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Started By
Message
Proposed 401k limit -- $2400 per year
Posted on 10/20/17 at 11:44 pm
Posted on 10/20/17 at 11:44 pm
Per the new Tax Plan.
Current limit is $18,000 (or $24,000) depending on age.
To arms!
Current limit is $18,000 (or $24,000) depending on age.
To arms!
9
Posted on 10/20/17 at 11:46 pm to matthew25
If they raise the Roth max to offset I’m fine with this.
Posted on 10/20/17 at 11:59 pm to matthew25
$2400? frick that. You have a link?
Posted on 10/21/17 at 1:52 am to LSUSUPERSTAR
quote:
$2400? frick that. You have a link?
It might be too soon to even call it a proposal. It seems to have been introduced in a list of things to make up for the corporate tax short fall. It leaked because when the special interests heard about it, they started to raise holy hell.
Willing to bet it doesn't pass. While I think the articles I've read overstate how large the vocal constituents will be (how often do we have threads about how little Americans save?), at the end of the day the math doesn't work out.
Uncle Sam is stepping into the investment markets by piggybacking on the private consumer. Essentially letting them manage and grow the tax revenue owed each year, only to back it back with interest later.
You'd be increasing tax revenue today at the expense of overall revenue over time.
This post was edited on 10/21/17 at 1:53 am
Posted on 10/21/17 at 1:55 am to Golfer
quote:
If they raise the Roth max to offset I’m fine with this.
Why? If you are making enough money to even maximize the current limit you probably would prefer to have the pre-tax treatment.
Unless you are talking about individual accounts...I think they are likely to leave those alone and just change the 401k rules. And I get vibes that it isn't a 2400 limit per year. Just that much of a limit for pretax treatment.
Posted on 10/21/17 at 2:03 am to Volvagia
quote:
Why?
Because I'd rather pay taxes now on what I'm putting into the account and let the growth run tax free.
quote:
And I get vibes that it isn't a 2400 limit per year. Just that much of a limit for pretax treatment.
This is what I'm referring to. Drop pre-tax limit to $2400, raise Roth maximum to ~$15600.
Posted on 10/21/17 at 2:18 am to Golfer
You still get fricked though on what your company would match.
Posted on 10/21/17 at 2:27 am to GREENHEAD22
quote:
You still get fricked though on what your company would match.
Match into a Roth 401k.
Posted on 10/21/17 at 2:30 am to GREENHEAD22
quote:
You still get fricked though on what your company would match.
Think the limit being talked about is just employee contribution.
Posted on 10/21/17 at 2:32 am to Golfer
quote:
Match into a Roth 401k.
I think there are significant administrative hurdles to this.
Most companies probably wouldn't do it.
(But as mentioned above, not sure if it applies anyway.)
Posted on 10/21/17 at 7:54 am to Volvagia
Bad idea politically. The narrative would be that they're messing with people's retirement.
Ask the Democrats how messing with people's health care worked for them.
Ask the Democrats how messing with people's health care worked for them.
Posted on 10/21/17 at 8:12 am to Bestbank Tiger
quote:great point
Bad idea politically. The narrative would be that they're messing with people's retirement. Ask the Democrats how messing with people's health care worked for them.
Posted on 10/21/17 at 8:22 am to Golfer
quote:
Because I'd rather pay taxes now on what I'm putting into the account and let the growth run tax free.
Ehhhh frick that.
How about we keep the 18k 401k and raise ROTH to 18k?
Posted on 10/21/17 at 8:34 am to matthew25
Do you have a link to the plan? I tried searching and only find articles discussing parts of it. I can't find anything just listing the different points.
Posted on 10/21/17 at 8:45 am to SLafourche07
They have to find a way to be revenue neutral but this is a political nightmare. This potentially changes the ways that firms need to compensate employees.
Posted on 10/21/17 at 8:52 am to lynxcat
Honestly, at this point I want to just get rid of all this nanny-state crap. I'm all for tax cuts, but when tax cuts start getting used to pull strings to induce paternalism by employers or penalty-laced investment accounts, then I'm just sick of all that crap.
No more corporate health care. No more corporate pensions. No more government pensions. Just give non-executive employees a fair contract and a paycheck in cash and be done with it.
No more corporate health care. No more corporate pensions. No more government pensions. Just give non-executive employees a fair contract and a paycheck in cash and be done with it.
This post was edited on 10/21/17 at 8:54 am
Posted on 10/21/17 at 9:28 am to Doc Fenton
Of all the many stupid things this administration has done, this would be by far the fricking stupidest.
How the frick are people supposed to save for retirement?
I seriously thought it was a typo in the OP and it was getting raised to 24K, which it should.
How the frick are people supposed to save for retirement?
I seriously thought it was a typo in the OP and it was getting raised to 24K, which it should.
This post was edited on 10/21/17 at 9:33 am
Posted on 10/21/17 at 9:36 am to matthew25
So apparently, the median amount (50%) that Americans have saved for retirement is . . . $5,000.
CNBC LINK
Yeah, the optics would be horrible to reduce it that much.
quote:
But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all working-age families in the U.S. is just $5,000.
CNBC LINK
Yeah, the optics would be horrible to reduce it that much.
Posted on 10/21/17 at 9:41 am to bbrownso
The average American, I'm thoroughly convinced, is a fricking retard.
The fact that so few in our country have the common sense to save scares the shite out of me in regard to this proposal.
Those mouth breathing redneck fricksticks won't give two shits about this because they don't contribute to 401Ks anyway.
They'll eat up whatever stupid soundbites in support of this go out there - the politicians are rich and don't give a shite either.
The responsible middle class once again gets fricked.
Welfare queens - not impacted.
Uber rich - 401Ks don't mean shite.
Stupid white trash living beyond their means - What's a 401K?
Middle class working Americans trying to be responsible and plan - frick YOU!
The fact that so few in our country have the common sense to save scares the shite out of me in regard to this proposal.
Those mouth breathing redneck fricksticks won't give two shits about this because they don't contribute to 401Ks anyway.
They'll eat up whatever stupid soundbites in support of this go out there - the politicians are rich and don't give a shite either.
The responsible middle class once again gets fricked.
Welfare queens - not impacted.
Uber rich - 401Ks don't mean shite.
Stupid white trash living beyond their means - What's a 401K?
Middle class working Americans trying to be responsible and plan - frick YOU!
Posted on 10/21/17 at 9:46 am to matthew25
Why does it seem like the middle class is constantly getting fricked
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