President Trump: The NEW one and only politics thread

Likely at a lower rate (long-term capital gains) though, right? Or if not that, then at a time when your overall tax rate is much lower because you're over 59 1/2 and earning less money as a whole. In any case, it appears to be a way to increase government revenue, so it seems like a valid proposition.

You're in that industry, right poin? Is it also shielded if it ends up as inheritance? Say someone socks away $10,000/yr for his entire working life. He ends up with a nice nest-egg of $2M-$3M, which his heirs get when he dies. It isn't enough to trigger the estate tax. So ... do the heirs pay tax on that 401k? Or does it in fact become untaxed money at that point?

 

And when presented with the dossier, the FBI found it credible enough to be investigated. I seem to recall some people having opinions about the fitness of a president under FBI investigation not that long ago...

 

Are you a member?

 

That many concentrated in one county is not something to be ignored, though. It's not nothing.

 

No. They're racist against white people.

 

I'm fine. Ragu would be blown away if he looked at my accounts. But I have saved.

It would be pretty difficult for people in my area to put away $12,500 of a $125,000 household income. Not impossible, but very difficult.

Now take it outside the most expensive region in the country. How relevant is an $18,000 (or even $10,000) limit in the Midwest or the South?

 

Some people can't afford anywhere near 10 percent, even smart ones.

 

No, when you withdraw money out of your 401k, it is taxed as ordinary income. Both the $ you contributed, and any gains on that.

I reject that theory because I have no idea what the tax rates will be when I get to retirement age, and nobody does either.

Yes, I am earning less at 65. The ordinary tax rates may be much higher at that point, too.

There are a lot of different scenarios, but in general, the 401k money that you inherit, say from your parents, will need to be treated as your own 401k money, with withdrawals made as you get older.

Learn About Inherited 401 (k), When and How You Can Take Money Out

If the amount is $3 million, it falls well below the estate tax amount of roughly $5 million.


401k money is not my profession, but I don't have a defined benefit pension, so I make it my business to know everything about my only tax deferred retirement source.

 

Point taken.

Let me rephrase: If you aren't deferring 10%, the 401k will not be a sufficient retirement vehicle.

I've made low six figures for close to 20 years, with 10% deferral every year. I have been involved in a 401k since I got out of college at 22. For working 30 years, I have $560k. Now, could that amount been higher - if I invested it in Internation equities the year they were hot, in tech the years they were hot, etc? Yes. And I have at times been way too conservative, knowing in hindsight what I know now.

The point is, deferring the max for 20+ years, and contributing for 30, and I have a nice nest egg, but it isn't Easy Street.

 

But poin, you were making more 20 years ago than most of the country is making now.