With that being said, would you just go buy Elias' bike from boccarp so we can continue to live vicariously through you.
It’s only legal for 2 classes. Doesn’t do me much good because I’d still have to race a 2nd bike to keep from being bored...which is what I’m (now) trying to avoid.
I would assume that if someone is here asking about retirement, that they have significantly less than the $5,500,000 amount that would be assessed the (effective) 17% Estate Tax on their leftover money.
Well you could actually work on your bike between races like the rest of us do Just an FYI and totally not trying to be a dick. Be careful with handing this info out on the interwebs. You have given enough info for someone to figure out how much you make. Probably already been talked about but IMHO your best investment is to maximize your 401K company match if given, followed by maxing the 401K, followed by making all of your 401K payments Roth. Some people say you may want to mix the Pre-tax and Roth but since there are so many unknowns about the future, I like taking the tax hit now to know that in the future a good chuck of my retirement income will be tax free. Especially since I suspect that SS will be merit based and reduced if you have other income. Hopefully they only look at taxable income when they do it. If you can do all 3 you are probably going to be OK. Anyone know why the IRA has a much lower limit. I always think those that don't have a 401K are getting screwed a bit
Well, it only has a lower limit on the actual tax deduction, $5500 compared to $18,000, but that doesn't mean you can't stick as much after tax money into your IRA as you want.
Yeah I don't think that is true. I'm reading from IRS site that the contribution max is $5500 for traditional and Roth IRAs combined. You are always free to open an investment account which would use taxed money. You then still have to pay regular taxes on the interest earned if pulled out in less than a year or capital gains taxes on anything more than a year in it.
$5500 is the max you can contribute and deduct. I probably shouldn't refer to an after tax account as an IRA, yet simply an investment account.
Is it possible to setup a Roth IRA online? Surely there must be a way to setup a direct deposit online (just like the utility bills) where an amount is deducted and applied to a Roth IRA every month, huh? I’d like to get one going, but I don’t want to have to talk to anyone. If there is a way for me to set one up with zero human interaction, I’ll do it.
WTF? Why not? Why should someone’s income dictate if/how they can secure their retirement? Thats horseshit.
This seems like a pretty solid investment http://forums2.13x.com/index.php?threads/sbk-heritage-collection-for-sale.348425/#post-5210286
You don't qualify for a Roth IRA and I wish I was kidding. You can max your HSA and $5500 for each of you and your wife in a traditional IRA so at least that HSA and $5500 per is pre-tax (instant 30% + effective return). But yeah you can set up any type of account through online investment firms with minimal to no human interaction. Auto scheduled deposits and all of that. Standard disclaimer for all of my opinions in this thread...this is NOT investment advice, check with your financial professionals.
Anyone else picture Chaotic looking at these bikes and think of that scene from "The Jerk" where he told the waiter to stop bringing him old wine and to break out the freshest stuff he had?
A estate tax that keeps oligarchs from passing money in the family tax free after their death does not bother me in the least. 5.5 Million, or 11 Million for a married couple is a whole lot of leftover estate (after all the usual estate planning is done to pass the bulk of the estate through trusts, etc.) I don't know anyone who will ever pay this tax.
You can still secure your retirement with after tax income. Just save it outside any of the tax-advantaged vehicles (i.e standard investments, etc.) The point of IRA's, Roth IRA's and 401K's is to encourage people to save for their retirement, as Congress realizes that living on a Social Security benefit alone isn't going to cover the basics in life for retirees. It used to be that when you worked for a company, you got a defined benefit pension, guaranteeing a income in retirement that was not tied to what you put in. It was paid for by the company. As companies terminated these plans starting around the early 1980's, Congress set these retirement savings plans up and provided tax advantages to these accounts to lessen the pain of saving. Nothing stops you from saving more. You just don't get to do it in tax-advantaged ways.
Almost as if, you never paid taxes..... I wonder how often the big G makes out when taxpayers don't make it to their SS years???