MBCBP implementation announced…
07-19-2023, 06:28 AM
#471
Gets Weekends Off
Joined APC: Jul 2010
Position: window seat
Posts: 12,544
Same for all the college and medical "help" the gov offers. It just throws money onto the problem thus causing prices to rise by the same amount, thus always requiring more money to be thrown on the problem...
07-19-2023, 07:44 AM
#472
Gets Weekends Off
Joined APC: Mar 2008
Posts: 3,902
DB plans are required to be invested in conservative portfolios that provide the required return. Safe, stable, reliable. Just like a mortgage.
But there's no money in that for Wall Street. Trillions of dollars were locked up in stable pension funds and mortgages.
Get people out of pensions. Set the rules so people are practically forced to put their money into the stock market casino. Make it easy for homeowners to pull equity out of their home. Put that back into circulation. No one makes money when you sit on your home equity.
They had to find some way to get their mitts on that (your) money. They succeed beyond their wildest dreams.
07-19-2023, 09:40 AM
#473
Gets Weekends Off
Joined APC: Feb 2008
Position: Working 5 to 9
Posts: 520
I was initially upset with this but now I’m not sure. I started over financially in my early forties so I don’t think I’ll have the best egg to be in the same tax bracket in retirement. Therefore I was happy to take all the tax breaks I could now. I’m opting in to the MBCBP and maxing 401 and HSA. Now I think it might be good to have catch up be Roth since I do not have that in my current portfolio. Besides, I see this as the camel’s nose in the tent to losing more tax breaks before I retire in 17 (mmm…19) years!
07-19-2023, 11:01 AM
#474
Gets Weekends Off
Joined APC: Nov 2020
Position: Enoch Powell Enthusiast
Posts: 2,277
07-25-2023, 10:01 AM
#476
Roll’n Thunder
Joined APC: Oct 2009
Position: Pilot
Posts: 3,833
Here's a fun little follow up to the Roth/catchup contribution discussion. According to this article, it sounds like the Roth requirement will be delayed at a minimum, and possibly even removed due to administrative issues. But then there's this awesome tidbit where Congress made an oopsie and if not fixed will make all catchup contributions illegal starting in 2024:
Link to Article
More details about the "technical error" in the Act:
Article
In the haste to pass the legislation, the Act accidentally had a paragraph deleted increasing the general pre-tax deferral limit by the amount of any catch-up contribution. Without that paragraph, Congress technically made any catch-up contributions illegal. Congress sent a letter to Treasury at the end of May saying that was not its intent, and it will fix that mistake but hasn’t yet.
More details about the "technical error" in the Act:
Article
“Obviously, this significant technical drafting error was not intended, and it is going to need to get corrected,” Graff said. “The real question is when there will be a legislative vehicle in this Congress to get this done. In the meantime, it is unclear to us whether Treasury has the regulatory authority to ignore this error in the interim which potentially puts 2024 catch-up contributions at risk if Congress does not act before then.”
07-25-2023, 11:05 AM
#477
Gets Weekends Off
Joined APC: Nov 2020
Position: Enoch Powell Enthusiast
Posts: 2,277
Here's a fun little follow up to the Roth/catchup contribution discussion. According to this article, it sounds like the Roth requirement will be delayed at a minimum, and possibly even removed due to administrative issues. But then there's this awesome tidbit where Congress made an oopsie and if not fixed will make all catchup contributions illegal starting in 2024:
Link to Article
More details about the "technical error" in the Act:
Article
Link to Article
More details about the "technical error" in the Act:
Article
"Never attribute to malice that which is adequately explained by stupidity."
Best government money can buy.
07-27-2023, 10:21 PM
#479
Gets Weekends Off
Joined APC: Jun 2019
Position: Currently freeloading
Posts: 549
...if all you do is standard fidelity investments, yes. Which is probably most people. An IRA allows you to put a lot of other things into it too, so there are still significant differences.
07-29-2023, 06:07 PM
#480
Gets Weekends Off
Joined APC: Sep 2007
Posts: 1,238
Very good to know. Is there a way to roll Roth 401K into Roth IRA like rolling from Trad IRA to Roth IRA? I know fidelity now automates that function of IRA to Roth IRA after every pay period.
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