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Posted on 5/29/22 at 1:01 pm to OTIS2
quote:
How does one make this calculation?
It is his projected ss number at retirement with cola calculated in.
It is a pointless number because our minds today cant comprehend $20/gallon gas and $20/gallon milk.
But it is a reminder that 70 year olds today thought they could live the entire year in style on $15k/yr back in 1970.
Posted on 5/29/22 at 3:29 pm to TDsngumbo
quote:
Everyone says you’ll be in a lower tax rate when you retire. Maybe I just don’t fully understand taxes in retirement but I’m actually projected to be making significantly more in retirement than I do now. Should I be switching to my Roth 401k option instead?
I don't know what TT is jabbering on about. Income taxes are very low now, I would contribute at least 50% in each pre-tax 401k and post-tax Roth 401k if I was still working, it may feel painful but you will be happy later in life. My wife and I have sizable Roths but wish we had contributed more. Many of us will have tax bombs in regards to TIRA/401k/403b etc by the time we hit 72 and it will significantly impact various taxes due to large mandated withdrawals. I plan on converting TIRA to Roth starting at 59.5 up to 72 as long as it doesn't screw us on health insurance premiums.
Posted on 5/29/22 at 5:10 pm to molsusports
quote:
Which national brokerages (if any) are you partial to? Fees and service experience?
I am not really partial to any of them and use ones that are mostly out of my control.
401k is through Lincoln
Was in a SIMPLE IRA at Schwab and really enjoyed their service
HSA is at Lively which has TD Ameritrade on the investment side. No complaints- haven’t needed any of their service.
Wife’s 401k is at Hancock
Most of my stuff now is at UBS because my wife refuses to not have an FA involved because she thinks I’m an idiot.
Fees at both 401ks suck. But that’s as much or more the nature of a small 401k plan than reflective of the broker.
I basically haven’t had a need to interact with people other than closing my Schwab account and moving in/out UBS
This post was edited on 5/29/22 at 5:11 pm
Posted on 5/30/22 at 6:27 am to Jblac15
quote:
34 years old with many working years ahead if that makes a diffference
Check your marginal tax rate. If you're in the 32% bracket ($170k+), and you think that you will be making less in retirement, then maybe you will be better off in the long run with a traditional 401k.
The RMD is definitely something to consider, though. This is why typically it's recommended to invest in Roth 401k when younger and Traditional when you cross that income threshold. Then you have flexibility in retirement.
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