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10-17-2022, 08:56 PM | #13111 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
Another benefit of a Roth IRA....you aren't required to take minimum distributions like other retirement accounts at a certain age. That's huge and I honestly had no idea. |
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Posts: 46,116
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10-17-2022, 09:04 PM | #13112 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,867
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10-17-2022, 09:07 PM | #13113 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Posts: 46,116
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10-17-2022, 09:08 PM | #13114 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,867
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10-17-2022, 09:17 PM | #13115 |
Banned
Join Date: Sep 2022
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The age for required minimum distribution is 72. You don't think you'd want to take the minimum out of it by age 72?
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Posts: 86
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10-17-2022, 09:21 PM | #13116 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,867
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10-17-2022, 09:23 PM | #13117 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
Just hard to know where life will take you as I'm only 37. I like the idea of having a retirement account that will not be required to be touched, while I could just draw from my 401k instead when required. |
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Posts: 46,116
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10-17-2022, 09:25 PM | #13118 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Posts: 46,116
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10-18-2022, 06:53 AM | #13119 |
MVP
Join Date: Oct 2012
Location: Lenexa, KS
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China refusing to release their GDP. Hoooo boy.
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Posts: 14,404
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10-18-2022, 07:04 AM | #13120 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Posts: 52,464
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10-18-2022, 07:07 AM | #13121 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,867
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10-18-2022, 09:09 AM | #13122 |
Supporter
Join Date: Feb 2005
Location: Olathe, Ks
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Roth is the way to go if you qualify. The only reason not to go Roth is if you are highly confident you will pay less in taxes later than you will now.
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Posts: 129,609
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10-23-2022, 09:02 PM | #13123 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Changes for 2023.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500. The limit on annual contributions to an IRA increased to $6,500, up from $6,000. https://www.irs.gov/newsroom/401k-li...m%20%246%2C000. |
Posts: 46,116
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10-24-2022, 05:53 AM | #13124 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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This country has a massive savings and retirement shortfall. It's gotten better but still poor, especially in minority households.
I'm all for anything government can encourage, endorse and help to get YOUNG people saving and investing money. If the stupid ****s would stop with all the wokeness PC sex tranny shit and focus on Financial security and focus on interest, growth, stock market, dangers of debt, how to balance a checkbook, how to read a balance sheet, how to start a business, our country would benefit tremendously. The same goes for health and nutrition. |
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10-24-2022, 06:08 AM | #13125 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
At least they’re addressing the limits. They didn’t for a long time and deserve credit for it. I was thinking recently, when is the last time we had a protracted recession? It’s goddamn .com bubble/9-11. 08 housing crisis was severe but not protracted - shit was right back up there 8 months later. It is looking like this one is going to be with us awhile. So OK, shit 23 years ago. It’s hard to wrap your mind around how many people in the market today have not had exposure to a protracted recession in the stock market. Hell, I was paying attention but I didn’t have any money in. That is the scary thing to me. |
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