Anonymous wrote:

Anonymous wrote:Sure, let’s remove the only remaining method of saving money for an ever longer retirement. Great idea. I guess we should all do ritualistic suicide once we hit 70. As far as people moving states, that’s New York’s issue for electing corrupt politicians in Albany who only know tax and spend giveaway politics.

That would make society better the boomers are destroying everyone and everything and sucking up all the money in their old age

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.

The PP, whom I think is the OP, has complained throughout this thread that 401ks deprive high tax states like NY of state taxes they are due from RMDs because so many NY residents who hit retirement age move to Florida, which does not tax RMDs.

It would seem to me that if state deprivation of taxes on RMDs is OP's concern, she should be arguing for eliminating the traditional 401k and leaving just the 401k Roth as states collect taxes on those when contributions are made.

Maybe retirees will stay in NY if
- they cut taxes on retirement income
- zero sales tax for senior citizens on essentials
- punish criminals; maybe hang the violent ones
- change the weather so it's warm year around

Anonymous wrote:

Anonymous wrote:

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

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.

The PP, whom I think is the OP, has complained throughout this thread that 401ks deprive high tax states like NY of state taxes they are due from RMDs because so many NY residents who hit retirement age move to Florida, which does not tax RMDs.

It would seem to me that if state deprivation of taxes on RMDs is OP's concern, she should be arguing for eliminating the traditional 401k and leaving just the 401k Roth as states collect taxes on those when contributions are made.

Anonymous wrote:

Anonymous wrote:

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

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.

or maybe start taxing 50% of the population who pays ZERO.

Even a few hundred dollars. Everyone should have skin in the game

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

Anonymous wrote:

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

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.

Anonymous wrote:

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

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.

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

Anonymous wrote:

Anonymous wrote:You got to hand it to Boomers - cheap college, last generation with meaningful participation in defined benefit pensions, benefitted from tax advantages of newly created IRAs and 401Ks at the beginning of their professional careers, got the "peace dividend" of end of Cold War which led to multiple bull runs, multiple tech booms, long periods of accommodative monetary policies to fuel asset accumulation, and 40 years of supple side tax cuts.

And now - as they enter retirement en mass - they are benefitting from the highest risk free rates in 30+ years.

If you're a white Boomer without a disability/mental illness and don't have a net worth of at least $2.5M I really do question what the hell you were doing with your time over the past 50 years.

lol i agree but look forward to people's comments on this

It was so easy to become wealthy as a white boomer.

Anonymous wrote:They should double the limits as a start - saving $20k a year when that's a month's spending is silly.

Anonymous wrote:You got to hand it to Boomers - cheap college, last generation with meaningful participation in defined benefit pensions, benefitted from tax advantages of newly created IRAs and 401Ks at the beginning of their professional careers, got the "peace dividend" of end of Cold War which led to multiple bull runs, multiple tech booms, long periods of accommodative monetary policies to fuel asset accumulation, and 40 years of supple side tax cuts.

And now - as they enter retirement en mass - they are benefitting from the highest risk free rates in 30+ years.

If you're a white Boomer without a disability/mental illness and don't have a net worth of at least $2.5M I really do question what the hell you were doing with your time over the past 50 years.

Anonymous wrote:Social security steals 12% of your first 168k and it's not a good program for younger people , it's setup for old people. I would opt out and have a better use of that 12% now like a house, stocks etc.