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Started By
Message
re: Proposed 401k limit -- $2400 per year
Posted on 10/21/17 at 9:49 am to robertLSU
Posted on 10/21/17 at 9:49 am to robertLSU
Because politicians pander to the poor for votes and the rich for money. The middle class is in decent enough shape and too busy so we may get upset about things but eventually we just go with it.
1
Posted on 10/21/17 at 9:50 am to robertLSU
quote:
Why does it seem like the middle class is constantly getting fricked
because we are.
the end game is to have the country dependent on the government in some form of fashion
if it's not healthcare then it may be retirement (which we all know is a joke)
Posted on 10/21/17 at 9:51 am to ghost2most
Tell me about it, I'm always amazed how many people do not put any money in their 401k or any retirement at all. What is the government's reason behind this? How are they benefiting?
And we are still going to get screwed on our company match because I don't see many companies continuing to give the percentages their matching if you are not also contributing that much. $2,400 is about a little less than 2% for me and right now I put in 6% which my company matches, I highly doubt they're going to make up the other 4% on their own as a goodness of their heart.
And we are still going to get screwed on our company match because I don't see many companies continuing to give the percentages their matching if you are not also contributing that much. $2,400 is about a little less than 2% for me and right now I put in 6% which my company matches, I highly doubt they're going to make up the other 4% on their own as a goodness of their heart.
This post was edited on 10/21/17 at 9:54 am
Posted on 10/21/17 at 9:52 am to ghost2most
(no message)
This post was edited on 12/21/21 at 11:22 am
Posted on 10/21/17 at 9:53 am to GREENHEAD22
We end up paying taxes on the amount we can't deduct anymore.
Posted on 10/21/17 at 9:54 am to jimbeam
I guess it's time to crank my plan back up about moving to South America.
Posted on 10/21/17 at 9:56 am to robertLSU
Not sure if that's directed at me, but imo here are a few of the ways:
- Salaries of middle class Americans are mostly stagnant while executive salaries have ballooned to ridiculous levels
- The poor don't pay taxes, the rich have tax havens because of how their income is generated so the middle class gets to pay up
- Salaries of middle class Americans are mostly stagnant while executive salaries have ballooned to ridiculous levels
- The poor don't pay taxes, the rich have tax havens because of how their income is generated so the middle class gets to pay up
Posted on 10/21/17 at 9:57 am to SLafourche07
quote:
Because politicians pander to the poor for votes and the rich for money. The middle class is in decent enough shape and too busy so we may get upset about things but eventually we just go with it.
You nailed it.
Posted on 10/21/17 at 9:59 am to ghost2most
quote:
How the frick are people supposed to save for retirement?
The same way they’re currently doing?
Posted on 10/21/17 at 10:01 am to GREENHEAD22
quote:
And we are still going to get screwed on our company match because I don't see many companies continuing to give the percentages their matching if you are not also contributing that much. $2,400 is about a little less than 2% for me and right now I put in 6% which my company matches, I highly doubt they're going to make up the other 4% on their own as a goodness of their heart.
The way I’m understanding is the $2400 would be the pre-tax maximum. You can still contribute post-tax and your company would be able to match.
Posted on 10/21/17 at 10:03 am to Golfer
And responsible people will still do that, but it really hurts their ability to lower taxes and the new plan won't help.
So basically, people who don't save, no change. People who do, get fricked.
So basically, people who don't save, no change. People who do, get fricked.
Posted on 10/21/17 at 10:05 am to ghost2most
quote:
And responsible people will still do that, but it really hurts their ability to lower taxes and the new plan won't help.
Isn’t this plan coupled with a 2x increase in the standard deduction?
quote:
So basically, people who don't save, no change. People who do, get fricked.
Eh. I’d rather be in a Roth based plan. Would be way better for me, and most people, in retirement.
Posted on 10/21/17 at 10:06 am to Golfer
I'm ok if they raise the Roth limit to match. $5500 is a long way from $18K. I max both.
Posted on 10/21/17 at 10:12 am to Golfer
quote:
Eh. I’d rather be in a Roth based plan. Would be way better for me, and most people, in retirement.
I'd rather take the tax benefit now, than a theoretical tax benefit 30 years from now.
This post was edited on 10/21/17 at 10:19 am
Posted on 10/21/17 at 10:13 am to GREENHEAD22
quote:
$2,400 is about a little less than 2% for me and right now I put in 6% which my company matches,
If you're single your income should be more than enough to max 401k and ROTH.
Posted on 10/21/17 at 10:18 am to Teddy Ruxpin
To be fair, this has to all be taken into a wholistic context of what other tax changes occur. If the rates or bands get adjusted dramatically, then it could make the 401k deduction less relevant.
No matter what, changes to the code will have winners and losers but analyzing this “on average” is too generalized.
I’m still a fan of a flat tax or Fair Tax with heavier deductions but the government will never give up the special interest nipple nor it’s primary source of power.
No matter what, changes to the code will have winners and losers but analyzing this “on average” is too generalized.
I’m still a fan of a flat tax or Fair Tax with heavier deductions but the government will never give up the special interest nipple nor it’s primary source of power.
Posted on 10/21/17 at 10:22 am to lynxcat
quote:
Fair Tax
Posted on 10/21/17 at 10:22 am to Teddy Ruxpin
You are making assumptions that the person does not require liquidity in the near term. Young, single people have student debt, are going back to school and need to pay tuition, are saving for a home purchase, and building an emergency fund, etc.
Anecdotally, I could easily fully fund a 401k but choose liquidity over it. I’ll always put at least the amount my company matches but excess is not the right decision for me at this moment in time.
Anecdotally, I could easily fully fund a 401k but choose liquidity over it. I’ll always put at least the amount my company matches but excess is not the right decision for me at this moment in time.
Posted on 10/21/17 at 10:25 am to lynxcat
From what I can tell the tax bands (which haven't been formally announced) won't help me.
Posted on 10/21/17 at 10:26 am to GREENHEAD22
Damn son you ballin huh?
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