Posted on 11/27/2012 11:17:14 AM PST by Perseverando
Obamanation Communism File.
bkmk
I think this is the biggest thing the left hates, viscerally, and without a conscious thought to it.
Because, it's something that God says is righteous behavior:
Prov 13:22 A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.
He may be more flexible, but it may be to the point that his head will be firmly implanted between his cheeks with his body intact.
You must be a prophet. At least for your own finances. Good move!
I don’t have a lot but what I do have is in a credit union. My wife wants to take most all of it and bury it in the backyard. Seriously. You can’t be robbed or burgled from something that ain’t in the house.
I’m with ya
10% kicks in below the age of 59 1/2
LOL....
The takings clause don’t mean shit to these rotten tomatoes.
Neither does the 5th, 4th and 10 amendments.
Nothing.
Now.
Which houses had which signs...?
WAR.
I did the math and cleaned out one of my IRAs. It came to something like this:
If I wait until I’m old enough to withdraw without penalty, I will be VERY LUCKY to still be in the 25% bracket, simply because taxes WILL go up. But even if the bracket is still around, there is no way I’ll be in a lower (marginal) bracket at retirement. So the best that I could do when I retire is be in the same tax bracket - so the theory that you defer income while in a higher bracket while working, doesn’t hold for me (and it doesn’t hurt being in Texas, with no state income tax).
So next is the question of what tax rate will I pay on what I pull out. It winds up that most of my taxes (if not all, not sure) will be in the 25% and 28% brackets. So, still no big hit on my tax bracket.
Next is the 10% penalty. This one is annoying, but it’s a price you pay for freedom, and for having the money put to real work at zero risk (i.e., help pay off my house). So you pay it - unless you think you can make a hardship case to the IRS, which I can’t because I refused to take out subprime loans. So I lose the 10%, but I get that back in 3 years, as it pays down my mortgage.
So, in summary, if I had $100k in my account (which I didn’t, but it’s a round number), and I take it out now, I get ~$64k. If I wait until I’m old enough, then $75k. I don’t feel like waiting and I’ll get much of the difference back just by paying down my mortgage.
As to people that can’t stand paying all that money in taxes - well you have choices. You can save the tax money and watch your IRA turn into an annuity backed by our lovely government. In other words, pay them now or have them take it all.
The only regret was that I didn’t think of this earlier and take out the money a bit slower - but that’s water under the bridge now.
no just over 59 1/2 is all it takes
-PJ
Can one of you guys help me with this? When I read it, all is see is that they intend to make a mandatory contribution to treasuries GOING FORWARD. I didn’t see the line where they are going to confiscate CURRENT 401k’s and mandatory convert them into treasuries or give them to someone else. Of course, I don’t like them doing ANYTHING with my money at all, but are we getting revved up over something that isn’t in the works yet? I mean, sure, I can see them saying that 3% of all future contributions must be in treasuries (and I hate it) but I haven’t seen anything yet. Thooughts?
Can one of you guys help me with this? When I read it, all is see is that they intend to make a mandatory contribution to treasuries GOING FORWARD. I didn’t see the line where they are going to confiscate CURRENT 401k’s and mandatory convert them into treasuries or give them to someone else. Of course, I don’t like them doing ANYTHING with my money at all, but are we getting revved up over something that isn’t in the works yet? I mean, sure, I can see them saying that 3% of all future contributions must be in treasuries (and I hate it) but I haven’t seen anything yet. Thoughts?
What seems to be a lot of money on paper, would soon be cut by more than half due to taxes. Besides, I have economical tastes.
Gold is dumb as a box of hammers. I am a capitalist at heart and prefer to invest in business. Where would I put it?
That is my take on it. On a scale of of 0 to 10 the threat level is near zero for a change in tax treatment for retirement accounts while the republicans have the house.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.