401k assets are protected from creditors and lawsuits.
Plus you will never go broke by saving.
Thanks for playing.
I need advice on 401K
- Thread starter Damondogg
- Start date
Plus you will never go broke by saving.
Thanks for playing.
UPSTeamster Pragmatist
Well-Known Member
That was a decent response. However why invest in government sponsored accounts that are controlled by gov policies when there so many onther options. A good example pointed out was how long will roths remain untaxed? If you told ssi recipient s that they would have to pay taxes on benefits 50 years ago you would have been scoffed at. No one can directly steal that money true but gov can tax it away. The fed has been penalizing savers since 08. They can means test ssi and medicare. Better off buying a nice summer place in the Hamptons and then renting it out for income til retirement. Do what the wealthy do. Just hate to see so many work their butts off and then get penalized for being prudent. The fed gov has $18 trillion in debt. This is why the wealthy are willing to sometimes pay negative returns, return of capital over return on capital. Oh by the way upstate is knows just enough to be the perfect sheeple. The gov LOVES people like him!
UpstateNYUPSer(Ret)
Well-Known Member
I'm the one in the front.
You are right in that Roth 401k's will eventually be taxed on both ends.
Play both sides
I'm the one in the front.
You are right in that Roth 401k's will eventually be taxed on both ends.
Bingo
upschuck
Well-Known Member
I don't suggest Bingo as a retirement plan.
upschuck
Well-Known Member
I'm staying heterosexual, thank you.
You say that today.
UpstateNYUPSer(Ret)
Well-Known Member
Up here we call the lottery the trailer park retirement plan.
upschuck
Well-Known Member
As Pat Day always said, "Don't bet the rent".
upschuck
Well-Known Member
True, but I can't say that I see that anywhere in the near future. I like the female parts too much.
UPSTeamster Pragmatist
Well-Known Member
Lmao at least upstate has a good sense of humor. Real estate in the right zip codes are always a winner. Thats not the only play. Put swiss francs in a safety deposit box. The dollar will be devalued over time, the only way to pay off the debt. The swiss are prudent, their currency will likely hold its value. I am a driver at full rate and take home $2k a week. My fed tax rate including fica is 10-12%. My wife takes home $1k a week, same as gross, small business. Our overall fed tax rate including fica is 7-8% , that is with zero % tax deferment. We know tax rates will increase. Oh and I have a child in college, we pay $3.5k per year. Life is all about personal finance and the paper shuffle today. It isnt fair but it is what it is. And by the way tax rates ebb and flow. In the sixties the top rate was 90%! We are coming off an ebb, rate will increase over the next few decades. And why settle for en 30% of 100 later when you can have the whole 100% now?
olroadbeech
Happy Verified UPSer
yes. I have all my funds with Vanguard index funds. for example one is the s&p 500 index fund and another is the Precious metals index fund.
when the stock market goes down the precious metals fund goes up.
it helps to almost balance things out.
when the stock market goes down the precious metals fund goes up.
it helps to almost balance things out.
brownmonster
Man of Great Wisdom
I'll cash in my 401k tomorrow.
How you take home as much as u gross we need 2 know
UpstateNYUPSer(Ret)
Well-Known Member
He (and I) is (are) curious how the OP is able to take home $2K/week.
Future
Victory Ride
what about us and them? HMMMMMMMM
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