401(a) Puns

Here's the way I see it. And this is not taking political sides, I'm just going to state facts that I can back up with news articles.

Out of the Brandon Administration, John Kerry confirms commitment to Great Reset [1]

So we know that a monetary reset is in order. Unless they backout, I find this unlikely.

Brandon has also picked a Marxist as the currency comptroller [2]

In weimar germany, currency devaluation did not lead to stock gains, hyperinflation will destroy 401k wealth. We must all be equal in a socialist society [3]

A 60 day roll over to a bullion bank is an option - though I believe in the end game, you don't hold it, you don't own it. Bullion banks will also be first target for gold confiscation.

401k withdrawls are taxed at your current rate. Assuming you don't jump to a higher tax bracket, lets say I make 60k. I am taxed at 22%. I withdraw 10k from 401k. I must pay 22% tax on those dollars - 2,200$ + 1,000$ means you will lost 3,200 and come out with 6,800$

I guess it depends on whether you believe the economy and the dollar will survive the reset. I do not, so way I see it, better get it out while there are still goods to buy.

[1] https://www.msn.com/en-us/news/politics/john-kerry-reveals-biden-s-devotion-to-radical-great-reset-movement/ar-BB1bBu34 [2] https://www.thecollegefix.com/senator-demands-biden-nominees-college-thesis-on-karl-marxs-economic-analysis [3] https://newworldeconomics.com/hyperinflation-in-germany-2-the-stock-market/

Hi All

Just thought I'd drop this post for those of us in Canada.

401 Games has the following sale for Marvel Champions:

• Nebula - $13.95cdn
• War Machine - $13.95cdn
• Valkyrie - $13.95cdn

Normal price for these packs is $16.95cdn

Link to BlackFriday deals

they also have some Arkham Horror LCG box sets there as well if you're into that.

I personally grabbed all three myself.

Hi there, I'm going into third year of a BA/LLB and am tossing up whether to take an elective next year to reduce the load in future years. Atm I'm enrolled in some Stage III BA papers but I'm thinking of taking a leap into an elective in first semester. My passion for law lies in the area of IL and human rights, and I hope to do further study in that area. I also anticipate on doing family, criminal, civil and treaty law electives as well when the time comes. My only fear with jumping into either of those electives is how hard they are in comparison to core papers? I really need high grades in papers and can't afford to screw up.

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Edit: I’m going to advise my aunt to talk to a professional. As many people said, this is a bit too prickly to handle any other way.

My aunt recently asked me to look into a financial strategy that her son stated would help mitigate taxes on her 401(k). She is gearing up to retire in the next year or so and wants to ensure she is mitigating her tax liability properly. Her son claimed that a financial adviser told him that she could gift out of her 401(k) to spouses or children up to a certain value either without a taxable event or at a lower tax rate. My aunt asked me to investigate as I have a BBA (accounting) and she thinks this doesn't pass the smell test, but I am not a tax professional and could use some guidance.

I suspect this is bad advice and told my aunt that this seems incorrect already, but I would dig into it further. The only thing I ever found regarding gifting is that you don't need to report a single gift transaction to the IRS unless it's over $15K or something to that effect, but would still count towards your lifetime gift allowance (which shouldn't matter in this scenario). Taxes would still incurred when the money is taken, whether she gifted the 401(k) and the son then takes the money or she withdraws the money herself. Unless there are some financial gymnastics that I am unaware of, I cannot find anything close resembling the scenario presented to my aunt.

The above also doesn't address my other concern regarding gifting to my cousin. Any transfer of control is sketchy in my book and could really hurt my aunt. I don't think this was presented to my aunt maliciously, but does reek of poor and/or unethical financial advice.

My plan is to report what my research has shown so far, anything I learn from this post that I may be missing, and have my aunt speak to a tax professional.

TL;DR: My aunt was given a suspect tax strategy and I'm saying the taxman always gets his cut. Am I missing anything?

https://www.cnbc.com/2020/02/13/fidelity-there-is-now-a-record-number-of-401k-and-ira-millionaires.html

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I am a lucky person to have mega backdoor Roth IRA. I did an additional step in the process and I cannot understand its tax implications. Please help.

How I should have done (Option 1): Post-tax 401 -> Roth IRA.

What I did (Option 2): Post-tax 401 -> Post-tax Roth 401 -> Roth IRA.

Basically, I added an intermediate step of post-tax Roth 401, within my 401 account.

Recently I received a statement from Fidelity on my Post-tax Roth 401 -> Roth IRA rollover. It reads (simplified numbers):

Total distribution: $11,000

Return of Roth after-tax contribution: $10,000

Total taxable amount: $1,000

Ordinary income: $1,000

Question: is there a tax implication of the added addition step Post-tax Roth 401? Or, essentially this added step does not matter at the end?

Thank you for your help!

I'm getting close to 40, and I feel like I should be maxing out as much as I can for retirement. Right now I contribute roughly 17k a year into my 401(k). I also max out my Roth as well as my wife's Roth each year. I've been doing some reading, and I'm seeing some people say that it is foolish to max out the Roth IRAs if I'm not maxing out my 401(k). I'm almost maxing out the 401(k), but I do feel that I should balance my contributions so I'll have a blend of pre and post taxed retirement accounts. The vast majority of my retirement money is in my 401(k). My thinking is that in retirement I'll withdraw up to the tax bracket limit and then anything extra I need I can pull out of the Roth IRAs. Is my line of thinking off?

I am a 27YO male. My fiancee and I are looking to buy a house. We're applying for mortgages now and one of the lenders we met with suggested I take out a loan from my 401(K) to help us pay for down payment/closing costs so that we don't drain our accounts. Since I'd be paying myself back (interest rate is about 5% through my 401(K) provider) and the payments would come out of my check pre-tax, is this actually a good move? We have enough in savings to make about a 4% down payment but would be using up a good chunk of our combined savings during the closing process.

Edit: Thanks for the quick replies everyone! We have enough to cover all of our costs but may just be ready to build up an emergency fund first before pulling the trigger.

Today my wife was looking at her 401(k) and was pissed off that she was down 4% since she started contributing. She started asking why we were wasting money in the market if her portfolio is down in a 5 year period where most other securities are up. Setting aside the reasons for that (for the curious...her company matches entirely in company stock, which we rebalance away quarterly, but not fast enough apparently...it's dropped from above $30 to under $10 in the last year....I'm amazed we've only "lost" 4% under those conditions), and also setting aside that we're in it for 30 years, not 5, I was running some numbers to show her that I thought might be worthwhile for r/pf.

She has contributed the maximum allowed to her 401(k) every year since she started this job and has accumulated $129,000. The web interface reports that she's averaged -4% rate of return every year. But has she really? What has she put in versus what she has now? The company is actually matching some of her contributions 100%, so even with heavy losses she should make out like a bandit.

And that's what I proved to her:

Even with a good chunk of her match being made in a continually declining security, which is an abnormality for most folks, she's averaged about a 16% "return" each year. THAT'S why we "waste" the money in the market. Even with the incredible losses of the matched stock, the combined return is more than good enough.

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Hey everyone,

I made a post a month or two ago asking about some financial advice after my mom passed. So far I inherited roughly ~60k through her insurance payout, and I've been sitting on her 401(k) as I've had a lot going on.

I have 2 main options: choose a cash payout OR rollover into a Traditional/Roth IRA.

According to my uncle (dealt with my mom's finances as he owns a wealth management firm) there's about 20k in the 401(k). Accepting a cash payout would mean that money is subject to a 20% income tax, but rolling over into an IRA would avoid that.

My current finances are roughly:

- $12k (19' & 20') in a TDA Roth IRA I recently opened. I decided on going with VOO and will worry about diversifying in a few years as my income increases.

- $27k in an Ally savings account. 17k is for taxes next year on the insurance money that I inherited, according to my uncle I'll need to pay taxes for the money I inherited but I've seen differing information online.

- $5k in my bank account as easily accessible emergency funds.

I'm currently self-quarantined and receiving UI fortunately which basically puts my income at a break even for rent/groceries.

$0 in debt after paying off car loan/school loans.

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So through my employer I'm offered a strong retirement plan. Double pension & an annuity that is paid into for each hour I work. I'm also offered a 401(k), but will need to contact Prudential to get specifics for my plan as it's different in each Local.

I'm leaning towards taking a cash payout to hopefully begin working on a house down-payment fund. While I think I'd get more 'bang for my buck' by rolling over the 401(k) into most likely a TDA IRA I'm young and already have began planting the seeds to hopefully retire comfortably.

I just wanted to get some opinions from people, obviously both options have pro/cons.