Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,639 posts, read 57,661,644 times
Reputation: 46079
Quote:
Originally Posted by CaptainNJ
haha i bet you have to this point not heard anything about it.
i wouldnt put a dime into a 401k or IRA.
While I'm well aware of the discussion, I am also confident (not 100%) that pre-taxed money (ROTH's) will be the safest and furthest from the greedy mitts of the derelict politicians. (Who tho powerful, are under laws that would make it very difficult (not impossible) to abscond with pre-taxed $$).
There are plenty of conspiracy theories, I trust enough of the VOTING population has a vested interest in retirement accounts to fight for OUR $$. After all, you can pull your retirement $$ from each of those vehicles TODAY. Not like the gov has control of those $$. (as they do with SS).
searcher521, please tell us who in Washington wants to nationalize our 401ks. Names, please.
Well the DOL for one. They have had 2 hearings so far.
http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html (broken link)
Congress might be another as they have had several think tank folks in discussing alternatives.
The talks and presentations started back in 2008 when 401K's plunged.
While I'm well aware of the discussion, I am also confident (not 100%) that pre-taxed money (ROTH's) will be the safest and furthest from the greedy mitts of the derelict politicians. (Who tho powerful, are under laws that would make it very difficult (not impossible) to abscond with pre-taxed $$).
There are plenty of conspiracy theories, I trust enough of the VOTING population has a vested interest in retirement accounts to fight for OUR $$. After all, you can pull your retirement $$ from each of those vehicles TODAY. Not like the gov has control of those $$. (as they do with SS).
Well with a 401K you have to quit your job and then take the tax hit.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,639 posts, read 57,661,644 times
Reputation: 46079
Quote:
Originally Posted by HappyTexan
Well with a 401K you have to quit your job and then take the tax hit.
Most 401K plans have provisions to roll to an IRA even if you don't quit. You MAY end up losing some of the match, and the future ability to participate in 401K. AND you will be penalized and taxed is you don't follow the strict rollover rules. once in the IRA you can do a 72t distribution to avoid penalty (including plenty of 'rules' for 72t too.)
The details are in each 401k plan. I suppose it is possible some restrict funds till termination, but I find that unwise. I had several friends roll their 401k while employed, due to our previously benevolent employer hiring a sleaze for a CEO. I kept the 401K to benefit for its superior protection from liability lawsuits. (I had male drivers under age 26 in family). Both Rollover IRAs and 401K's enjoy the same 'bankruptcy' protection benefit.
While I'm well aware of the discussion, I am also confident (not 100%) that pre-taxed money (ROTH's) will be the safest and furthest from the greedy mitts of the derelict politicians. (Who tho powerful, are under laws that would make it very difficult (not impossible) to abscond with pre-taxed $$).
There are plenty of conspiracy theories, I trust enough of the VOTING population has a vested interest in retirement accounts to fight for OUR $$. After all, you can pull your retirement $$ from each of those vehicles TODAY. Not like the gov has control of those $$. (as they do with SS).
i do have the ROTH but its such a tiny amount of money and i cant add any so its meaningless to me. i do recommend maxing out the roth. i have heard that you can convert traditional 401k's to ROTH 401ks if your employer has that option and that seems like a good idea. still scares me though as it is locked in an account by the government and is subject to the whims of government (that is 14 trillion in debt and counting).
Your can find calculators on investments sites such as Vanguard or Fidelity that will help you.
As a general statement I would say save 20% of your gross. Now you can say that about 7% of that 20% is going to social security so that leaves 13%. Thus your goal of 12% is good. However you want to put some of your money in a ROTH 401k or a regular Roth as opposed to your current 401k. I would max out my Roth contribution. You pay your taxes now but not in the future on a Roth.
Max 401K and Roth. Get a 15-year mortgage - never buy a new car. Once you do that the rest you can spend freely...but not on a credit card!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
