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Message
re: American middle class families must really not be saving any money.
Posted on 3/19/23 at 10:29 pm to deeprig9
Posted on 3/19/23 at 10:29 pm to deeprig9
Yep, part of the government’s responsibility is to stimulate spending, investing, and wealth acquirement, even if it means the government incures debt, i
I guess that ideology has been lost
I guess that ideology has been lost
0
Posted on 3/19/23 at 10:30 pm to deeprig9
quote:
Having an income limit on Roth and Traditional IRA contributions is a deliberate wreck on the financial security of middle class individuals.
No income limit on Trad IRA contributions and backdoor roth is like 3 mouse clicks.
Posted on 3/19/23 at 10:31 pm to Grievous Angel
quote:
What about the people saving (and investing) who seem to just keep throwing good money after bad? I'm contributing to a 401k and it feels like I'm treading water....with about 10 years to go until retirement.
If you started contributing 30 or so years ago, and your returns match the S&P, you earned 10.7 per year on average. Only been 6 negative years in that time.
Posted on 3/19/23 at 10:34 pm to DiamondDog
My SO and myself both have good jobs and i always feel we live comfortably but not extra. I always see lots of other couples and wonder how the hell they do it. Vacation every couple months, wife giant new SUV, husband always blasting his new "toys" , camp life, and kids in everything. Where thr hell am i going wrong lol
Posted on 3/19/23 at 10:35 pm to JohnnyKilroy
quote:
backdoor roth is like 3 mouse clicks.
False.
If you already have money in Roth and Trad that you contributed to for years before you climbed up the income ladder, it isn't 3 clicks. It's surrendering your entire Roth and Trad portfolio to the IRS to take 20% or whatever your tax bracket is that year.
The Roth loophole you are thinking about is the one where you want to start a new Roth when your income is too high.
Totally different situations.
Posted on 3/19/23 at 10:35 pm to Relham10
quote:
My SO and myself both have good jobs and i always feel we live comfortably but not extra. I always see lots of other couples and wonder how the hell they do it. Vacation every couple months, wife giant new SUV, husband always blasting his new "toys" , camp life, and kids in everything. Where thr hell am i going wrong lol
Wife and I talk about this often and can't figure out how people are doing it.
Posted on 3/19/23 at 10:38 pm to deeprig9
quote:
There's a lot of generational wealth that people don't admit to.
Good point, but at some point down the road, even a generational wealth is going to be susceptible to acute inflation.
Posted on 3/19/23 at 10:43 pm to Paul Allen
quote:
Good point, but at some point down the road, even a generational wealth is going to be susceptible to acute inflation.
Lots of people my age receive family help (I'm 37). It can be day care, household payments, etc.
It insulates many from really bad career decisions.
Posted on 3/19/23 at 10:54 pm to danilo
quote:
You do you. Don’t worry about anyone else’s business.
Until the chickens come home to roost, and the Dems raid your 401k because it’s simply not right for you to have sacrificed and now enjoy a comfortable retirement with vacations and let this grandma of 16 go without who never saved a penny but always had the latest iPhone and recent model car.
They are already putting out feelers on it.
EDIT: if you ask me, the “solution” they will end up doing is to remove all tax limits on SS, and then deny all SS benefits until you have already exhausted all personal assets.
This post was edited on 3/19/23 at 10:57 pm
Posted on 3/19/23 at 10:55 pm to deeprig9
quote:
False.
If you already have money in Roth and Trad that you contributed to for years before you climbed up the income ladder, it isn't 3 clicks. It's surrendering your entire Roth and Trad portfolio to the IRS to take 20% or whatever your tax bracket is that year.
The Roth loophole you are thinking about is the one where you want to start a new Roth when your income is too high.
Totally different situations.
Roll your trad IRA into your trad 401k. Nice clean trad IRA to do conversions from after that.
Posted on 3/19/23 at 10:56 pm to DiamondDog
I'm astonished how many peers and pals of mine within a +-5 year range get significant financial help from their family. I have massive respect for the folks that bust their arse on their own. I'm in that category (self made) and do very well. I live beneath my means and I make sure my kids understand they're very blessed and to appreciate the things they have.
Living this way allows us to take nice vacations which is our one splurge.
Living this way allows us to take nice vacations which is our one splurge.
Posted on 3/19/23 at 10:57 pm to Dicky
quote:
A plant operator if he lives at the plant might make $130K. I think you grossly underestimate how much money everyone besides you makes.
Are you saying most people are making 130k+ each year?
Posted on 3/19/23 at 10:57 pm to deeprig9
quote:
If you already have money in Roth and Trad that you contributed to for years before you climbed up the income ladder, it isn't 3 clicks.
Yes pro rata rule applies to existing traditional IRA balance but existing Roth IRA doesnt have any impact AFAIK.
If your employer allows you may be able to roll traditional IRA into their plan and allow backdoor Roth without additional taxes or go ahead and pay tax on the conversion. Worst case, just dump more in taxable brokerage.
Posted on 3/19/23 at 10:59 pm to PappaSwolio
quote:
I’m guessing a lot of folks haven’t been paying student loans with the pause and will be fricked when they kick back in. I’ve been paying every month so I didn’t get a false sense of security
Smart.
quote:
each having a car note
Not smart. Cash flow killer.
Posted on 3/19/23 at 10:59 pm to DiamondDog
I am a Southern Conservative guy but the simple fricking truth is that The middle class has been under complete utter siege by the banking and investment mfers for more than 30 years now. It’s wasn’t class warfare it was a massacre and the middle class really didn’t even fight back.
Everything that benefited the middle class was cut back or destroyed and shifted to befit the NY bankers and the their cronies. We eliminated the estate tax, and cut taxes drastically on passive income while Goldman Sachs and their cronies drove oil, gas, housing, education, transportation etc through the roof with their positional investments etc. Until their plan to get oil over 200 bbl almost crashed the entire economy. Then we basically rewarded them with grants and loans and a better economic position by eliminating many of their competitors.
The one area I completely agree with Trump on, the system is rigged. (He just isn’t the guy to fix it) We should have let it collapse in 98 and rebuilt it from scratch. Wall Street should be burned to the ground and the wells poisoned and ground salted but it’s too late now.
Everything that benefited the middle class was cut back or destroyed and shifted to befit the NY bankers and the their cronies. We eliminated the estate tax, and cut taxes drastically on passive income while Goldman Sachs and their cronies drove oil, gas, housing, education, transportation etc through the roof with their positional investments etc. Until their plan to get oil over 200 bbl almost crashed the entire economy. Then we basically rewarded them with grants and loans and a better economic position by eliminating many of their competitors.
The one area I completely agree with Trump on, the system is rigged. (He just isn’t the guy to fix it) We should have let it collapse in 98 and rebuilt it from scratch. Wall Street should be burned to the ground and the wells poisoned and ground salted but it’s too late now.
Posted on 3/19/23 at 11:00 pm to JohnnyKilroy
quote:
Roll your trad IRA into your trad 401k. Nice clean trad IRA to do conversions from after that.
So more than three clicks. And I do have to pay tax penalties on it.
Thanks for nothing?
Posted on 3/19/23 at 11:01 pm to deeprig9
quote:
So more than three clicks. And I do have to pay tax penalties on it.
You don't have to pay any tax penalties on rolling a trad ira into a trad 401k
Posted on 3/19/23 at 11:02 pm to USMCguy121
quote:
few individuals my age are planning on retiring
I can't stop working for ... reasons. But I knew SS wasn't going to be around (in a recognizable form) when I retired, 20 ish years ago.
Posted on 3/19/23 at 11:03 pm to TorchtheFlyingTiger
quote:
Yes pro rata rule applies to existing traditional IRA balance but existing Roth IRA doesnt have any impact AFAIK.
If your employer allows you may be able to roll traditional IRA into their plan and allow backdoor Roth without additional taxes or go ahead and pay tax on the conversion. Worst case, just dump more in taxable brokerage.
Sounds like more than three clicks.
It would be easier to just remove the income limit regulation to contribute to IRA.
But what do I know, I'm just a schmuck income earner and taxpayer.
Posted on 3/19/23 at 11:05 pm to deeprig9
quote:
Sounds like more than three clicks.
It would be easier to just remove the income limit regulation to contribute to IRA.
Lol it takes like an hour or two of your life to set this up but I guess just keep bitching about it instead of taking advantage and setting up your family's financial security.
You sound like a lazy democrat.
quote:
But what do I know
Evidently not much because half the shite you posted was wrong lol.
This post was edited on 3/19/23 at 11:07 pm
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