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If Biden gets in, and especially if Republicans lose the Senate, what tax strategy should we be doing to our traditional 401k?

We all know all the free stuff won't be free. Thinking the 401k has a big bullseye on it. Might have a window to act first.

Like convert to Roth maybe? Dump it and take the tax hit now?

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IMO, the fact that the Dems. lost several seats in the House, and the Senate is going to be a razor thin margin majority for one of the other, is going to keep any large legislative measures from passing. I don't see any reason to not maintain my current path forward.
Much of what one does or doesn't do with their 401's, should pivot on where they are in the savings process. About to retire compared to many years out are two different strategies. BUT, neither need to make big moves right now, as far as I can see. Although it's obvious that there's many around here that see the sky is falling. I'm not that guy.


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I mentioned this on the thread discussing the stock market......no comments. Apparently no one has a 401 K, or they are not worried about giving their 401K to socialist government! memtb


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I am not in saving mode. I am in spending and enjoying what time I have left mode. I have never been a big fan of Wall Street, and am far less so nowadays. This recent run to 29-30 with the corporate belief the future will be sans Trump makes me believe the stock market is just as susceptible to manipulation as elections.

Hope my heirs enjoy their windfalls.


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While I believe 401(K)'s, IRA's and such are in the bullseye, I think the ROTH is what chaps the behind of socialists more than anything. But, as said, with the large gains in the House and the Senate divided, I don't think the next two years will allow the Dems to act out their dreams of confiscation of retirement assets.

That said, I will actively start moving away from putting new money into tax deferred structures in favor of business and real estate investments. No sense in putting all the proverbial eggs in one basket.


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Recently read "Power of Zero" where the author (David McKnight) makes a pretty compelling case to move 401K/retirement investments to better tax advantaged investments due to likely tax implications. We are in a period of fairly low taxes; pretty good bet taxes will increase in the future. Not sure it truly is possible to shield all retirement assets from taxes, but a decent strategy to minimize impact as much as possible. Not sure how long some of the current tax advantaged options will remain available/viable, but diversification of tax implications warrant examination.

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Originally Posted by Dutch
While I believe 401(K)'s, IRA's and such are in the bullseye, I think the ROTH is what chaps the behind of socialists more than anything. But, as said, with the large gains in the House and the Senate divided, I don't think the next two years will allow the Dems to act out their dreams of confiscation of retirement assets.

That said, I will actively start moving away from putting new money into tax deferred structures in favor of business and real estate investments. No sense in putting all the proverbial eggs in one basket.



Dutch,
For those that may have missed it please repost what happened with your brother and his retirement account in the Netherlands.

That should be a wake up call to all regarding socialism and government mandates by the socialist..

Thanks in advance.


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Originally Posted by Dingmo
Recently read "Power of Zero" where the author (David McKnight) makes a pretty compelling case to move 401K/retirement investments to better tax advantaged investments due to likely tax implications. We are in a period of fairly low taxes; pretty good bet taxes will increase in the future. Not sure it truly is possible to shield all retirement assets from taxes, but a decent strategy to minimize impact as much as possible. Not sure how long some of the current tax advantaged options will remain available/viable, but diversification of tax implications warrant examination.


Move them to like, what?


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Originally Posted by TRnCO
IMO, the fact that the Dems. lost several seats in the House, and the Senate is going to be a razor thin margin majority for one of the other, is going to keep any large legislative measures from passing. I don't see any reason to not maintain my current path forward.
Much of what one does or doesn't do with their 401's, should pivot on where they are in the savings process. About to retire compared to many years out are two different strategies. BUT, neither need to make big moves right now, as far as I can see. Although it's obvious that there's many around here that see the sky is falling. I'm not that guy.

I agree 100%.

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Originally Posted by Dutch
While I believe 401(K)'s, IRA's and such are in the bullseye, I think the ROTH is what chaps the behind of socialists more than anything. But, as said, with the large gains in the House and the Senate divided, I don't think the next two years will allow the Dems to act out their dreams of confiscation of retirement assets.

That said, I will actively start moving away from putting new money into tax deferred structures in favor of business and real estate investments. No sense in putting all the proverbial eggs in one basket.


Smart... well diversified mix of stuff.

I see potential for "Green Asset" credits. Rural land is never a bad investment.

My taxes on 305 acres is $682 a year...

Farm Investment equipment drops my tax burden almost enough for an EBT card.


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On 401Ks and taxes, the government will start slowly and gently by first lowering the age for withdrawals and no penalty, many folks will jump right on that for accessible cash.

Then they’ll move to increase the withdrawal factor to raise your tax base and expedite depletion of the balances .

Then they’ll start removing some of the beneficial options on taking social security.

There’s many ways to do it over time without a direct frontal assault on the retirement accounts and get the desired effect.


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Biden will do an executive order to resend Trumps tax cuts. Then bring back the death tax. Tax the rich some more. Then there is the luxury tax. The gun and ammo tax. Then the carbon tax. Well you get the idea.

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Originally Posted by Old_Toot
On 401Ks and taxes, the government will start slowly and gently by first lowering the age for withdrawals and no penalty, many folks will jump right on that for accessible cash.

Then they’ll move to increase the withdrawal factor to raise your tax base and expedite depletion of the balances .

Then they’ll start removing some of the beneficial options on taking social security.

There’s many ways to do it over time without a direct frontal assault on the retirement accounts and get the desired effect.


Nope, they want access right now to that tax deferred 3.6 Trillion. Either take away tax deferment and/or make all previously deferred taxable at 20-30%. They want to spend 6-8 trillion and have already floated a 4 Trillion tax increase. Look for a value added tax on gas/ oil and electricity of low end 50%.



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Originally Posted by Old_Toot
Originally Posted by Dutch
While I believe 401(K)'s, IRA's and such are in the bullseye, I think the ROTH is what chaps the behind of socialists more than anything. But, as said, with the large gains in the House and the Senate divided, I don't think the next two years will allow the Dems to act out their dreams of confiscation of retirement assets.

That said, I will actively start moving away from putting new money into tax deferred structures in favor of business and real estate investments. No sense in putting all the proverbial eggs in one basket.



Dutch,
For those that may have missed it please repost what happened with your brother and his retirement account in the Netherlands.

That should be a wake up call to all regarding socialism and government mandates by the socialist..

Thanks in advance.


In short, he retired this year, and by law, his equivalent of the 401(K) was converted into a government run pension, with a calculated interest rate of 1%. Well into 7 figures, lawfully taken. Poof, gone. Nothing will go to his heirs, ever. Oh, and they still tax the pension proceeds as income.

Think it can't happen here? "To protect people from running out of money in their golden years"? A nano second after they see a glimmer of daylight to get it passed.


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Originally Posted by Dutch
While I believe 401(K)'s, IRA's and such are in the bullseye, I think the ROTH is what chaps the behind of socialists more than anything. But, as said, with the large gains in the House and the Senate divided, I don't think the next two years will allow the Dems to act out their dreams of confiscation of retirement assets.

That said, I will actively start moving away from putting new money into tax deferred structures in favor of business and real estate investments. No sense in putting all the proverbial eggs in one basket
.





Said that a week ago and had some numbnut troll make a comment about my social security check being the source of funding.

Give em books.. send em to school..

Lol.


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I don't believe the political will is there right now to screw with 401ks. It would be political suicide. Damn near everybody has one.

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Originally Posted by gregintenn
I don't believe the political will is there right now to screw with 401ks. It would be political suicide. Damn near everybody has one.


What makes you think Biden gives a crap about political suicide? he is stealing the election, him and his handlers will do as they please..... time to wake up


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Step Dad never graduated high school. Would have had Dyslexia, if they had had it then.
Blue collar union member, Democrat minded but never voted.
He had some views that ran counter to my Republican Mom.

From an era and place of pensions, he saw IRA/401k as a scam to put
retirement on the workers back. Swore one day they would eliminate pensions
and tax the self funded retirements. He did join the 401k eventually offered at
his work.

Well...pensions are long gone from private business.
Now he is forced to take money he doesn't need out of those accounts.
So it can be taxed. Then he can put it right back into the same type account.

And 35 years later, I see so many of those things Dad said were right.


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Originally Posted by irfubar
Originally Posted by gregintenn
I don't believe the political will is there right now to screw with 401ks. It would be political suicide. Damn near everybody has one.


What makes you think Biden gives a crap about political suicide? he is stealing the election, him and his handlers will do as they please..... time to wake up


Cannot believe the amount of denial as to what's going on here.






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Originally Posted by Pat85
Originally Posted by irfubar
Originally Posted by gregintenn
I don't believe the political will is there right now to screw with 401ks. It would be political suicide. Damn near everybody has one.


What makes you think Biden gives a crap about political suicide? he is stealing the election, him and his handlers will do as they please..... time to wake up


Cannot believe the amount of denial as to what's going on here.

Yeah no schit people are so far behind , no wonder we are in such trouble. Same fuggers will say ,"how did this happen? "


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A good liberal will give you the shirt off someone else's back.

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