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Since you're very wealthy, don't you think you'll have so much in retirement savings and other investment accounts that you'll want to withdraw a significant amount each year? To give to your grandchildren, travel, build a city (maybe), or whatever you didn't get a chance to do when younger?
Very wealthy, no, not by a long shot.
Relatives. No, they will inherit. I did what i wanted when i was younger and continue to do so now. Doesnt cost a fortune.
Section 1601 and 1602, respectively. In addition, Roth IRA contribution limits will be inflation adjusted, per Section 1603.
I think it is a good idea to reduce the number of options for IRA. This should simplify retirement savings, making it easier for people to save. And in addition, contributing after tax is an easier and more accurate way to plan for retirement. This way 1 million saved is 1 million available to spend.
Yeah so many of these proposals put forward never end up seeing the light of day, so I'll withhold discussion until the probability of implementation becomes more likely.
Well one comment: I wouldn't mind seeing the income contribution limits for Roth's go away. Or at least make the married amount double the single amount.
Well, it is double. Both people can contribute to their own.
Since you're very wealthy, don't you think you'll have so much in retirement savings and other investment accounts that you'll want to withdraw a significant amount each year? To give to your grandchildren, travel, build a city (maybe), or whatever you didn't get a chance to do when younger?
On what planet does "well over" $12K a month make you "very wealthy" unless it is a large multiple of $12K. Granted, blktop is doing fine because of his low COL, but GDP per household in the United States is $132K or $11K/month...
OK really stupid question: when you withdraw from a Roth are you not paying capital gains taxes? And when you withdraw from a 401(k) you are taxed at regular income rates right, which I assume are lower?
no taxes are due on a roth . it is 100% tax free forever so far.
On what planet does "well over" $12K a month make you "very wealthy" unless it is a large multiple of $12K. Granted, blktop is doing fine because of his low COL, but GDP per household in the United States is $132K or $11K/month...
that is just what it takes here in ny to live a middle class lifestyle and we are not talking manhattan.. other areas of the country can do it on 60k .
But you can roll over to your Roth, so that doesn't mean anything.
not really . once you have traditional deductable ira's you have to convert to roths and that alone can be a killer tax wise.
the back door roths only work if you have no existing deductible ira's.
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