stock market was up today...

#13,976
#13,976
BigOrangeMojo said:
I agree there are some administrative issues but this clearly isn't a D attempt to screw over taxpayers, which is what was implied. There are new provisions to increase catchup amounts as well as converting unused 529 plans to Roth IRAs. These are taxpayer friendly provisions, for sure.

Lots of advantages other than permanent tax referral for Roths. I agree if you are 64 and you are in highest bracket in NYC, a traditional 401k may be better but in most circumstances, the 50 year old making $150K in TN will benefit more from Roth.....
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BigOrangeMojo said:
You know Secure 2.0 was approved by Senate 68-29, right?

And Roth is rarely a bad idea. A person who is 50 and makes 9% annually on their $7K catchup contribution will have $28K when if they retire at 66. That's $28K that will never be subject to tax....

But yeah, gripe on...
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of course a Roth isn’t a bad idea….but if you’re over the earnings threshold for one then what?
 
#13,977
#13,977
Carl Pickens said:
of course a Roth isn’t a bad idea….but if you’re over the earnings threshold for one then what?
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There's no income limits for Roth 401k. That's one of the best aspects of it. There are still income limits for Roth IRAs*** (@$228K if Married Filing Jointly).

*** There are ways to get around this via backdoor conversions.

Let's say you are 50 and make $150K (over threshold) in 2024 and your employer has a 401K plan.

Your first $23K will be either Traditional (get deduction now but pay taxes later on withdrawals) or Roth (no deduction now but don't have to pay tax on withdrawals). That's still your choice (if your plan has both options)

Your $7,500 catchup for being over 50 will be all Roth.
 
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#13,979
#13,979
BigOrangeMojo said:
There's no income limits for Roth 401k. That's one of the best aspects of it. There are still income limits for Roth IRAs*** (@$228K if Married Filing Jointly).

*** There are ways to get around this via backdoor conversions.

Let's say you are 50 and make $150K (over threshold) in 2024 and your employer has a 401K plan.

Your first $23K will be either Traditional (get deduction now but pay taxes later on withdrawals) or Roth (no deduction now but don't have to pay tax on withdrawals). That's still your choice (if your plan has both options)

Your $7,500 catchup for being over 50 will be all Roth.
Click to expand...
There are contribution limits however.
 
#13,981
#13,981
marcusluvsvols said:
Hey guys.

Have read a couple articles about this stock...Verizon..that to a layman like me seem quite convincing despite the looming market correction. I have to this point never picked an individual stock before for my 401k...but a 7.5% dividend and cheap price per share right now have me thinking about taking a flyer on this one.

Please shoot holes in this idea...or endorse it if yall agree with the article? Thanks for your help , i still have my entire 401k in a guaranteed return money market thing getting like 2.9% interest...which is getting murdered by inflation eroding my purchasing power. I did manage to avoid a year of losses in the market...but i missed out of course on apple, tesla etc that have made some amazing gains. I hate not knowing things...anything in which i have interest or a stake in especially. All responses greatly appreciated.

Verizon's 7.5% Yield Is A Once-In-A-Lifetime Opportunity (NYSE:VZ) | Seeking Alpha

Edit : fwiw...anecdotally Verizon has always had the best cell service in our (charlotte) area. No dropped calls or dead spots even when coming over the mountain to Neyland etc. They are expensive and everyone seems to know this, but have always been regarded by folks i know as the best/fastest service and network. My work pays for my phone but my wife/kids have always been with verizon. In this area anyway they are kinda the "premium" phone company. Not sure if that should matter though...
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For reference...then...

AT&T, Verizon stocks plunge as concerns mount over lead cables

Less than a week. Damn.

" once in a life time opportunity"...from somebody who posted seemingly all the relevant metrics and analyzes them...someone who presumably gets paid to pick stocks. Wtf
 
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#13,984
#13,984
marcusluvsvols said:
AT&T, Verizon stocks plunge as concerns mount over lead cables

Yall see why i am scared to pick my own stocks damnit Bobby.
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Well, I'll save you the suspense and tell you CFPs and Brokers get some wrong too. It's all about the long game (unless you know what you're doing trading options) and being patient. Just get with a good CFP and many have fee structures tailored to your style of investing. You can pay for trades as you go (a %age of each trade paid to the broker) or you can pay someone around 1.5% or so of your portfolio annually to manage it for you. In the long run, it's worth it to build your team. I handle a lot of my own because I like the investment world, but I do have an account with a life long friend of mine that's been in business 25 years or more. We mirror my 401k to some extent off of what we do in the account he manages. My 401k is more aggressive, though. It's good to have someone to bounce things off of, talk you back from the ledge from making an emotional decision, etc. It's also good to sit down with them once a year, look at your goals, your plan, how it's progressing and think about what changes, if any, you would want to make. A good accountant is worth the money to work with your CFP at the end of every tax year too. Sometimes it's a good strategy to sell a loser stock and take the write off on your taxes at years end. It happens. My CPA also has a very reasonable cost structure.
 
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#13,985
#13,985
BigOrangeMojo said:
There's no income limits for Roth 401k. That's one of the best aspects of it. There are still income limits for Roth IRAs*** (@$228K if Married Filing Jointly).

*** There are ways to get around this via backdoor conversions.

Let's say you are 50 and make $150K (over threshold) in 2024 and your employer has a 401K plan.

Your first $23K will be either Traditional (get deduction now but pay taxes later on withdrawals) or Roth (no deduction now but don't have to pay tax on withdrawals). That's still your choice (if your plan has both options)

Your $7,500 catchup for being over 50 will be all Roth.
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This is good info…. And appreciated. ….. the politicians tho…. They can still eat my 🫏 😁
 
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#13,986
#13,986
Vol737 said:
Well, I'll save you the suspense and tell you CFPs and Brokers get some wrong too. It's all about the long game (unless you know what you're doing trading options) and being patient. Just get with a good CFP and many have fee structures tailored to your style of investing. You can pay for trades as you go (a %age of each trade paid to the broker) or you can pay someone around 1.5% or so of your portfolio annually to manage it for you. In the long run, it's worth it to build your team. I handle a lot of my own because I like the investment world, but I do have an account with a life long friend of mine that's been in business 25 years or more. We mirror my 401k to some extent off of what we do in the account he manages. My 401k is more aggressive, though. It's good to have someone to bounce things off of, talk you back from the ledge from making an emotional decision, etc. It's also good to sit down with them once a year, look at your goals, your plan, how it's progressing and think about what changes, if any, you would want to make. A good accountant is worth the money to work with your CFP at the end of every tax year too. Sometimes it's a good strategy to sell a loser stock and take the write off on your taxes at years end. It happens. My CPA also has a very reasonable cost structure.
Click to expand...

Don’t wait until the end of the year for tax planning advice from an accountant.
 
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#13,988
#13,988


Well...i havent jumped back in the market yet after that recent debacle. This Blackrock stuff makes me also think this is a bad time. Better to wait til the correction and buy when stocks are on sale right?

He says in that video that Blackrock is pulling over a $trillion out of the US markets and going overseas to markets better equipped to handle the coming correction/recession/nightmare. I read in a different article last week that Blackrock manages 10s of TRILLIONS of dollars and that only the countries of the US and China have a higher GDP than Blackrock. Its actually a monopoly IMO and the SEC should bust them up or at the VERY least not allow BR to acquire huge stakes in more publicly traded companies...the statistics in the article I read were absolutely insane. 80+% of the S&P500 companies largest shareholder is Blackrock or 1 other huge company that I cannot recall sadly. I am not stupid...any company with trillions and trillions of dollars is probably running this country as we speak. The article I read made a convincing case that the most powerful man in the world is NOT the POTUS...but rather Larry Fink as the CEO of Blackrock. I hate that. Seriously.

Anyway...what do yall think about BR pulling trillions out of the US market? Seems to me that they could actually cause a market correction simply by doing that. Also seems to me that if anyone knows whats ahead with the US economy and banking industry it would be the single biggest investor in that market, right?

I am a proud capitalist and believe in a free market...at the same time i hate that Blackrock exists in the same way that i hate ABC/Disney has bought up half the entertainment world and that 5 or 6 companies total own every single radio and TV station in the US. Monopolies are anticompetitive and hurt consumers and individuals. Even worse is when the feds deem them "too big to fail" and bail them out with taxpayer money while printing mucho cash destroying the buying power of pur hard earned savings at the same time.

Seems to me like Blackrock is biggest, toughest dude in the neighborhood...and he just said " I am getting the Hell out of here. Its too dangerous to stay." I would be foolish to invest my money where they are afraid to invest, right? If the neighborhood bully is scared, I should be petrified right? All opinions welcomed guys. GO VOLS

Edit: vanguard and statestreet. It said that 80% of the SnP companies largest shareholders were Blackrock, Vanguard, and Statestreet? If I remember correctly
 
#13,989
#13,989
BigOrangeMojo said:
And Roth is rarely a bad idea. A person who is 50 and makes 9% annually on their $7K catchup contribution will have $28K when if they retire at 66. That's $28K that will never be subject to tax....
Click to expand...
You really believe this, don't you?

Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes

Billionaire Peter Thiel and others with huge retirement account balances are in lawmakers’ crosshairs.

House Democrats unveiled a tax package on Monday that would force distributions from one’s nest egg if the value of individual retirement accounts, 401(k) plans and other retirement stashes exceed $10 million.

Thiel, a PayPal co-founder, owns a Roth IRA that was worth $5 billion in 2019, according to a ProPublica report published in June, based on tax return data. The IRA was worth less than $2,000 two decades earlier.

The House legislation would require Thiel to withdraw all but $20 million, nearly emptying the account, according to tax experts.

Roth IRAs are a type of after-tax account. Contributions are taxed upfront; investment earnings are tax-free, unless the owner withdraws funds before 59½ years old.
 
#13,990
#13,990
Rasputin_Vol said:
You really believe this, don't you?

Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes

Billionaire Peter Thiel and others with huge retirement account balances are in lawmakers’ crosshairs.

House Democrats unveiled a tax package on Monday that would force distributions from one’s nest egg if the value of individual retirement accounts, 401(k) plans and other retirement stashes exceed $10 million.

Thiel, a PayPal co-founder, owns a Roth IRA that was worth $5 billion in 2019, according to a ProPublica report published in June, based on tax return data. The IRA was worth less than $2,000 two decades earlier.

The House legislation would require Thiel to withdraw all but $20 million, nearly emptying the account, according to tax experts.

Roth IRAs are a type of after-tax account. Contributions are taxed upfront; investment earnings are tax-free, unless the owner withdraws funds before 59½ years old.
Click to expand...
Rasputin_Vol said:
You really believe this, don't you?

Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes

Billionaire Peter Thiel and others with huge retirement account balances are in lawmakers’ crosshairs.

House Democrats unveiled a tax package on Monday that would force distributions from one’s nest egg if the value of individual retirement accounts, 401(k) plans and other retirement stashes exceed $10 million.

Thiel, a PayPal co-founder, owns a Roth IRA that was worth $5 billion in 2019, according to a ProPublica report published in June, based on tax return data. The IRA was worth less than $2,000 two decades earlier.

The House legislation would require Thiel to withdraw all but $20 million, nearly emptying the account, according to tax experts.

Roth IRAs are a type of after-tax account. Contributions are taxed upfront; investment earnings are tax-free, unless the owner withdraws funds before 59½ years old.
Click to expand...

I'm talking about 7K contributions and you attempt to deflect by bringing up legislation that went nowhere that would impact the .0000000000001% of people.
 
#13,991
#13,991
Rasputin_Vol said:
You really believe this, don't you?

Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes

Billionaire Peter Thiel and others with huge retirement account balances are in lawmakers’ crosshairs.

House Democrats unveiled a tax package on Monday that would force distributions from one’s nest egg if the value of individual retirement accounts, 401(k) plans and other retirement stashes exceed $10 million.

Thiel, a PayPal co-founder, owns a Roth IRA that was worth $5 billion in 2019, according to a ProPublica report published in June, based on tax return data. The IRA was worth less than $2,000 two decades earlier.

The House legislation would require Thiel to withdraw all but $20 million, nearly emptying the account, according to tax experts.

Roth IRAs are a type of after-tax account. Contributions are taxed upfront; investment earnings are tax-free, unless the owner withdraws funds before 59½ years old.
Click to expand...
Good lord. Talk about winning the lottery.
 
#13,994
#13,994
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#13,997
#13,997
Orangeburst said:
The US is facing a debt storm. Here's 5 charts that show trouble is brewing..

Bidenomics
You will hear the rancor for even more gov regulations.
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But debt isn't a problem....

Seriously, I do think we're facing down a real problem in both public and private sectors. Businesses go bust, can't pay debt service, payroll, taxes then the locality doesn't collect taxes and can't pay bills so it just steamrolls. China and other countries are balking at buying US debt so when that steamroller hits DC where do they go for the money to bailout states/cities?
 
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#13,998
#13,998
That being said, if you are sitting on some cash the next couple of years might be a golden opportunity.
 
#13,999
#13,999
hog88 said:
But debt isn't a problem....

Seriously, I do think we're facing down a real problem in both public and private sectors. Businesses go bust, can't pay debt service, payroll, taxes then the locality doesn't collect taxes and can't pay bills so it just steamrolls. China and other countries are balking at buying US debt so when that steamroller hits DC where do they go for the money to bailout states/cities?
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it will be awful..with inflation looming what to do other than suffer. Like not clearing the forest and then when a fire happens whole place goes up in flames. Great Reset.
 
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