Gonna put more $ in your 401(k)? Do Tell…

[Over70irregs]

401(k) And IRA Contribution Limits Will Jump In 2023, IRS Says

Young workers will be allowed to contribute up to $22,500 pretax to a 401(k), a $2,000 jump from the current $20,500, while those 50 or older will be permitted to sock away up to $30,000, a $3,000 boost.

www.forbes.com

 

[I have been lurking]

Zimbabwe dollerydoos

 

[robot]

Sure why not

 

[olroadbeech]

This is the time to max out.

My 401k has doubled in last 7 years since retired. We will not touch it hopefully until age 72.

yes, it took a hit this year but think past performances of the stock market will hold up over time.

 

[StackedOut’n’Vibing]

Past performance is not indicative of future results

 

[IVE GOTTA PACKAGE 4U]

No

 

[bottomups]

Nope. Don't have any earned income.


Will probably contribute some to my kids IRA's though.

 

[Wally]

What income are you pulling in if you are putting 22k a year away?

 

[MECH-lift]

Cashed out my 401k long time ago

LIVE FAST
DIE YOUNG

@MECH-lift style , RPCD STYLE!!!

 

[ManInBrown]

14% Roth, wish I could. Really can’t afford more than that. Anyone that thinks they are going to live a comfortable life in retirement based on only our pension and SS has another thing coming. 401k is key. $500k at retirement+ the other two and you’re rolling. Will never have to worry about money.

 

[Jkloc420]

This is the time to max out.

My 401k has doubled in last 7 years since retired. We will not touch it hopefully until age 72.

yes, it took a hit this year but think past performances of the stock market will hold up over time.

Not with biden in office

 

[Over70irregs]

No matter who is in office, the QE printer is the reason your 401(k) went up. Faucet off no $. Faucet on a little $. It WILL NOT be able to catch up. Services and Groceries will eat you alive.

 

[I have been lurking]

Not with biden in office

Biden has your reto

 

[DriveInDriveOut]

The only reason to use a 401k is to dodge taxes.

I'm thinking it's more and more likely that the government won't just change their mind and tax the hell out of them in the future.

 

[IVE GOTTA PACKAGE 4U]

The only reason to use a 401k is to dodge taxes.

I'm thinking it's more and more likely that the government won't just change their mind and tax the hell out of them in the future.

Yes the government would love to get their hands on some of that money

 

[Over70irregs]

They will not let us go. Well at least we are not desperate for wood yet.

 

[DriveInDriveOut]

Yes the government would love to get their hands on some of that moneyView attachment 405708

They already changed the rules on inherited IRAs forcing people to take the money out and pay taxes on the government's terms.

Not hard to imagine them doing something similar like taxing 401k balances over a certain amount.

 

[sailfish]

What income are you pulling in if you are putting 22k a year away?

If I was a top rate UPS driver I could probably put away $40k or $50k.

 

[IVE GOTTA PACKAGE 4U]

They already changed the rules on inherited IRAs forcing people to take the money out and pay taxes on the government's terms.

Not hard to imagine them doing something similar like taxing 401k balances over a certain amount.

The government wants your money











All of your money

 

[MyTripisCut]

If I was a top rate UPS driver I could probably put away $40k or $50k.

It’s a real shame you’re a plumber now.