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Had a discussion today with a retired financial planner, as we waited for a court to open up.

He had been recommending kids new to the workplace put savings half into a Traditional IRA, where they could take advantage of the tax deduction and half into a Roth. When I asked why on earth he would suggest that for someone at the start of their earnings potential, when their tax bracket was likely to be lowest, if the person didn't need the tax deduction to get the money into the account, he said the Traditional IRA was for retirement, but the funds in the Roth were to be used for big ticket items, like a cruise.

Once I picked my jaw up from the ground I said something along the lines that I was glad our kids came to me for advice in FP, rather than a "professional." I wonder how many people's long term savings he compromised with that spiel. Frightening.

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