Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 exptools 1/6/84; site ihuxb.UUCP Path: utzoo!watmath!clyde!burl!ulysses!gamma!exodus!mhtsa!mh3bs!eagle!harpo!ihnp4!ihuxb!jphalter From: jphalter@ihuxb.UUCP Newsgroups: net.taxes Subject: IRA Message-ID: <534@ihuxb.UUCP> Date: Fri, 2-Mar-84 19:08:22 EST Article-I.D.: ihuxb.534 Posted: Fri Mar 2 19:08:22 1984 Date-Received: Sun, 4-Mar-84 00:24:00 EST Organization: AT&T Bell Labs, Naperville, IL Lines: 11 What I know about IRA's in 5 lines or less: 1. Consumer Reports did an article last year about IRA's and came out sounding very positive. You need not tie up your money for 40+ years. Payback time for an IRA withdrawal is about 8-9 years, meaning you'll come out ahead by leaving the money in an IRA for 8-9 years AND then paying the 10% withdrawal penalty + taxes. (This assumes your tax bracket isn't outrageous in 8-9 years.) 2. $2000 in MY bank account seems like a better deal to me than $700-800 in the IRS's bank account. I, at least, retain control over the money and it is available for 60 day loans without penalty. Well...10 lines or less....