posted on Feb, 13 2011 @ 10:25 PM
Yeah, that's the way it's set up. Sucks!
I think if your going to save money you may as well just save cash in a safe and then you only pay tax on it once (income tax) then just use the cash
when you need it after you retire.
Sure, you don't make any interest on it that way but which way do you come out of it ahead????
You save $100,000 in a safe and retire - you have $100,000
You do the 401K think and have $100,000. then deduct taxes and in your dads case pay back the SS
How much of the $100,000 is left?
I suggest a good heavy fire rated safe mounted underground (mine's in my basement floor, concreted in)
Not worried about a house fire taking my money too much and it's safe.