Dave Taylor
Rex kwan Do
This ^^^
How the hell are we supposed to retire?
- Thread starter rlb
- Start date
rick81721
Lothar
So much for that prediction
https://www.marketwatch.com/story/u...remains-at-30-year-high-pce-shows-11633092039
rick81721
Lothar
Getting a 5.9% raise in 2022 via SS. Thanks O'Biden!
https://www.investmentnews.com/social-security-announces-5-9-cola-for-2022-212675
https://www.investmentnews.com/social-security-announces-5-9-cola-for-2022-212675
Mahnken
Well-Known Member
@rick81721 how heavily did you invest in $DWAC?
rick81721
Lothar
Blew it - heard about it too late. Should've gotten in the first day this was announced.
Mahnken
Well-Known Member
Haha, I missed it too. But I made a nice chunk of change on #PHUN yesterday (which was somehow a sympathy move with $DWAC). Got in at $8.28, sold somewhere in the $19s seconds before it halted down. I can't believe there are people that bought $DWAC in the $170s, I'd be surprised if it ever gets anywhere close to that again.Blew it - heard about it too late. Should've gotten in the first day this was announced.
TSLA. Thought I'd sell at $1k. Now how greedy to get.
A Potted Plant
Honorary Sod
Just wait for them to buy Toyota or something, I'd sell once we start liberating countries with high lithium and cobalt reserves.
thegock
Well-Known Member
Max b like my RIA
rlb
Well-Known Member
Don't blow up my front.
Cassinonorth
Well-Known Member
Contribution limit increases for 2022
401k: $20,500 (+1k)401k catch-up (age 50+): $6,500 (no change)
401k total contribution limit: $61,000 (+3k)
IRAs: $6,000 (no change)
HSAs: $3,650 (+50)
401K increases but not IRA blow my mind as it's so tied to the employer.
Bad for lower paid, small business or gig workers.
Blair
Well-Known Member
It’s not detrimental to their lifestyle, but sucks some don’t have the opportunity. Isn’t there some stat like 50% of people don’t even max out the employer 401k match or something? A lot of people have the opportunity and don’t even take it.
Yeah, but at least it's there. That match is something that is available to people who make more money and work at large companies as opposed to people working for small companies, gig jobs etc.
And even if not caring about the match, $20,500 is way higher than $6,000 which hasn't changed in years. Before my company got a 401k I always maxed out my IRA but I'd have way more for retirement if I had a 401k at that time.
Only upside to an IRA is being able to choose a low-cost brokerage if you don't have one for the 401k.
There are other avenues for self-employed. SEP and SIMPLE have much higher limits.
401Ks are great - even tho they are stacked to benefit the high earners of a company.
say the company gives a bonus of 100% of the first 5% of salary. we all agree this is good.
the 401k limit is about $20,000 - if someone makes $400,000/yr, they get 100% match of their contribution 5%,
while the person make $50,000, gets $2,500. just the way it is stacked.
in a nutshell, the IRA is just a deferred income plan with a penalty to keep the money in.
There is no real gain, unless you really are in a lower tax bracket when retired, cause capital gains is 15%,
vs earned income.
401Ks are great - even tho they are stacked to benefit the high earners of a company.
say the company gives a bonus of 100% of the first 5% of salary. we all agree this is good.
the 401k limit is about $20,000 - if someone makes $400,000/yr, they get 100% match of their contribution 5%,
while the person make $50,000, gets $2,500. just the way it is stacked.
in a nutshell, the IRA is just a deferred income plan with a penalty to keep the money in.
There is no real gain, unless you really are in a lower tax bracket when retired, cause capital gains is 15%,
vs earned income.
rick81721
Lothar
How is that "stacked"? Both employees in your example get the same 100% match of their 5% of salary. What about the higher earner that makes 800K? Now their match is only 50% of their 5%.
If they can't figure out how to retire after earning $800k/year they are too stupid to retire.
thegock
Well-Known Member
It really is important to be attentive to the expense ratios on all your material assets. If you aren't paying attention, you may be paying someone too much.