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tax amount to my workplace retirement plan, I looked for other
tax-advantaged plans.
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Your savings will be with post
tax dollars…so you’re not really dodging the
taxes so to speak. Using deductions whereever possible is absolutely a good idea, but the idea that you can live on an
income and deduct all of it isn’t realistic…you can’t deduct expenses you need. People talk about “means-testing” Social Security. Well, guess what? It’s already means tested. It’s a very progressive system already, in that those who don’t pay in much get a proportionally higher
benefit and those with higher taxable
income in retirement pay more in
taxes on the
benefit.
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