I told you guys that under Sleepy Joe your 401(k) will become a 201(k). It might even become a 001(k).
I told you guys that under Sleepy Joe your 401(k) will become a 201(k). It might even become a 001(k).
Biden wants to change the 401k contribution from a income adjustment to a credit in order to equalize the benefit.
At most you are talking about a 2k difference in tax benefit for high tax rate individuals. Really isn't going to make much difference.
The whole idea that 401Ks are in some way evil is insane and is perpetrated by government and union employees with defined benefit pension plans that are a far better deal in terms of tax deferred investing (they just don't have the financial literacy to understand that is where their retirement comes from). They claim only rich people have 401Ks, but the truth is these union blowhards have far more cushy deals. Most of those pension plans do not have the contribution limits, have a much higher employer match and some do not even have to pay into the failing social security system. All are invested in a similar variety of financial instruments. Any time their plans are mismanaged they plead for the tax payer or business owner to bail them out. Considering people with 401Ks also have to pay into a broken social security and medicaid system (that the government refuses to fix and some pensioners do not have to pay into), that will pay out far less than if the monies were invested in stocks and you start to get an idea of who are the ones with a better deal. If they are going to tax the 401Ks that the rest of us get, then they better tax the pension plans that they get.
joedirtty wrote:
The whole idea that 401Ks are in some way evil is insane and is perpetrated by government and union employees with defined benefit pension plans that are a far better deal in terms of tax deferred investing (they just don't have the financial literacy to understand that is where their retirement comes from). They claim only rich people have 401Ks, but the truth is these union blowhards have far more cushy deals. Most of those pension plans do not have the contribution limits, have a much higher employer match and some do not even have to pay into the failing social security system. All are invested in a similar variety of financial instruments. Any time their plans are mismanaged they plead for the tax payer or business owner to bail them out. Considering people with 401Ks also have to pay into a broken social security and medicaid system (that the government refuses to fix and some pensioners do not have to pay into), that will pay out far less than if the monies were invested in stocks and you start to get an idea of who are the ones with a better deal. If they are going to tax the 401Ks that the rest of us get, then they better tax the pension plans that they get.
Exactly. Government employees with pension have a great deal. Which is why I hate it when teachers with pensions complain about not making enough. Many are bringing in $40k+ every single year while RETIRED! How about they get rid of these pensions and quit paying retired people to do nothing, and pay the people who are actually working.
The title of that video is pure click-bait. There is no way that 401k or similar plans are going to disappear. You'd have to include 403b and IRA as well. They are all similar in functionality and the big finance companies would fight tooth and nail over it.
Boomshockalocka wrote:
joedirtty wrote:
The whole idea that 401Ks are in some way evil is insane and is perpetrated by government and union employees with defined benefit pension plans that are a far better deal in terms of tax deferred investing (they just don't have the financial literacy to understand that is where their retirement comes from). They claim only rich people have 401Ks, but the truth is these union blowhards have far more cushy deals. Most of those pension plans do not have the contribution limits, have a much higher employer match and some do not even have to pay into the failing social security system. All are invested in a similar variety of financial instruments. Any time their plans are mismanaged they plead for the tax payer or business owner to bail them out. Considering people with 401Ks also have to pay into a broken social security and medicaid system (that the government refuses to fix and some pensioners do not have to pay into), that will pay out far less than if the monies were invested in stocks and you start to get an idea of who are the ones with a better deal. If they are going to tax the 401Ks that the rest of us get, then they better tax the pension plans that they get.
Exactly. Government employees with pension have a great deal. Which is why I hate it when teachers with pensions complain about not making enough. Many are bringing in $40k+ every single year while RETIRED! How about they get rid of these pensions and quit paying retired people to do nothing, and pay the people who are actually working.
My mother in law was a teacher. She retired after 30 years of teaching (at 52) and has been drawing $60k a year ever since. For someone in the private sector to do something similar, first they would have to change the law to allow people under 59-1/2 to draw from an IRA without a penalty, then they would have needed to save about $2 million, if not more in order to get the benefit she is taking in. Pretty difficult to do with 401K contribution limits. Since she worked for the state, in her professional career she never had to pay into social security, so none of her retirement income was reallocated to lower income individuals, the handicapped, etc. like all of us in the private sector.
Your dishonesty is what makes you so despicable. You just lie and lie which I guess is why you worship Trump.
Using "Sleepy Joe" is a brilliant move !?! I should have used "Fat Donald" for 4 years.
[quote]joedirtty wrote:
The whole idea that 401Ks are in some way evil is insane and is perpetrated by government and union employees with defined benefit pension plans that are a far better deal in terms of tax deferred investing.
401(k)'s were envisioned as a supplement to DB pension plans.
Corps pretty quickly began taking away pension plans and using 401(k) as substitutes, not supplements
Boomshockalocka wrote:
[quote]joedirtty wrote:
Exactly. Government employees with pension have a great deal. Which is why I hate it when teachers with pensions complain about not making enough. Many are bringing in $40k+ every single year while RETIRED! How about they get rid of these pensions and quit paying retired people to do nothing, and pay the people who are actually working.
Heaven forbid teachers who work a full career retire with a pension.
Need to get more money to those billionaires
I hope sleepy joe takes away your computer.
I would much rather have my money upfront and have freedom to invest and save how I prefer rather than stuck into some pension I have no control over.
The Unkle wrote:
Boomshockalocka wrote:
[quote]joedirtty wrote:
Exactly. Government employees with pension have a great deal. Which is why I hate it when teachers with pensions complain about not making enough. Many are bringing in $40k+ every single year while RETIRED! How about they get rid of these pensions and quit paying retired people to do nothing, and pay the people who are actually working.
Heaven forbid teachers who work a full career retire with a pension.
Need to get more money to those billionaires
It is gonna be hard for all these sheep to admit that their golden boy sleepy Biden is a failure. They invested so much into him while dissing Trump simultaneously.
He's not sleepy anymore, he is doped to the gills. Currently, he is the man.
Concerned Senior wrote:
Using "Sleepy Joe" is a brilliant move !?! I should have used "Fat Donald" for 4 years.
Fair enough.
Stu...Stu Padaso wrote:
Biden wants to change the 401k contribution from a income adjustment to a credit in order to equalize the benefit.
At most you are talking about a 2k difference in tax benefit for high tax rate individuals. Really isn't going to make much difference.
I hope you are right.
He’s going to level the tax benefit of a 401K, reportedly. Doesn’t make sense to me, you should get the benefit for what you would have paid if you took the money now. Luckily my company just started offering a Roth 401K, so I’m maxing that. It gets taxed up front anyway.
Stu...Stu Padaso wrote:
Biden wants to change the 401k contribution from a income adjustment to a credit in order to equalize the benefit.
At most you are talking about a 2k difference in tax benefit for high tax rate individuals. Really isn't going to make much difference.
Why would high earners max a 401K if they aren’t getting the full tax break, but they get fully taxed when they take the money out?
If I didn’t have the Roth 401K option, I’d only put to the company match and take the rest in my paycheck to invest any way I want.
The Unkle wrote:
Boomshockalocka wrote:
[quote]joedirtty wrote:
Exactly. Government employees with pension have a great deal. Which is why I hate it when teachers with pensions complain about not making enough. Many are bringing in $40k+ every single year while RETIRED! How about they get rid of these pensions and quit paying retired people to do nothing, and pay the people who are actually working.
Heaven forbid teachers who work a full career retire with a pension.
Need to get more money to those billionaires
Not my point (other than teacher's always like to plead poverty in spite of their lucrative retirement packages for working 9 months out of the year). My point is that government employees receive far more protections than private employees. If they want to start taxing 401Ks more (they are already taxed when the funds are withdrawn, other than ROTHs, which are taxed up front and aren't even available to the truly wealthy), then they had better tax pensions in a similar fashion and stop making out people that have 401Ks out to be evil capitalist fat cats. If you really want to tax something, don't tax incomes more, don't tax retirements more, tax estates. Taxing the other two harms the overall economy. Taxing estates does a better job of spreading out wealth than taxing either incomes or retirements. The old family farm argument is a bunk one (why should a farm be treated any different than any other business?). Especially now that Bill Gates is the biggest farmer in America.
So says Virgin Jamin
RIP: D3 All-American Frank Csorba - who ran 13:56 in March - dead
RENATO can you talk about the preparation of Emile Cairess 2:06
Running for Bowerman Track Club used to be cool now its embarrassing
Hats off to my dad. He just ran a 1:42 Half Marathon and turns 75 in 2 months!
Great interview with Steve Cram - says Jakob has no chance of WRs this year
Rest in Peace Adrian Lehmann - 2:11 Swiss marathoner. Dies of heart attack.