Couple years back my wife Teresa, her brother and I rented a cabin in West Virginia for Christmas week so my kids could see snow for the first time. Beautiful, beautiful area.
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Grafton. It’s just south of Morgantown and east of Clarksburg in the north central part. Home of Mother’s Day and Tygart Dam.
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Just remember, since you're cashing out your qualified retirement plan before the age of 59.5, you'll incur a 10% penalty on top of regular income taxes on the distribution.
<is studying for his Series 6>
Posts: 4753 | Registered: May 2002
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Really? Then is it worth it to convert our IRAs to Roth IRAs? We'd owe quite a bit in tax on them, and I'm not sure if the difference is worth the time value of the money we'd have to pay to do the conversion.
posted
Why? What kind of tax bracket are you in? Why do you feel you need tax free withdrawals upon retirement? The only other advantage is the fact that you don't incur a 50% penalty at age 70.5 if you haven't had any disbursements before that time.
Roth IRAs:
quote:Created in 1997, Roth IRAs allow after-tax (nondeductible) contributions of up to $4,000 per individual and $8,000 per couple, split between two accounts. Earnings accumulate tax deferred as in typical IRA accounts. The advantage of these IRAs is that distributions that satisfy holding period requrements are not taxable.
Penalty-free withdrawals may begin after the money has been within a Roth IRA at least five years and the IRA owner is at least 59.5 years of age. The 10% early distribution penalty is waived for death, disability, and first-time homebuyers buying a principal residence. Withdrawals from Roth IRAs are not required to commence at age 70.5.
(edit: to update maximum IRA contributions for tax year 2005)
Yes, really. I got out of the limited-service lodging industry as fast as my feet could take me. I am now working for a retirement services company as a registered representative. I take my Series 6 test next Tuesday.
I've had to study my little butt off just to get to where I am now. Before this point, I knew little to nothing about securities, mutual funds and retirement accounts. My head is now full of this stuff and I'm finding it fascinating- if somewhat dull. It's almost making me get interested in business law (not that I'd ever get into a law school so that I could study it).
Posts: 4753 | Registered: May 2002
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From THE REVELATION OF ST JOHN THE DIVINE in the Bible I get the idea that a meteor is going to fall in the ocean and wipe out one-third of the world's coastal areas, one-third of the world's ocean-going vessels, and one-third of the world's population.
Then there is the prophecy of "the waves of the sea heaving themselves beyond their bounds" in the last days.
Perhaps this Koran scholar is onto something. It's nice to have a timeframe, so we can get ready.
I think if God wanted to destroy wicked people, the coastal areas would be a good place to start. I'm not just thinking of the Neverland Ranch either. Fleshpots like Singapore, conspiring banks in Hong Kong and Manhattan, oil companies and other worldwide rapists of the environment and enslavers of people, they're all located on the coasts.
That leaves good ole farmers in the heartland to pick up the pieces.
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What the dude neglected to mention was where all the water was coming from: the Greenland and Antarctic ice caps. The melting of which will flood 100% of the dark green areas.
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Fortunately, the Earth's gravitation and the viscosity and available quantity of sea water places a practical limit on the height of waves that God can create...unless you are one of those religious fanatics that believes that God can produce anything in infinitely large dimensions.
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Looks like it would wipe out virtually all of the grain producing regions of the world, really.
Posts: 16059 | Registered: Aug 2000
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quote:I've had to study my little butt off just to get to where I am now. Before this point, I knew little to nothing about securities, mutual funds and retirement accounts. My head is now full of this stuff and I'm finding it fascinating- if somewhat dull. It's almost making me get interested in business law (not that I'd ever get into a law school so that I could study it).
Very cool. And if you get some solid securities experience, you have a good shot at getting into law school. You just need a Bachelor's degree and then to study your tookus off for the LSATs. Work experience begins to trump GPA after a few years.
Good luck on the test.
Dagonee P.S., the "really" wasn't meant to convey disbelief but rather sudden acquisition of knowledge. Posts: 26071 | Registered: Oct 2003
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Thanks, I'll need it. The company I'm working for has had high turnover because their reps can't pass the 6. Consequently, another new rep and I were thrown into a pilot program where we just sit around the office all day and study for the exam. In exchange, they don't give us as much time to study (three weeks instead of three months) and we only get two chances to pass instead of three (though they want us to do it on the first try). I was ready to take the test earlier this week, but I could only get it scheduled for next. The waiting is driving me nuts.
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