- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Rolling over 401K to new job
Posted on 12/18/14 at 11:08 am to Sigma
Posted on 12/18/14 at 11:08 am to Sigma
quote:
Read my post again. I said 401ks offer full bankruptcy protection, not IRAs.
I believe he is making the point that IRAs are also protected during bankruptcy, albeit up to a certain amount.
Posted on 12/18/14 at 11:14 am to Janky
quote:
I believe he is making the point that IRAs are also protected during bankruptcy, albeit up to a certain amount.
Under the OP scenario the entire thing would be protected.
But of course I'm wrong. Apologies to everyone.
Posted on 12/18/14 at 11:16 am to Sigma
quote:
You've been wrong now several times.
False
Posted on 12/18/14 at 11:34 am to Broke
quote:
Under the OP scenario the entire thing would be protected.
Sure his small balance in 2014 would be protected, but what happens in 2045 when that number has grown outside the protection limit?
quote:
quote:
You've been wrong now several times.
False
quote:
No they don't. You're a liar. I've never seen one company plan that will let me invest into 20 different equities of my choice.
My current plan is one. Another poster on page 2 has now said his offers this option.
quote:
quote:
ETA: Ever looked at a Roth balance vs a traditional IRA balance after 20-30 yrs?
Of course I have. I've been doing this for a living for 20 years. And fyi, the balances are exactly the same. Taxability is another matter entirely.
If he pays taxes on the money in the Roth conversion, the balances (in your definition) will most certainly not be the same.
quote:
quote:
401k loans offer 2 indisputable advantages, ability to borrow against, and full protection from bankruptcy.
I can't tell you how many times I've seen an IRA snatched away from a person in the event of bankruptcy.
Your statement is true, IRAs are bankruptable under certain conditions, but which is why I said that 401ks are fully protected, not IRAs.
These are some examples where you've been wrong. Which is why the OP should take all this information and do his own research.
Posted on 12/18/14 at 11:42 am to Sigma
You're right. Me and the other 2 financial planners here are wrong. We are pretty much wrong about everything. I just say shite out of my arse because I was working at Wendy's before I got this job. I'll defer all future financial discussion to the pipe fitter from the fine state of Alabama.
I'm kidding about the pipe fitter. I 100% know you are an engineer. Because only engineers are this hard headed and right about everything.
I'm kidding about the pipe fitter. I 100% know you are an engineer. Because only engineers are this hard headed and right about everything.
Posted on 12/18/14 at 11:44 am to Sigma
quote:
If he pays taxes on the money in the Roth conversion, the balances (in your definition) will most certainly not be the same.
Good God almighty. You know the shite that shows up in his bank when he takes a distribution isn't called "THE BALANCE" right?
Posted on 12/18/14 at 11:46 am to Broke
Yes, and they would clearly be different. Do you still dispute this?
Posted on 12/18/14 at 11:47 am to Sigma
quote:
Yes, and they would clearly be different. Do you still dispute this?
I absolutely dispute it
Posted on 12/18/14 at 11:50 am to Broke
So let's do a calculation.
$20,000, 5% compounded annually for 30 years.
If he rolls into a trad/401k he ends up with $86,438.85
If he rolls into a Roth and pays the tax out of pocket he ends up with $86,438.85
If he uses the balance and his tax bracket is 15% he ends up with:
$73,473.02
Which is what I've been saying all along. You want to throw taxation into a discussion about balance. And you're wrong.
$20,000, 5% compounded annually for 30 years.
If he rolls into a trad/401k he ends up with $86,438.85
If he rolls into a Roth and pays the tax out of pocket he ends up with $86,438.85
If he uses the balance and his tax bracket is 15% he ends up with:
$73,473.02
Which is what I've been saying all along. You want to throw taxation into a discussion about balance. And you're wrong.
Posted on 12/18/14 at 11:52 am to Broke
Your quote:
quote:
ETA: Ever looked at a Roth balance vs a traditional IRA balance after 20-30 yrs?
Posted on 12/18/14 at 12:01 pm to Broke
quote:
If he rolls into a Roth and pays the tax out of pocket he ends up with $86,438.85
He pays the tax when he rolls into the Roth, which is right now. So he doesn't have $20,000 anymore, and won't end up with $86,438.85. I know you are aware of this.
I don't know why you made the comment earlier about taxation being "another matter" when it's central to the choice of what to do with the money. Maybe the confusion has arisen from you taking my use of "balance" in that post and interpreting it outside of the thread.
Posted on 12/18/14 at 12:09 pm to Sigma
quote:
He pays the tax when he rolls into the Roth, which is right now. So he doesn't have $20,000 anymore
I gave both scenarios actually. You implied that the Roth balance would be higher, when in fact, it would be lower.
quote:
Maybe the confusion has arisen from you taking my use of "balance" in that post and interpreting it outside of the thread.
Or maybe it's because you used "balance" in a way that no person who has a brokerage account would ever use it. "Broke, what's my balance?". You get $1,800 a month into your bank account". "I asked you what my balance was". "OHHHHHHHHHH, that's $942,499"
I go by what a man writes, not what he wants it to mean. You don't call a bank for a balance and they tell you how much money you pulled out yesterday.
The Roth distributions may indeed be more beneficial but as I stated before, I don't have enough information to make that call.
Posted on 12/18/14 at 12:12 pm to Broke
I think you have reading comprehension problems, on top of being an a-hole. So I'm done with this discussion. Merry Christmas
Posted on 12/18/14 at 12:14 pm to Sigma
quote:
on top of being an a-hole
I would put this first if I were you.
You have a lovely day Sigma.
*I'm kind of tired of arguing about this actually.
Posted on 12/18/14 at 12:19 pm to Broke
quote:
*I'm kind of tired of arguing about this actually.
Me too. Thanks for the info about the lot sloping. We should hear something soon.
Posted on 12/18/14 at 12:28 pm to Sigma
You're going to have no issues there but you might, might be able to squeeze him for a few bucks out of this. But make sure there isn't another buyer that could slide in and snake you guys. That would be a really shitty Christmas
Posted on 12/18/14 at 12:53 pm to Broke
quote:
You're going to have no issues there but you might, might be able to squeeze him for a few bucks out of this. But make sure there isn't another buyer that could slide in and snake you guys. That would be a really shitty Christmas
Fortunately, like you said, we have a contract. We might push a hair, but probably will just let it ride. The guy wouldn't budge on the price up front, so I doubt we'd get any traction anyway. We love the property too much to jeopardize the sale over something like this.
But this is our first time buying property like this, so I thought I'd check first. Chicken really should start charging for access. You guys are a lot cheaper than an attorney
But about that rollover...
Posted on 12/18/14 at 1:12 pm to Sigma
I agree with Sigma. I'm not an engineer or financial planner... I've work at Florsheim Shoes at the mall for 19 years now and have save a nice little $$$$ egg. I read Money magazine too.
This post was edited on 12/18/14 at 1:19 pm
Posted on 12/18/14 at 1:28 pm to Janky
quote:
Anyone who thinks it's better to roll into the new 401k vs. an IRA needs to be questioned hard before listening to.
Popular
Back to top
Follow TigerDroppings for LSU Football News