Beware the IRA
<p>Living my life in a contrarian and eccentric manner surely has its ups and downs. On the upside, and as a man who almost never worked a 9 to 5 job, I get to do all the things that draw crowds (movies, hiking et al) when the crowds are at work. Mostly, I get to sleep when I’m tired. And I rarely if ever set an alarm clock. But just recently, I’ve been smacked upside the head by my alt life.</p>
<p>On the advice of almost everybody I’ve ever known, I faithfully made maximum deposits to my IRA account every year. It seemed like a wise decision at the time. But here’s the problem. Accountants and advisers assume that people make more money before they reach retirement age than they do once they get old and stop working. That’s the whole idea. Take the deduction when you live in a high-income bracket and then give the money back when you reach the age when the government requires that you begin to withdraw — and pay a lower tax rate when you’re old and earning less.</p>
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