Should 401ks be phased out?

[Anonymous]

lol. Employers used to give pensions and now it’s all on employees to save a decent portion of their income for retirement and you want to get rid of that? Most moronic post award goes to OP

[Anonymous]

I'd be happy to phase them out in favor of old school pensions, but that seems unlikely.

[Anonymous]

Anonymous wrote:I'd be happy to phase them out in favor of old school pensions, but that seems unlikely.

Not a great option for today’s economy where people have multiple employers over their career.

[Anonymous]

I was at an international meeting a while ago where the financial pressures on European pension systems were discussed. The Europeans were looking into 401k/IRA solutions to ease off people's dependence on pensions to lower the fiscal burden on states.

Not sure where the effort stands, but it is challenging as the EU does not have a central system of taxes.

[Anonymous]

Anonymous wrote:Seems a growing movement. So many people don’t have one and the people who do a huge tax giveaway to rich.

Look at all the New Yorkers retired to Florida who avoided SALT taxes for 40 years on 401k contributions now in Florida.

If we could tax those trillions would solve a lot of problems

"Seems a growing movement?"

No ... To the degree anyone opposes them, they're probably in favor of trying to bring back defined benefit pensions.

As for your SALT avoiders, that's such a strange take. For years, the contribution limit was under $10,000 so, that's what, $500 a year? Wow. And it's a strange thing to worry about when "so many people don't have one." And it's weird you think "all the New Yorkers" retired to Florida.

Make sense. And if you're worried about tax expenditures, look at bigger ones.

[Anonymous]

No doubt the OP's solution is to take the money from the "rich people" (anyone who has more than him) and give it to him.

[Anonymous]

Anonymous wrote:I would rather see the social security cap eliminated first.

You can't do that, because then you turn SS into even more of a welfare program unless you're willing to also proportionally increase benefits to retirees. And then moment you turn it into a welfare program, any semblance of bipartisan support for SS dies an ugly death.

[Anonymous]

Anonymous wrote:Seems a growing movement. So many people don’t have one and the people who do a huge tax giveaway to rich.

Look at all the New Yorkers retired to Florida who avoided SALT taxes for 40 years on 401k contributions now in Florida.

If we could tax those trillions would solve a lot of problems

And replace it with what?

The absolute worst kind of people are the ones that complain but offer no alternative solution.

[Anonymous]

Yeah, let’s just impose communism at this point.


You don’t even need 401k. Setup your own IRA.

Maybe states shouldn’t tax the crap out of people so much and they wouldn’t move in retirement? Get your taxes under control, dimwits.

[Anonymous]

Anonymous wrote:401k should not transfer tax liability to a new state. It is deferred compensation and should be taxed in the state where it was earned, like CA does for RSU awards.

401k is for the MC/UMC, not the rich.

It’s unconstitutional. States cannot impose their income taxes on you once you leave. Maybe CA should stop sucking and reduce their taxes if they wanted to keep seniors.

[Anonymous]

Anonymous wrote:Yeah, let’s just impose communism at this point.


You don’t even need 401k. Setup your own IRA.

Maybe states shouldn’t tax the crap out of people so much and they wouldn’t move in retirement? Get your taxes under control, dimwits.

States don't "tax the crap out of people." Get a grip.

America is a low-tax jurisdiction in the world. We're a bloody tax haven, in fact.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah, let’s just impose communism at this point.


You don’t even need 401k. Setup your own IRA.

Maybe states shouldn’t tax the crap out of people so much and they wouldn’t move in retirement? Get your taxes under control, dimwits.

States don't "tax the crap out of people." Get a grip.

America is a low-tax jurisdiction in the world. We're a bloody tax haven, in fact.

Tell people in IL, NJ, CA, or NY their state isn’t taxing the crap out of them. Clearly you’ve never lived in a state like NJ imposing $10k property taxes for a modest $450k home.

I’d sock as much money away as possible in a 401k to avoid stupid state taxes in dumb states like IL/CA/NJ for 30+ and then move to the lowest tax state possible to avoid decades or of paying for dumb democrat/progressive ideas.

[Anonymous]

Instead of always coming for those working to support their future, why don’t posters like OP advocate for companies paying minimum taxes? Or eliminate the tax protection for inheritances?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah, let’s just impose communism at this point.


You don’t even need 401k. Setup your own IRA.

Maybe states shouldn’t tax the crap out of people so much and they wouldn’t move in retirement? Get your taxes under control, dimwits.

States don't "tax the crap out of people." Get a grip.

America is a low-tax jurisdiction in the world. We're a bloody tax haven, in fact.

I mean... sort of. If you include things like property taxes, health insurance premiums, deductibles and other costs, higher education costs, childcare/preschool... the "low" tax rate in the US isn't so low, since most developed nations also provide the aforementioned services to their citizens.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah, let’s just impose communism at this point.


You don’t even need 401k. Setup your own IRA.

Maybe states shouldn’t tax the crap out of people so much and they wouldn’t move in retirement? Get your taxes under control, dimwits.

States don't "tax the crap out of people." Get a grip.

America is a low-tax jurisdiction in the world. We're a bloody tax haven, in fact.

Tell people in IL, NJ, CA, or NY their state isn’t taxing the crap out of them. Clearly you’ve never lived in a state like NJ imposing $10k property taxes for a modest $450k home.

I’d sock as much money away as possible in a 401k to avoid stupid state taxes in dumb states like IL/CA/NJ for 30+ and then move to the lowest tax state possible to avoid decades or of paying for dumb democrat/progressive ideas.

The liberal bastion of Texas has the 6th highest property tax rate in the US. Keep that in mind while you rant about stupid and dumb states.