Don't forget the IRA deductions-only 10 days

myoffices

myoffices

I know were all traders but lets not forget to fund our retirement accounts. Just thought I would state the obvious and since most of us trade for a living chances are we overlook that so don't forget.

If old Uncle Sam is giving you a break why not take it.

Its so easy to overlook the obvious.
:cool:
 
Some of us have earned income and therefore it would be wise to take the deductions. If you qualify as a result of your payment structure then take advantage if not try again next year.
 
I'm an optimist and fully believe that I'm going to do a great job of trading over the next 10 years and steadily build up my IRA to several million dollars. (Please, let me live in my fantasy world.) So let's say that happens and that then I want early retirement. Can I take out, say, 100k/yr as regular income (which would of course be taxed) as long as I'm willing to also have the 10% early withdrawal penalty? Or do they just flat not even allow you to take our your IRA funds early?
 
If you don't believe that having a retirement account is wise.
Thats your choice . But to the prudent ones who realize the value of the tax break you know what to do.

I believe that you will see the errors you have made after you make a million buy a few boats and also spend all your money on wild times. When your wife takes half you'll wish you had a friend named IRA. Then you will see the way that saving for retirment could have helped you in more ways than one.

If you get divorced your retirement account is shielded. If you get sued your retirement account is shielded from litigation. God Bless America!!!

I have seen many old old guys trading and I have to say I would rather put away 25% or 25,000 a year in a retirement account than wait on the market to pay me. With the roth you pay the taxes and live like a king This is the age of the Roth Generation.
 
Thanks for the warning. But I would never even think about coming any where near close to draining my IRA. I agree with you entirely that it's a hedge and protection, but again thanks for the admonition. I've just had a long standing dream to retire early and be able to trade part or full time.
 
"I'm an optimist and fully believe that I'm going to do a great job of trading over the next 10 years and steadily build up my IRA to several million dollars. (Please, let me live in my fantasy world.) So let's say that happens and that then I want early retirement. Can I take out, say, 100k/yr as regular income (which would of course be taxed) as long as I'm willing to also have the 10% early withdrawal penalty? Or do they just flat not even allow you to take our your IRA funds early?"

yes it is possible to take money out of an ira early without penalty.but you have to set up a schedule with the irs to show the money will last your whole lifetime and stick to it.
a better option is use a roth ira to trade in.you can take money out after 5 years and no tax ever.
 
Thanks for the info. That's exactly what I'm doing. I'm swing trading quite conservatively in a Roth. I didn't know about the five year provision and will have to look into that should my fantasy actually materialize.
 
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