Miscellaneous And Off Topic Subjects

[iam416]

There's no doubt the economy has appreciated PDJT.

[Dr. Strangelove]

I was told by our president almost daily for six straight months that Joe Biden would mean the end of my 401k

I just took a peek and...

[Hannibal]

The end of your 401k will happen when the bill for our trillions of dollars of unfunded liabilities comes due and President AOC greedily eyes all of that private 401K money to plug up that hole. I absolutely positively guarantee you that there will be a massive 401K/IRA confiscation tax in our lifetimes. This has already happened in other countries and it will happen in the US once the people who own significant wealth in 401Ks and IRAs approaches a small enough minority that there will be no sense in appealing to them as voters. Gen X is the only generation that has saved significantly enough for retirement. The Boomers planned on living off of Social Security and pensions for the most part, and Gen Y are predominantly serfs who have to spend their income on rent and student debt.

[iam416]

I like that DSL is already celebrating Biden/401K and Biden hasn't even taken office, yet. I guess it'll all hold for the next 4 years.

[Cody_Russell]

It's as simple as corporate tax structure NOT being able to change for ~26 months + vaccine news. Very self-explanatory.

[Dr. Strangelove]

I like that DSL is already celebrating Biden/401K and Biden hasn't even taken office, yet. I guess it'll all hold for the next 4 years.

I'm not even the one who brought it up but sure.

And surely no one here will pretend that Trump hasn't been claiming credit for all stock performance since Election Day 2016. I don't write the rules; I just enforce them!!!!!

[Ghengis Jon]

According to the Transamerica Center for Retirement Studies, the median amount of Gen X retirement savings is about $70,000. Nearly 40% of Gen Xers have no retirement savings strategy at all.

If I were a youngster at the beginning of my career, I'd split my retirement savings 70-30 Roth IRA / 401(k). And after 10 years, I'd flip that arrangement. The Roth IRA is the most under utilized retirement tool for young workers in lower tax brackets. Until your income/tax bracket moves to the point where tax deferment makes sense, you can't beat post tax compounding where gains and dividends are untaxed.

[Dr. Strangelove]

Fox News settles with the Seth Rich family, right before Lou Dobbs and Sean Hannity were about to be deposed

https://www.rollingstone.com/politics/politics-news/seth-rich-wikileaks-fox-news-sean-hannity-donald-trump-russia-1094896/

[Cody_Russell]

According to the Transamerica Center for Retirement Studies, the median amount of Gen X retirement savings is about $70,000. Nearly 40% of Gen Xers have no retirement savings strategy at all.

If I were a youngster at the beginning of my career, I'd split my retirement savings 70-30 Roth IRA / 401(k). And after 10 years, I'd flip that arrangement. The Roth IRA is the most under utilized retirement tool for young workers in lower tax brackets. Until your income/tax bracket moves to the point where tax deferment makes sense, you can't beat post tax compounding where gains and dividends are untaxed.

That's basically what I've been doing. Most goes into Roth. Simple logic of assuming taxes will be higher in the future.
I'm a little worried that in 20-30 years, politicians will want to tax Roth accounts again. Basically a double tax. Hope not. ... depends on how progressive this country goes...

[THE_WIZARD_]

I was told by our president almost daily for six straight months that Joe Biden would mean the end of my 401k

I just took a peek and...

Joe is President already?

He's not? But he's already responsible for Dow 30K?

Who says a man with dementia can't function in this world...

[Hannibal]

That's basically what I've been doing. Most goes into Roth. Simple logic of assuming taxes will be higher in the future.
I'm a little worried that in 20-30 years, politicians will want to tax Roth accounts again. Basically a double tax. Hope not. ... depends on how progressive this country goes...

This will absolutely happen.

If you have money and others don't, then that is unfair and your wealth should be confiscated and redistributed. It's literally that simple.

[iam416]

Yeah, I'm a little reticent to go full bore on my Roth. I feel it's far more likely they'll fuck over people who play by the rules and make smart decisions in favor of bad decison-making fucktards than it is they'll try to recoup tax credits/deductions for 401(k). In any event, I'm in a state pension (not Illinois, thank Christ) and at the moment I'm mostly committed to 529s. Wooot!

But in a few years I'll have to figure out what I want to do, and it seems very possible the Democrat Socialists will have enough sway to start bending over the responsible folks big time.

[CGVT]

Max out your Roths first. Ignore the pearl clutching.

[lineygoblue]

If you have money that the Democrat Socialists want and need to pay for all the free stuff, they're going to get it from you. After all, if you have money, you're rich. And 'the rich' need to pay for all the free stuff.

[CGVT]

Right on cue