80k club? Roll call......
- Thread starter Over70irregs
- Start date
Over70irregs
Well-Known Member
Nice
Rick Ross
I'm into distribution!!
I should ask my neighbor, who makes $500k a year, how he manages to pay for his huge lake house, fancy cars, $150k ski boat, full-time Nanny and all his vacations. He's a little older but has a hot wife and 4 daughters, yet, is somehow always smiling.
I didn't realize what a sacrifice he was making by earning 4x my income. He is a true American by not complaining!
Brownslave688
You want a toe? I can get you a toe.
He has to live next to a crabby ups guy. He ain’t that happy
Over70irregs
Well-Known Member
The tech $ dwarfs us. Drives up housing prices. You will need to file more grievances to make a dent. Or just live further out.
Rick Ross
I'm into distribution!!
He has to live next to a crabby ups guy. He ain’t that happy
We aren't direct neighbors, I live on the poor people street in the neighborhood.
People in my neighborhood think manual labor is the president of Mexico.
intel wild
Well-Known Member
yeah, yeah, yeah go suck a dead mans dick
No1 Special
Long time listener, first time caller.
It took you 11 months for that witty response?
WannaBeFeeder
Well-Known Member
79 on the year Thus far 10 hour days
Indecisi0n
Well-Known Member
80K ? So you are part time?
rod
Retired 23 years
Gabba
It's a vicious cycle
you don't do the aftertax401k?
Brownslave688
You want a toe? I can get you a toe.
That’s what ROTH is
Gabba
It's a vicious cycle
no it's not. yes a roth 401k is made with after tax contributions. however there is separate thing called "After Tax 401k" which doesn't count towards the traditional/roth yearly contribution cap of $19,500. it has a contribution cap of like $54,000 which you're never going to max out as a UPS driver. the prudential 401k plan allows 5% of gross pay as contributions to AfterTax401k.
so you contribute to it with after tax money, and it's a little funny how it works on the back end. when you quit or retire and roll it over into a vanguard/fidelity/schwab account, (and you should asap) your cumulative contribution total goes into a rothIRA while any amount over that goes into a traditional IRA. if you just leave it in the plan, then it behaves the same way on withdrawl, but you should roll it over asap because the returns on the roth money then stay in the roth column. while if you left it in the plan only the contribution total would be treated as roth.
if you're trying to max your roth column, i'd strenuously recommend making Aftertax401k contributions.
So then you're paying double tax on some of that after tax money then
Gabba
It's a vicious cycle
sort of yea, on the increase anyways (if you just want to
on it). but it's still advantageous. it would be advantageous for the tax free growth alone even if you didn't roll it over when you leave. but the real deal is that when you do roll it over, your cumulative contribution total becomes fully "Rothized".think of it like this hypothetical situation to make the numbers easy: suppose you contribute 50grand to it over the course of your career, and in the same period it grows to 100k. and you don't start drawing on it till it all doubles again. if you leave it in the plan you pull out 50grand tax free and 150grand gets taxed as income. but if you roll it over when it's 100k 50/50 contributions/increase. when you draw on it it's 100 grand in your roth column (tax free) and 100 grand in you traditional column (taxed). so to really take advantage of it you should also roll it over into RothIRA and trad IRA accounts as soon as you can.
Or you could open up a Roth IRA now and instead of putting that money in the after tax put into the Roth and everything will be tax-freesort of yea, on the increase anyways (if you just want to
think of it like this hypothetical situation to make the numbers easy: suppose you contribute 50grand to it over the course of your career, and in the same period it grows to 100k. and you don't start drawing on it till it all doubles again. if you leave it in the plan you pull out 50grand tax free and 150grand gets taxed as income. but if you roll it over when it's 100k 50/50 contributions/increase. when you draw on it it's 100 grand in your roth column (tax free) and 100 grand in you traditional column (taxed). so to really take advantage of it you should also roll it over into RothIRA and trad IRA accounts as soon as you can.
Gabba
It's a vicious cycle
not an option for me because i maxed my roth IRA january 1st of this year
Well you got too much money you should probably adopt me then
Brownslave688
You want a toe? I can get you a toe.
Oh I got you. You’re talking about after the max of 25% or whatever it is.
why wouldn’t just put in a Roth IRA?
