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Do you fear the potential future implications of saving a sizable nest egg?
Posted on 4/25/14 at 10:17 am
Posted on 4/25/14 at 10:17 am
When you see the general statistics of how little the "average" person has saved for retirement and hear ever increasing rhetoric about wealth/income "inequality" and what we can "do about it"?
I guess this is more of a political point, but I wanted this board's perspective and ideas about how to put myself at ease here.
I guess this is more of a political point, but I wanted this board's perspective and ideas about how to put myself at ease here.
11
Posted on 4/25/14 at 10:23 am to Y.A. Tittle
Surely they can't take our nest eggs for those that refused to take responsibility for themselves.
Posted on 4/25/14 at 10:26 am to Y.A. Tittle
I fully believe that at some point between now and my retirement the gov't will pass some sort of phase out of tax benefits on retirement accounts and begin taxing (for instance) Roth accounts above a certain threshold. The Just and Fair Taxation on One Percenter Gold-Plated Retirement Accounts Act of 2031. It's essentially a demographic & financial inevitability.
Posted on 4/25/14 at 10:33 am to Y.A. Tittle
I always tell myself that no matter how much they take from me I'll always be better off than the people they are "redistributing" it to. Those people are simply slaves, and will forever be dependent on handouts. They will do nothing successful with their lives and will live an uneventful boring existence trapped in the cage of dependence.
There is a certain feeling of freedom that you get from providing for yourself.
There is a certain feeling of freedom that you get from providing for yourself.
Posted on 4/25/14 at 10:34 am to Y.A. Tittle
quote:
Do you fear the potential future implications of saving a sizable nest egg?
No, because what else am I going to do, not have one at all?
This post was edited on 4/25/14 at 10:35 am
Posted on 4/25/14 at 10:43 am to bobaftt1212
quote:
Surely they can't take our nest eggs for those that refused to take responsibility for themselves
Posted on 4/25/14 at 1:01 pm to Y.A. Tittle
quote:
Do you fear the potential future implications of saving a sizable nest egg?
Very much so, TBH.
Just not sure how to prepare for the possibility other than just keeping on keeping on, and putting money in a 401k, a Roth, and taxable for the sake of tax diversity.
(The taxable may seem counter intuitive, but I place tax efficient investments in there and I figure that will be the place that Congressmen and fat cat lobbyists will put the most effort in protecting because it represents the majority of their wealth)
It's going to be messy though if/when they try to tax Roth outflows. Probably through some backdoor method of "investment income tax." "Oh, you are income tax free, but this tax is something else..."
This post was edited on 4/25/14 at 1:03 pm
Posted on 4/25/14 at 1:11 pm to Y.A. Tittle
This was Florida's version of wealth tax, it had been around for a time, since repealed. But you get the drift of where Libs/Progressives could go.
LINK
LINK
Posted on 4/25/14 at 1:26 pm to Y.A. Tittle
quote:Yes.
Do you fear the potential future implications of saving a sizable nest egg
Posted on 4/25/14 at 1:27 pm to Y.A. Tittle
quote:
Do you fear the potential future implications of saving a sizable nest egg?
Yes... Although I think if the Feds went after 401k/Roths/IRAs there would be a SEVERE backlash.
However, I don't stop contributing, as I can't worry about "what ifs"... But yes, it does sit in the back of my mind that one day, the Fed could swoop in and unjustifiably nab a good portion of it.
Posted on 4/25/14 at 3:03 pm to Y.A. Tittle
It concerns me but obviously it doesn't stop me from saving.
More people our age are using defined contribution plans. I think that if they tried something that impacted those negatively now, they'd face a massive backlash. 20 years from now.....maybe another story.
More people our age are using defined contribution plans. I think that if they tried something that impacted those negatively now, they'd face a massive backlash. 20 years from now.....maybe another story.
This post was edited on 4/25/14 at 3:05 pm
Posted on 4/25/14 at 4:23 pm to Lsut81
quote:
Yes... Although I think if the Feds went after 401k/Roths/IRAs there would be a SEVERE backlash.
Doubtful
There are way more that are underfunded for retirement, than those with large nest eggs
You will also be labeled racist if you backlash
Posted on 4/25/14 at 4:37 pm to Cold Cous Cous
quote:
I fully believe that at some point between now and my retirement the gov't will pass some sort of phase out of tax benefits on retirement accounts and begin taxing (for instance) Roth accounts above a certain threshold. The Just and Fair Taxation on One Percenter Gold-Plated Retirement Accounts Act of 2031. It's essentially a demographic & financial inevitability.
this is pretty much my opinion. its coming. this is why the debate between roth and 401k is silly. They are going to tax distributions at some point.
But there will always be a way to avoid taxes. The trick is to get rich enough to be able to pay someone to help you avoid them. I am not there yet, but I will be before this point IMHO.
Posted on 4/25/14 at 5:03 pm to Hawkeye95
best way to save money is to make cash in hand. no taxes.
Posted on 4/25/14 at 9:12 pm to brbowhunter
quote:
I fully believe that at some point between now and my retirement the gov't will pass some sort of phase out of tax benefits on retirement accounts and begin taxing (for instance) Roth accounts above a certain threshold. The Just and Fair Taxation on One Percenter Gold-Plated Retirement Accounts Act of 2031. It's essentially a demographic & financial inevitability.
this is pretty much my opinion. its coming. this is why the debate between roth and 401k is silly. They are going to tax distributions at some point.
But there will always be a way to avoid taxes. The trick is to get rich enough to be able to pay someone to help you avoid them. I am not there yet, but I will be before this point IMHO.
Truth
I fully believe that at some point between now and my retirement the gov't will pass some sort of phase out of tax benefits on retirement accounts and begin taxing (for instance) Roth accounts above a certain threshold. The Just and Fair Taxation on One Percenter Gold-Plated Retirement Accounts Act of 2031. It's essentially a demographic & financial inevitability.
this is pretty much my opinion. its coming. this is why the debate between roth and 401k is silly. They are going to tax distributions at some point.
But there will always be a way to avoid taxes. The trick is to get rich enough to be able to pay someone to help you avoid them. I am not there yet, but I will be before this point IMHO.
Truth
Posted on 4/25/14 at 10:20 pm to brbowhunter
Can't really make many legitimate investments with only cash unfortunately.
I think it's possible, but they'll juice up corporate and individual income taxes even further well before that happens. Either way, I rather live knowing that I'm not dependent on the govt or other people for my well being, so im not going to change anything I'm doing.
I think it's possible, but they'll juice up corporate and individual income taxes even further well before that happens. Either way, I rather live knowing that I'm not dependent on the govt or other people for my well being, so im not going to change anything I'm doing.
Posted on 4/25/14 at 11:10 pm to Chris Farley
Probably a good 1/3 of tax-deferred IRA's belong to the government anyway. So, they will take 1/3 and convert it to a non-tax-deferred account.
Posted on 4/26/14 at 12:36 am to Traffic Circle
Put your $$$ at the LGT bank in Liechtenstein as I do
Posted on 4/26/14 at 6:09 am to Y.A. Tittle
There is already discussion on placing a taxation deferral cap on 401k / IRA accounts of around 2 or 3 million. The though is that you don't need more than that for retirement.
Posted on 4/27/14 at 7:11 am to Odinson
quote:
Put your $$$ at the LGT bank in Liechtenstein as I do
Liechtenstein will enter into an IGA with the US under FATCA sooner or later. May want to look into a bank in the Sudan or something.
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