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Retirement Plans: Pay Your Taxes Now or Later?

South Carolina Business Review
SC Public Radio

Ever since the Roth IRA was introduced 24 years ago, people have been asking themselves if they should take advantage of it and its tax-free retirement withdrawals or stay with the old-fashioned IRA or 401k which gives a tax deduction now and pay the taxes later at retirement.

Mike Switzer interviews Thomas Manly, with Hobbs Group Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.