No. of Recommendations: 0
Now being retired at age 74, a large mistake I made for retirement planning was to open IRA's
decades earlier. To me IRA's (of the conventional type) are merely a means for the gov't to force one to pay taxes in future years when you may not need the money meaning RMD's.

Looking back I now recommend younger individuals to merely open brokerage accounts, period. When you retire if you do not need the money it can sit there untaxed (except for dividends, etc.) until needed.

No forced RMD withdrawl engendering taxes due. While I also have a Roth I would not bother with that either if i was starting over. Just more info to the gov't.

Just my thoughts. I currently take my various annual RMD,s, pay the taxes and put it in new brokerage accounts.

I believed (back then - 1970's) that when the government says they have an investment (IRA) that is to help people, I bought into it. Stupid me, it was/is merely a way to force taxes to be paid when perhaps it's not necessary from a personal needs standpoint. NEVER NEVER TRUST THE/ANY GOVERNMENT WHEN IT COMES TO YOUR MONEY !
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.