Some big changes in retirement plans

[Huntingfool]

Looks like changes in 401k contributions and RMD's (required minimum distributions) starting next year - all good IMO

https://www.yahoo.com/finance/news/big-changes-to-the-retirement-system-are-included-in-congresss-end-of-year-bill-182514621.html

[tps7742]

Yes these are good moves imo with the limited knowledge I have for them at this time. I especially like the increased age for RMD.

[flywise]

Might be good, but dems wrote this bill so odds are in the end.....there will be pain

[DaveC]

Some big changes in retirement plans

4155 page spending bill!!!

Thats 4155 pages on top of the previous and before the future spending bills.

Insanity . Lord only knows the amount of pork and paybacks stuffed away in there.

As to tweaking the 401k- kinda funny- “we want the American worker to save more for their retirement “ (great)
But we (legislators) are doing nothing to shore up social security- so pretty much- your on your own.
Excellent, but if that’s the case- let me opt out of social security and invest that money myself as well.

Hard to believe the machine wrote into law anything that would benefit the average Joe without some future nefarious intent.

My skeptical brain ask- what’s the angle?

Future taxation on 401k balances beyond income tax when withdrawn is what I’m smelling.

[Chad_E]

I read the article and I'm not seeing these "big changes". A big change would be to vastly increase the annual limit (instead of small annual changes), but that would cut into their tax revenue. I'd rather see this end of year, short sided spending bill axed entirely.

[Bill]

Some big changes in retirement plans

I fail to see how raising the age from 70 to 72 when you’re required to take money from a 401(k) will help the people with little to nothing saved?

Here’s an idea- allow people to take a “loan” monthly against their 401(k) balance like life insurance policies do- loans are not taxed by federal and state governments. The interest you ‘pay’ goes back into your account each month.


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[glen]

And all you proud grandfathers are referred to a “Legacy” now by your grandkids.

These changes don’t help many

Want to make a real change to help. Make it where people can put $20k in a Roth yearly. They don’t want Roth as No Gov money in it

[Reel cajun]

Maybe they just want all the 401K accounts as fat as possible that way when they take them away from us in future they will have plenty of money to squander and reappropriate

[glen]

401k- deferred plans- are all better options than doing nothing. Roth is the best option but the Gov cap is only hinder. If they want people to retire open up Roth. Make it a reasonable amount to fund retirement or take the cap away. The Gov gets the money on the front side as you are paying after income taxes paid- they just don’t like not getting paid on the back half after gains are realized

[boy wonder]

Oh, there’s plan’s touted for the gov to take over 401k’s and then means test for giving you your own money! Can’t have all these regular folks becoming millionaires…..

[Xring]

Overall, I think these are much needed steps in the right direction. I wish they would raise the annual contribution limits more

[Jon B]

I'd like to see 12k cap on Roth maybe even 20k. Right now, I am maxing the Roth and putting about the same in a TDA.

Hoping the tried and true method works out for us. It's pretty tough watching balances drop with regular investing like we experienced earlier this year. I should have state/municipal retirement as well but I want enough to live on.

[Mudslinger]

Until this Potus raises taxes on everything! They are not interested in helping. The ones in charge want everyone broke so everyone is dependent on the Gov. Then the Gov controls everyone!

[flywise]

Oh, there’s plan’s touted for the gov to take over 401k’s and then means test for giving you your own money! Can’t have all these regular folks becoming millionaires…..

Absolutely correct.
These dems see a couple trillion in the retirement accounts and think of all the stupid ways they could spend it. For many years they have been scheming how they can confiscate all of it.
They might allow more money to be put into retirement accounts but it’s not because they want you to be self sufficient…….they want it all for themselves.

[Mudslinger]

Absolutely correct.
These dems see a couple trillion in the retirement accounts and think of all the stupid ways they could spend it. For many years they have been scheming how they can confiscate all of it.
They might allow more money to be put into retirement accounts but it’s not because they want you to be self sufficient…….they want it all for themselves.

Like when they “borrowed” from Social Security with no plan to repay it!