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      01-23-2020, 12:24 PM   #76
Rmtt
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Drives: 2011 BMW 128i, 2008 LS3 C6
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Quote:
Originally Posted by zx10guy View Post
I looked at doing this but decided it wasn't worth it for me based on my limited expertise in this field. Right now, I have the privilege of being in a pretty high tax bracket. I'm leveraging the tax deferred options to the max that are available to me to lower my taxable income now. Based on my living habits, I'm banking on being able to live on the draw where my taxable income during retirement would be below the threshold where I get nailed with high taxes then. But it's all speculation on my part. I may be right and I may be dead wrong in my assumptions.
Nothing wrong with that. Your tax rate in retirement will likely be lower than while working, but who knows what will happen when that time finally comes.

I will be the first to admit I'm not an expert in the field, but I think if you are in a tax bracket that is 24% or less..... it could be a good way to get caught up with your goals if you were late getting started. But once you get into the higher brackets, you have to weigh what you pay up front and decide if it benefits you later.

We have so many people here at work that don't even participate in the retirement program. All they see is that they take home less money in their pay.

My wife and I budget and live on what our salary was 15 years ago even though we make much more now. Plus I grew up poor and kind of became OCD about having a big emergency fund, no debt, etc.

I have been contributing for as long as I started working and it was offered, fall within the general numbers posted earlier, but still worry sometimes am I doing enough?

But that is more of a personal issue that stems from how I grew up.
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Last edited by Rmtt; 01-23-2020 at 12:57 PM..
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