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Started By
Message
re: Proposed 401k limit -- $2400 per year
Posted on 10/21/17 at 8:06 pm to Oenophile Brah
Posted on 10/21/17 at 8:06 pm to Oenophile Brah
Dude that's pretty damn well off in La.
2
Posted on 10/21/17 at 10:48 pm to lynxcat
"If you aren't pulling $225k per year by your late 30s, it's time to go reevaluate your life." -- Athanatos
Posted on 10/22/17 at 8:39 am to jimbeam
FYI contribution limit is up to $18,500 for 2018. Adjust accordingly
Posted on 10/22/17 at 11:13 am to lynxcat
quote:
You honestly believe “$225k isn’t a ton to live off”?
You don't have $225k to live off of. It's $225k - $75k=$150k. This is working off the 33% new proposed rates.
$150k/yr for a married couple with $250k+ student debt, a conservative $300k mortgage or (high rent payment in expensive city), and potential child care costs and you aren't living rich by any standard. I'm not saying it leaves you dumpster diving, but you shouldn't be in the top tax bracket. In my opinion.
Sorry if I wasn't clear earlier. I just don't like how it's always earners who are penalized through the tax code. The wealthy never seem to be affected on these deals....
Posted on 10/22/17 at 11:57 am to matthew25
I'll just put up to my max amount in 401k,max out a roth, and just use a taxable account to put the rest in. That way I can use it whenever I want to retire
Posted on 10/22/17 at 10:39 pm to LSUSUPERSTAR
(no message)
Posted on 10/22/17 at 10:39 pm to player711
Posted on 10/23/17 at 7:27 am to Oenophile Brah
quote:
You don't have $225k to live off of. It's $225k - $75k=$150k. This is working off the 33% new proposed rates.
$150k/yr for a married couple with $250k+ student debt, a conservative $300k mortgage or (high rent payment in expensive city), and potential child care costs and you aren't living rich by any standard. I'm not saying it leaves you dumpster diving, but you shouldn't be in the top tax bracket. In my opinion.
Sorry if I wasn't clear earlier. I just don't like how it's always earners who are penalized through the tax code. The wealthy never seem to be affected on these deals....
Again on a 10 year plan your payment is right around 2k.
Your take home is 5769 per 2 weeks or 12,500 a month.
If you can't manage what some poor chap makes in a year in a month you clearly need to get your wife in line.
300k mortgage is right around ~1700 a month.
12,500 - 3800 = 8700 for other budgetary discretions.
You can literally lease a 100k car and still have 7500 left over.
You really fricking suck at money if you are complaining about your lifestyle not being up to par.
Posted on 10/23/17 at 8:50 am to matthew25
Posted on 10/23/17 at 8:57 am to 50_Tiger
quote:
300k mortgage is right around ~1700 a month.
You likely have a much higher mortgage if you are making 225k a year.
You aren't typically pulling that kind of money in the country.
This post was edited on 10/23/17 at 8:58 am
Posted on 10/23/17 at 9:09 am to Golfer
quote:
Eh. I’d rather be in a Roth based plan.
I'd be fine with this if they substantially raised the income limits for Roth contributions, in addition to the contribution limits.
It would still sting a little with the increased tax liability, but at least I'd be able to maintain retirement goals.
Posted on 10/23/17 at 9:19 am to Teddy Ruxpin
quote:
You likely have a much higher mortgage if you are making 225k a year.
You aren't typically pulling that kind of money in the country.
Was just referencing the post. 450k gets you a nice home in north Dallas. Typical payment is ~2200-2300. Still this guy seems to be seriously unaware of how much money he spends.
Posted on 10/23/17 at 10:39 am to matthew25
So I know everyone on the MT is an expert with their money... but he's the reality out there in the USA:
A $2,400 per person per year limit would be in excess of what 75% of the county is actually saving per year.
In other words... this change would not impact most people.
I understand how sad that sounds.
So... given that... this one is actually politically very easy to deal with... Especially considering union employees still mostly get pensions (which are not affected by this). This is also an easy class warfare battle for the left.
A $2,400 per person per year limit would be in excess of what 75% of the county is actually saving per year.
In other words... this change would not impact most people.
I understand how sad that sounds.
So... given that... this one is actually politically very easy to deal with... Especially considering union employees still mostly get pensions (which are not affected by this). This is also an easy class warfare battle for the left.
Posted on 10/23/17 at 11:05 pm to LSUFanHouston
quote:
A $2,400 per person per year limit would be in excess of what 75% of the county is actually saving per year.
In other words... this change would not impact most people.
There will be a ton of small businesses that no longer offer plans. If the owner doesn't benefit enough, there is no need for the plan at all.
Drop the 401k limit, lessen corporate taxes = no reason to have a plan. No reason for the employer to contribute to the employees if the owners benefit and business deduction don't measure up. Simple math. Lowering 401k limit also lessens the ability for the employee to contribute anything
Posted on 10/24/17 at 6:55 am to Teddy Ruxpin
quote:
You likely have a much higher mortgage if you are making 225k a year. You aren't typically pulling that kind of money in the country.
COLA is tough to grasp.
Posted on 10/26/17 at 10:23 am to jimbeam
So after they bleed us dry on this one they are going to decide to tax distributions on Roth IRAs. We can never feed the Federal Govt enough blood to satisfy it.
Posted on 10/26/17 at 8:00 pm to LSUFanHouston
I am aware that 70% of Americans do not have $1000 in savings.
But the top 30% voted for Trump and the Republicans. This is a knife in the back.
Only 9% of Americans now have pensions - mostly government workers.
Limiting us to $24,000 every 10 years (avg person works 30 years) will keep everyone working to age 80.
But the top 30% voted for Trump and the Republicans. This is a knife in the back.
Only 9% of Americans now have pensions - mostly government workers.
Limiting us to $24,000 every 10 years (avg person works 30 years) will keep everyone working to age 80.
Posted on 10/26/17 at 8:22 pm to matthew25
quote:
Limiting us to $24,000 every 10 years (avg person works 30 years) will keep everyone working to age 80.
Nothing to stop an anyone form saving as much money as they are capable of for retirement, it will just not be tax deferred. As one living off a lot of tax deferred income, I am not so sure if I had it to do over again I would not opt to pay the tax upfront. The adage that you will likely be in a lower tax bracket when you retire is B.S. for a lot of people.
Posted on 10/26/17 at 8:29 pm to matthew25
quote:
Limiting us to $24,000 every 10 years (avg person works 30 years) will keep everyone working to age 80.
He’s not getting rid of IRA’s or hell...401k contributions above $2400.
Posted on 10/26/17 at 8:42 pm to Golfer
Or, you just save in personal investment account and don’t get any tax benefits.
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