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Now for why I disagree with you. The purpose of tax-advantaged retirement accounts is to encourage people to save for retirement. Once you're actually retired, there's no longer that need, except for people who don't really need all their incoming cash and would like to get yet another tax benefit. I don't buy it from a policy standpoint. Enough is enough.


Forgive me. I thought the name of this board was Tax Strategies, not Tax Strategies Before Retirement. I didn't know there was an age beyond which a person has no right to try (within the rules) to save money on taxes. (I was given a disability retirement from the fire department in 2001 at age 50; not a typical retirement age).

I mentioned the Roth because I had opened one a few months ago and then realized I had failed to read closely enough the IRS rules for contributions that said I was ineligible. I immediately called and closed the account. I probably could have gotten away with keeping it and the chances are slim I would have been caught but it wasn't right to keep it active.

But I guess now I need to stop contributing to my traditional IRA's and cash them in so I won't get "yet another tax benefit". According to you I need to keep all my incoming cash close at hand and not let it work for me. Since you retired I can only assume that you refuse to take advantage of any legal option to pay less tax.

Having said all that you have every right to disagree with me.

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