New 401k contribution caps?

Discussion in 'Politics' started by Northern Flash, Oct 23, 2017.

  1. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    In the proposed tax bill, supposedly the GOP has cut the maximum amount that we can put into our 401k's.
    Currently, if you are over 50 years old, you can put in a maximum of $24,000 per year, pre-tax.
    And if you are under 50 years old, you can put in a maximum of $18,000 per year, pre-tax.

    THE NEW BILL, IF PASSED, WOULD LOWER THAT MAXIMUM AMOUNT DOWN TO $2,400 per year, pre-tax.

    I've already been :censored:ed out of my Teamster's pension, so I've been gang busting, dumping money in to my 401K to make up for that loss.

    AND NOW THE GOP (GOVT.) IS GOING TO SCREW US OUT OF THAT OPTION ALSO?

    Mark my words, if Trump signs this bill with this 401k change, I will guarantee you that he will be a one-term president, since there are some 55 million Americans that are participating in a 401k.

    And if Trump passes this bill with this change in it, I'm done with the Republican party forever, and I will personally bash Trump on a daily basis, even to the point where Magoo's daily blubbering will look like him and Trump are best friends, compared to what I say about him.

    Trump better not be this stupid.

    https://www.marketwatch.com/story/t...01k-contributions-at-2400-per-year-2017-10-20
     
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  2. icuicp

    icuicp Well-Known Member

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    The government doesn't make money , it's main source of income is the people.
     
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  3. jimmy g

    jimmy g Kook

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    That’s beyond asinine! They have preached and preached that SSI is broke, prepare. Now they’re pulling that rug out? Stupid!!!!
     
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  4. ABFer

    ABFer Super Moderator Staff Member

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    Did you read that story? I have to say that you have shocked me on this one. You have done what, to this point, only Mr. Magoo could do. That statement doesn't even appear in the story headline, let alone within the story itself yet you have yourself, and all sheeples in a tizzy.

    'Talk' is a far cry from it being in a bill coming up for a vote. :idunno:
     
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  5. Keepingon

    Keepingon Well-Known Member

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    President Trump during an interview on Maria Bartiromo says that is NOT happening that 401K's stay the way are.
     
  6. Keepingon

    Keepingon Well-Known Member

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  7. falconfan

    falconfan Well-Known Member

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    Jeez, ifI could stash 18k to 24 k per year back I'd be whistling Dixie.You guys are doing awesome.
     
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  8. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    One of the proposals from Steve Mnuchin . They kind of threw it out there to see how vocal the opposition would be. Of course, no one noticed when Wall Street,....by consensus,....( a violation of law...)....lowered the annuity rate for 401(k)'s from the traditional 5%, down to 3.5%.

    Ask your stockbroker,....don't take my word for it. An annuity is the only way you can access monthly dividends off of your 401(K) once you retire and are over 59-and-a-half,....without paying massive taxes. A 1.5% drop in the annuity rate,.....may mean that you may have to put in an extra 60,000- 70,000 to cover yourself over the life of the annuity.

    Wall Street lowered the rate because of demographics. Too many Baby Boomers retiring all at once and taking Wall Street's funding stream away from them......
     
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  9. falconfan

    falconfan Well-Known Member

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    Does the annuity go for the Roth also? Curious because I have been contributing to a Roth for the last 9 years.Reason being, I don't trust the direction our country is going (like Europe ) and thought the tax rates could be significantly increaseed by the time I retire.
     
    Last edited: Oct 23, 2017
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  10. icuicp

    icuicp Well-Known Member

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    Great question. I believe you have to set up a variety of retirements because compensation has went down while expenses have went up - and always will go up.
     
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  11. jimmy g

    jimmy g Kook

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  12. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    You are correct. But screwing the middle class is not going to cut it. It's the middle class that is forced to save for their retirement themselves, since nobody else is looking out for them. It's pretty pathetic to know that with all of the wasteful spending in Washington, that ANY of those pukes would think that they can get away with stopping us from investing into our own retirement, all while they stuff their pockets for today and their retirement. If Washington would cut their spending addiction, they wouldn't have to keep screwing us to pay for their addiction.
    :order:
     
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  13. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    Of course I've read the story, but I know a lot more about his than what is in this particular article.

    And if we sit back silently, Trump will never know how apposed we are to it happening. And I'm not going to wait to show my displeasure until it's too late, and it's already been passed.


    I know that it's a proposal at this point, but we need to voice our opposition to it before it gets the chance to go any further.
    Trump can (and better) get rid of this part of the bill immediately, or don't sign it.
     
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  14. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    Which is exactly why I'm making my voice heard on the subject.
    If we don't speak out against it, they could get the impression that we're okay with it being in the bill.
    And we aren't okay with it.
     
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  15. 20_yrs_2_go

    20_yrs_2_go Well-Known Member

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    AND NOW THE GOP (GOVT.) IS GOING TO SCREW US

    This is all you had to say NF

    See you on election day !
     
  16. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    This quote gives me great relief. Trump had the opportunity on Friday to silence this issue, but failed to do so. (This tweet came on Monday A.M.)
    He's been a man of his word so far, so I'm trusting that he'll stick to his word on this also.

    IF he were to keep this in the bill, this would be a lie to the level of "Read my lips, no new taxes", and "If you like your doctor, you can keep your doctor".
     
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  17. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    Not so fast.
    *And rest assured, those asshats in your party would never get my vote, even if he did keep this 401k language in the bill.
     
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  18. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    Politicians listen to what their constituents are saying because they monitor their polling numbers, social media, etc.etc.
    If we sit back quietly, without vocally opposing stuff that we don't like, we are basically allowing them to think that we will accept what they've got laying on the table. After the bill moves forward, and even makes it to congress, it's usually too late to get these politicians to fix their mistake.
    Now is the time to derail this 401k issue, not after it's too late.
    I think you get my point.
     
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  19. jimmy g

    jimmy g Kook

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    Do you assume that if NF sees the Repubs screwing him, that he'll vote Democrat??????

    :9529::lmao::tr10driving03::chairshot:
     
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  20. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    If I stopped voting Republican, the Democrats would be the last one on the list of other options. And leaving the country is one above them as a viable option.
     
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