Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

HSA - $7750 annually for a family. We just contribute and invest it.

I also do the over 50 catch up which is $6000. Plus I am able to do a profit share contribution of around $36k but that's not as commonly available.

None of those things are available to most people.

HSAs are available for most all health plans, employers love them. Not sure what you are talking about and EVERYONE can do the catch up when then turn 50.

For a 2 income family, 37K + employer match, plus 11,000 in IRA, plus HSA if you choose is a very large amount to be socking away in retirement. If you are so well off you can manage this, then you surely are putting your money in the market and will be taxed at the long term gains rate when you withdraw.

What more do you need?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

Why does it have to be tax advantaged? Just save in a regular brokerage account. If you really have to ability to save this much for retirement, you probably don't need MORE tax advantages.

Its indexed to inflation but agree that the number is too small. What is wrong with giving more incentive to save, even if only a small portion can benefit. I would argue that you are rewarding people for saving - the same people who will, over the course of time, be picking up a larger share of their own tab for healthcare, will likely lose some SS benefits that they have paid into for their whole lives and will continue to pay taxes at a higher rate, even in retirement.

Allowing people to save $25K or $30K pretax wouldn't even move the needle on the deficit.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

HSA - $7750 annually for a family. We just contribute and invest it.

I also do the over 50 catch up which is $6000. Plus I am able to do a profit share contribution of around $36k but that's not as commonly available.

None of those things are available to most people.

HSAs are available to anyone who gets an HSA qualified health care plan. I'm not sure if they are available in every state but they are in most states.

If you are already taking advantage of all the tax advantaged options available to you and still want to save significant amounts you might want to consult a financial adviser. Ours has helped manage our portfolio in a tax advantaged way, including matching capital gains with losses, and using a donor advised charitable fund for assets with significant capital gains.

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

Why does it have to be tax advantaged? Just save in a regular brokerage account. If you really have to ability to save this much for retirement, you probably don't need MORE tax advantages.

Anonymous wrote:

Anonymous wrote:The GOP is in control and they want you eating cat food into your retirement. It will be your fault when you can’t make ends meet.

Actually, many on the left oppose increases because it would almost exclusively benefit the relatively well-off. The poor or even true MC already can't afford to contribute the existing max amount.

This is true. It is mostly the left who oppose this as a "give away to the rich". Apparently anyone who prioritizes saving for their own retirement as much as they can is "rich".

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

HSA - $7750 annually for a family. We just contribute and invest it.

I also do the over 50 catch up which is $6000. Plus I am able to do a profit share contribution of around $36k but that's not as commonly available.

None of those things are available to most people.

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

HSA - $7750 annually for a family. We just contribute and invest it.

I also do the over 50 catch up which is $6000. Plus I am able to do a profit share contribution of around $36k but that's not as commonly available.

Anonymous wrote:The GOP is in control and they want you eating cat food into your retirement. It will be your fault when you can’t make ends meet.

Actually, many on the left oppose increases because it would almost exclusively benefit the relatively well-off. The poor or even true MC already can't afford to contribute the existing max amount.

Anonymous wrote:

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

Long term capital gains.

Anonymous wrote:It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

What other tax advataged option other than $5500 in an IRA?

Anonymous wrote:The GOP is in control and they want you eating cat food into your retirement. It will be your fault when you can’t make ends meet.

That's just silly. It went up $500 this year, and was at $18k for the three prior years.

No one says you can’t cobtribute more. It’s just not a tax free contribution.

It went up $500 this year. It's gone up dramatically since I started contributing. I think the limit was $2500 when I first started working (which was a huge percentage of my income at the time!)

Anyway, your saving is not limited to 401ks. There are other tax advantaged options, and of course you can just save money.

The GOP is in control and they want you eating cat food into your retirement. It will be your fault when you can’t make ends meet.

Has this been adjusted in the last 2 years? With fewer pension plans and uncertainty with SS the max should be increased.