I need advice on 401K
- Thread starter Damondogg
- Start date
Ms.PacMan
Well-Known Member
401k's are not govt sponsored plans. Employers sponsor 401k's. They are subject to taxation and get their name from the tax code that allows the deferral of taxes but every other retirement vehicle (short of the coffee can full of money buried in the backyard) is also subject to tax eg. income property
Brownslave688
You want a toe? I can get you a toe.
$BILL
Member
Good point. Gov regulated retirement plan, not gov sponsored retirement plan. As was pointed out the 401k comes from the IRS tax code. Just trying to let OP know there are alternatives. Even though the gov has passed policy to steal current retirees pension money, they would NEVER steal retirees 401k retirement money. Even though SSI used to be tax exempt income but now is, the gov would NEVER cut future benefits or increase deductibles on medicare based on a means test. I don't recommend USD in a glass jar but Swiss Francs in a safety deposit box isn't that bad of an idea, though the swiss central bank will never allow currency appreciation to go out of control. Honestly I was going to mention these things to my fellow drivers but based on the responses here best to let people think what they want.
rod
Retired 22 years
Personally I think if everyone paid a flat across the board 10% of their income it would lessen the burden on the average tax payer. There are so many loop holes, exemptions and write offs that it is debatable if even 1 % of the taxpaying public is paying the correct amount. I especially like those who brag about all the crap they write off. Why, just because you sell a few cleaning products on the side to basically just your relatives and friends and have a "desk" in a spare bedroom, are you allowed to write off all those "business" expenses and heat and lights and mileage and depreciation etc,etc,etc. They whole income tax system needs to be thrown out and simplified.
UpstateNYUPSer(Ret)
Well-Known Member
$BILL
Member
I used to agree with this 110%. I then realized what should happen and what does happen is out of my control. I embraced Darwinism and realized I have to thrive under the system given to me instead of trying to change it. Everybody here is a good person who are trying to be responsible adults. I've educated myself for 20 years in economics and it isn't called the dismal science for nothing. All economies everywhere throughout all of history are very very very unfair. Those at the top want to stay there. But honestly telling the truth is unwise, people don't want to hear it. No real consequences online though. Thank you everyone for your responses.
Hateworkingaspreload
Well-Known Member
im currently working as preload and just received notice to set it up. How should I do it? Or should invest nothing into until I become pt Sup or truck driver? It's only about $240 a week for me. Any suggestions? Thanks in advance
Richard Harrow
Deplorable.
Ask a financial advisor. You'll get nothing but bad advice here.
Just start saving. And educate yourself.
Saving a little something, you will never be poor. Good luck.
Saving a little something, you will never be poor. Good luck.
For example did you just go to one of the popular companies like Morgan Stanley?
upschuck
Well-Known Member
401(k), so it is through UPS and prudential.
Hateworkingaspreload
Well-Known Member
Thanks everyone and what's S&P
It's an index fund of the top 500 company's.
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