Posted by
Message
seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
7072 posts

re: Congress is considering big changes to the way you retire
All I see is more red tape and more money for financial planners.

The system needs to be simpler, not more complicated. Eliminate all tax incentives for retirement accounts and reduce the income tax by an equitable amount.

I should be able to save how I want and where I want without having to play all these games with pre/post tax savings, contribution or withdrawal limits and estate planning.


Enadious
LSU Fan
formerly B5Lurker City of Central
Member since Aug 2004
16454 posts

re: Congress is considering big changes to the way you retire
quote:

It irks me that my required minimum distribution will trigger that part of my and my wife’s social security will be taxed. So this part would be good news to me.


I don't think that's how it works. You'll be at full retirement age before that, and thus won't have to pay tax on SS. :

If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full benefits. If you earn more than $17,640 (in 2019), Social Security will deduct $1 from your benefits for each $2 you earn over the threshold. In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits. However, if you exceed $46,920 in earnings, Social Security will deduct $1 from your benefits for each $3 you earn until the month you reach full retirement age. Once you reach full retirement age, your benefits will no longer be reduced.
LINK


Replies (0)
Replies (0)
00
mallardhank
LSU Fan
Atlanta
Member since Feb 2006
944 posts

re: Congress is considering big changes to the way you retire
No it’s not
Many employers adjust the retirees pensions based on the amount of social security they receive. Recovering some of their costs.
In Georgia the government is required to fund shortfalls in retired teacher and state employees retirement accounts if the stock market doesn’t produce. Unions. I adjust my lifestyle since no one looks out for me. Screw this shite.


hottub
Florida State Fan
Member since Dec 2012
1247 posts

re: Congress is considering big changes to the way you retire
quote:

mallardhank



Sounds like you need a union to look for you.


mallardhank
LSU Fan
Atlanta
Member since Feb 2006
944 posts

re: Congress is considering big changes to the way you retire
Made it seventy years without one, won’t start now.
Everyone has a right to do legally whatever they want, that does not give them the right to expect me to bail them out when I’ve taken care of myself. If you’re not smart enough to diverse your savings away from union or employer retirement accounts then you get what you deserve


Replies (0)
Replies (0)
01
buckeye_vol
Ohio State Fan
Member since Jul 2014
32578 posts
 Online 

re: Congress is considering big changes to the way you retire
quote:

The system needs to be simpler, not more complicated. Eliminate all tax incentives for retirement accounts and reduce the income tax by an equitable amount.

I should be able to save how I want and where I want without having to play all these games with pre/post tax savings, contribution or withdrawal limits and estate planning.
I don’t really disagree with this; however, with one major caveat that was actually on the table in Congress last year but I haven’t hear anything since: a universal saving account that doesn’t tax contributions, gains, or withdrawals and no requirements regarding when, who, how, or why it’s used.

There are so many unknowns for people trying to save and invest and so many unique circumstances that change but with so many specific options for specific purposes, it almost discourages people from using a lot of them.

I know I’m struggling with the the 529 plan, trying to determine the educational costs of an almost 3-year-old and an unborn child, 15-20 years from now. What if I max it out and they don’t even need it (scholarships, don’t go to college), but that if I don’t contribute enough and they miss out on an opportunity or have to take out more loans than would be required?


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
69165 posts
 Online 

re: Congress is considering big changes to the way you retire
I'm planning to take my retirement the first day I can. I created an account on the SS site and checked my benefits. I would get about 40% more waiting till 67 and 90% more of I wait till 70, but I don't know if it's worth waiting. Would like to be sure to get some of it before I die.


ArkBengal
LSU Fan
Benton, AR
Member since Aug 2004
1422 posts

re: Congress is considering big changes to the way you retire
Question about the change in minimum benefit. Does it say that people who are now receiving only a few hundred dollars a month would get an increase to 25% above the poverty line ?


Replies (0)
Replies (0)
00
TheOcean
Army Fan
#honeyfriedchicken
Member since Aug 2004
39798 posts

re: Congress is considering big changes to the way you retire
quote:

Under current regs, in most cases a "non-spouse beneficiary" who inherits an IRA after the original IRA owner has begun taking distributions only has FIVE years to "stretch out" the IRA's amoun


Nah a non-spouse beneficiary can stretch out the IRA during their lifetime as long as the beneficiary isn't an unqualified receipient


LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
119904 posts
 Online 

re: Congress is considering big changes to the way you retire
Thanks.


Replies (0)
Replies (0)
00
mallardhank
LSU Fan
Atlanta
Member since Feb 2006
944 posts

re: Congress is considering big changes to the way you retire
From what I've heard if you wait till 70, you will be 85 before you equal what you could have been getting since 66 which was my full retirement age.


Replies (0)
Replies (0)
00
BamaAlum02
Alabama Fan
Huntsville, AL
Member since Nov 2005
604 posts
 Online 

re: Congress is considering big changes to the way you retire
quote:

I'm planning to take my retirement the first day I can. I created an account on the SS site and checked my benefits. I would get about 40% more waiting till 67 and 90% more of I wait till 70, but I don't know if it's worth waiting. Would like to be sure to get some of it before I die.


The actuaries design it so it comes out the same based on average life expectancies. If you die before their average age, you’re better off taking it early. If you outlive their average age, you’re better off taking it later. How’s your health?


Janky
LSU Fan
Team Primo
Member since Jun 2011
31566 posts

re: Congress is considering big changes to the way you retire
quote:

The actuaries design it so it comes out the same based on average life expectancies. If you die before their average age, you’re better off taking it early. If you outlive their average age, you’re better off taking it later. How’s your health?


Ha. Jokes on them. I cheated and looked at the expiration date on my birth certificate.
This post was edited on 9/7 at 9:32 am


Replies (0)
Replies (0)
20
kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
69165 posts
 Online 

re: Congress is considering big changes to the way you retire
quote:

How’s your health?


My health is overall good, no major issues, just some elevated blood pressure, which is a family trait.

My parents and brother died early 60's, but all died from smoking related issues. I've never smoked. I suppose my thought is I could live to 75, but I would be surprised to live longer than that. I don't have anyone to leave money to, so I'm trying to plan to spend what I need to, and the rest goes to the local humane society.


Replies (0)
Replies (0)
00
yatesdog38
Mississippi St. Fan
in your head rent free
Member since Sep 2013
10753 posts
 Online 

re: Congress is considering big changes to the way you retire
quote:

I know I’m struggling with the the 529 plan, trying to determine the educational costs of an almost 3-year-old and an unborn child, 15-20 years from now. What if I max it out and they don’t even need it (scholarships, don’t go to college), but that if I don’t contribute enough and they miss out on an opportunity or have to take out more loans than would be required?


if you are that worried about it then open an UTMA account for them. then they will have investments to do whatever they please with. throw it in a munibond fund and you have conservative tax-exempt growth.


Replies (0)
Replies (0)
01
first pageprev pagePage 3 of 3next pagelast page
refresh

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram