 07:33 PM
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#1 |
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Savings Advisor
Join Date: Aug 2006
Location: Central CT
Age: 32
Posts: 761
Rep Power: 7  |
My IRA Planning
I've finally been at my company long enough to be offered into the corporate IRA plan.
My company matches 100% for 2% of my yearly salary. All said and done, this comes out to 1400 bucks a year. Is it wise to pull more than my 1400 share out, or just do the amount that they will match? |
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09-16-2006, 09:16 PM
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#2 |
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Super Moderator
Join Date: Aug 2006
Location: West Coast
Posts: 773
Rep Power: 7 |
only put in what they will match. unless you want a tax break. if you are borderline, you can fund more of your earning into your ira have lower taxable income. so basically the irs sees, for example, you make 80k instead of 85k. so you could pay less taxes. it is important to do this when you are borderline to the tax brackets.
take whatever money you don't put in the the IRA and put into a roth. expect to save at least 10-15% of your income. |
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