FreakShowFanatic wrote: ↑Tue Apr 14, 2020 9:24 pmThey keep recommending that I take my money out of the 401k, and even switch to making them IRA's for some reason.
i would recommend that you take all of your 401(k) money and roll it into your IRA money. And then i would gather up every single IRA account that you might have and get all of that money into one single IRA account. You can still have it diversely invested with some in stocks, some in bonds, money market, whatever. But its in one account and one place.
The reason is because at some point you are going to have to issue a plan to the IRS on how you plan to remove the money (so they know how they can expect to collect the tax on it). Having it all in one place greatly simplies all of that.
Ok, that sounds like something that makes sense. Right now I have little drips and drab tiny IRA's and several 401k's plus outside investments and I'm having problems managing it all since I'm easily confused. Like you said Flumper, I want to simply things and put everything under one roof and moving all my investments to under one IRA with plenty of investment options sounds good.
Here's a related question, why am I under the impression that a 401k is better to have than an IRA because you're not taxed on the money when you take it out. Is that not true?
FreakShowFanatic wrote: ↑Tue Apr 14, 2020 9:24 pmThey keep recommending that I take my money out of the 401k, and even switch to making them IRA's for some reason.
i would recommend that you take all of your 401(k) money and roll it into your IRA money. And then i would gather up every single IRA account that you might have and get all of that money into one single IRA account. You can still have it diversely invested with some in stocks, some in bonds, money market, whatever. But its in one account and one place.
The reason is because at some point you are going to have to issue a plan to the IRS on how you plan to remove the money (so they know how they can expect to collect the tax on it). Having it all in one place greatly simplies all of that.
Agree with this. There is also likely more investment options available to you in an IRA as oposed to a 401k plan. Also 401k plans tend to have higher fees. Check out Vanguard.
We did have Vanguard originally for my wife's 401k (which is by far the biggest) but her company switched over to Fidelity. I've heard a lot of good things about Vanguard though & I imagine I can switch it to a Vanguard IRA & consolidate it there. Now all I have to do is find a good financial advisor to help me do just that.
FreakShowFanatic wrote: ↑Tue Apr 14, 2020 9:24 pmThey keep recommending that I take my money out of the 401k, and even switch to making them IRA's for some reason.
i would recommend that you take all of your 401(k) money and roll it into your IRA money. And then i would gather up every single IRA account that you might have and get all of that money into one single IRA account. You can still have it diversely invested with some in stocks, some in bonds, money market, whatever. But its in one account and one place.
The reason is because at some point you are going to have to issue a plan to the IRS on how you plan to remove the money (so they know how they can expect to collect the tax on it). Having it all in one place greatly simplies all of that.
Ok, that sounds like something that makes sense. Right now I have little drips and drab tiny IRA's and several 401k's plus outside investments and I'm having problems managing it all since I'm easily confused. Like you said Flumper, I want to simply things and put everything under one roof and moving all my investments to under one IRA with plenty of investment options sounds good.
Here's a related question, why am I under the impression that a 401k is better to have than an IRA because you're not taxed on the money when you take it out. Is that not true?
i think you are confusing a Roth with a regular IRA or 401k. An IRA and a 401k are basically the same thing in the eyes of the IRS. But as B tender said, with most 401k's you have more limited options than an IRA. Shit, a freaking IRA can be a rent house if you want it to be.
Both IRA and 401K you will ultimately owe TAX on them both as you remove them. So, whatever you have in IRA/401k, you can multiply by 20% or more to find out how much you have to give back to the government.
FreakShowFanatic wrote: ↑Tue Apr 14, 2020 9:24 pmThey keep recommending that I take my money out of the 401k, and even switch to making them IRA's for some reason.
i would recommend that you take all of your 401(k) money and roll it into your IRA money. And then i would gather up every single IRA account that you might have and get all of that money into one single IRA account. You can still have it diversely invested with some in stocks, some in bonds, money market, whatever. But its in one account and one place.
The reason is because at some point you are going to have to issue a plan to the IRS on how you plan to remove the money (so they know how they can expect to collect the tax on it). Having it all in one place greatly simplies all of that.
Ok, that sounds like something that makes sense. Right now I have little drips and drab tiny IRA's and several 401k's plus outside investments and I'm having problems managing it all since I'm easily confused. Like you said Flumper, I want to simply things and put everything under one roof and moving all my investments to under one IRA with plenty of investment options sounds good.
Here's a related question, why am I under the impression that a 401k is better to have than an IRA because you're not taxed on the money when you take it out. Is that not true?
i think you are confusing a Roth with a regular IRA or 401k. An IRA and a 401k are basically the same thing in the eyes of the IRS. But as B tender said, with most 401k's you have more limited options than an IRA. Shit, a freaking IRA can be a rent house if you want it to be.
Both IRA and 401K you will ultimately owe TAX on them both as you remove them. So, whatever you have in IRA/401k, you can multiply by 20% or more to find out how much you have to give back to the government.
Got it, I think, I didn't realize that the 401k and traditional IRA were virtually the same in that regard. We do have some Roth IRA's and maybe that's the one where you don't get taxed when you retire & take it out...
FreakShowFanatic wrote: ↑Tue Apr 14, 2020 9:24 pmThey keep recommending that I take my money out of the 401k, and even switch to making them IRA's for some reason.
i would recommend that you take all of your 401(k) money and roll it into your IRA money. And then i would gather up every single IRA account that you might have and get all of that money into one single IRA account. You can still have it diversely invested with some in stocks, some in bonds, money market, whatever. But its in one account and one place.
The reason is because at some point you are going to have to issue a plan to the IRS on how you plan to remove the money (so they know how they can expect to collect the tax on it). Having it all in one place greatly simplies all of that.
Ok, that sounds like something that makes sense. Right now I have little drips and drab tiny IRA's and several 401k's plus outside investments and I'm having problems managing it all since I'm easily confused. Like you said Flumper, I want to simply things and put everything under one roof and moving all my investments to under one IRA with plenty of investment options sounds good.
Here's a related question, why am I under the impression that a 401k is better to have than an IRA because you're not taxed on the money when you take it out. Is that not true?
i think you are confusing a Roth with a regular IRA or 401k. An IRA and a 401k are basically the same thing in the eyes of the IRS. But as B tender said, with most 401k's you have more limited options than an IRA. Shit, a freaking IRA can be a rent house if you want it to be.
Both IRA and 401K you will ultimately owe TAX on them both as you remove them. So, whatever you have in IRA/401k, you can multiply by 20% or more to find out how much you have to give back to the government.
Got it, I think, I didn't realize that the 401k and traditional IRA were virtually the same in that regard. We do have some Roth IRA's and maybe that's the one where you don't get taxed when you retire & take it out...
yeah, in a roth you put the money in after its already taxed and then when you retire you don't have to pay tax on it (again) or pay tax on the earnings that it has made all of those years. That is what most people are going to wish they had done 30 years ago when they were being told to buy IRA's every year.
Flumper wrote: ↑Mon Mar 16, 2020 9:10 pm
i'm going to stick to my original thoughts until something happens to change it. The DOW was closing in on 18,000 when Trump got elected. So, for me, that seems to be the bottom that I would expect it not to push through. If it pushed through that, then holy shit.
Flumper wrote: ↑Mon Mar 23, 2020 4:51 pm
i would think of it like this. when this is over, it will rebound and within a short time (year or so) you should see around half of that money come back. Eventually, the rest will, but meanwhile, you will find that things are going to be cheaper and a lot of that will offset the difference.
March 23rd.
Last edited by Animal on Tue Apr 14, 2020 10:53 pm, edited 1 time in total.
WestTexasCrude wrote: ↑Tue Apr 14, 2020 10:11 pm
Everybody can relax. Flumper swears the DOW will be back at record 29,000 by late Summer.
That was you, you fucking IDIOT!
What? Actually at 24,000 now with the economy reopening soon, I would not be surprised to see it surge near there by late Summer. Who knows anymore.
I agree WTC, the market has done much better than I thought it would with this pandemic, I'm pretty amazed. You did have a point and I like your positive attitude.
It was very hard to stop 10 years of steady gains. I mean he bludgeoned Obama's hot market every day. They stole our children and grandchildren's future, they buried us in debt to give swamp pigs huge tax cuts. They threw crumbs to the peasants. And now, after spending 78% of his time as *president golfing, he has finally killed the economy. I expected no better from a 5x bankrupt blithering idiot.
Tuesday wrote: ↑Tue Apr 14, 2020 10:49 pm
It was very hard to stop 10 years of steady gains. I mean he bludgeoned Obama's hot market every day. They stole our children and grandchildren's future, they buried us in debt to give swamp pigs huge tax cuts. They threw crumbs to the peasants. And now, after spending 78% of his time as *president golfing, he has finally killed the economy. I expected no better from a 5x bankrupt blithering idiot.
Tuesday wrote: ↑Tue Apr 14, 2020 10:49 pm
It was very hard to stop 10 years of steady gains. I mean he bludgeoned Obama's hot market every day. They stole our children and grandchildren's future, they buried us in debt to give swamp pigs huge tax cuts. They threw crumbs to the peasants. And now, after spending 78% of his time as *president golfing, he has finally killed the economy. I expected no better from a 5x bankrupt blithering idiot.
It's comedy gold and the hilarity never ends. Love it.
WestTexasCrude wrote: ↑Tue Apr 14, 2020 10:11 pm
Everybody can relax. Flumper swears the DOW will be back at record 29,000 by late Summer.
That was you, you fucking IDIOT!
What? Actually at 24,000 now with the economy reopening soon, I would not be surprised to see it surge near there by late Summer. Who knows anymore.
I agree WTC, the market has done much better than I thought it would with this pandemic, I'm pretty amazed. You did have a point and I like your positive attitude.
WestTexasCrude wrote: ↑Tue Apr 14, 2020 10:11 pm
Everybody can relax. Flumper swears the DOW will be back at record 29,000 by late Summer.
That was you, you fucking IDIOT!
What? Actually at 24,000 now with the economy reopening soon, I would not be surprised to see it surge near there by late Summer. Who knows anymore.
I agree WTC, the market has done much better than I thought it would with this pandemic, I'm pretty amazed. You did have a point and I like your positive attitude.
Just get this shit back on line. Enough.
I'm sure The Governors are taking your counsel very seriously
Any damn fool can navigate the world sober. It takes a really good sailor to do it drunk
Tuesday wrote: ↑Tue Apr 14, 2020 10:49 pm
It was very hard to stop 10 years of steady gains. I mean he bludgeoned Obama's hot market every day. They stole our children and grandchildren's future, they buried us in debt to give swamp pigs huge tax cuts. They threw crumbs to the peasants. And now, after spending 78% of his time as *president golfing, he has finally killed the economy. I expected no better from a 5x bankrupt blithering idiot.
I'm so sorry for you blind lemmings. Please turn off RUPERT MURDOCH TV post haste!
Tuesday wrote: ↑Tue Apr 14, 2020 10:49 pm
It was very hard to stop 10 years of steady gains. I mean he bludgeoned Obama's hot market every day. They stole our children and grandchildren's future, they buried us in debt to give swamp pigs huge tax cuts. They threw crumbs to the peasants. And now, after spending 78% of his time as *president golfing, he has finally killed the economy. I expected no better from a 5x bankrupt blithering idiot.
I'm so sorry for you blind lemmings. Please turn off RUPERT MURDOCH TV post haste!
You know what, I didn't vote for Trump and in particular I don't like his spending & adding more to the national debt & the worst thing about him is how he fucks up our environment and the future of our children. Still, he has a lot of energy and is very patriotic and loves America. I said from the get go that other countries would totally hate this guy & I was completely right, although that wasn't hard to figure out.
Next election we could end up with sleepy Joe or energized Trump. They're both past their prime. I guess not many truly successful people really want to be president anymore, & that's sad. I'd rather see a real man like Cuomo be our next president.
Like you said Flumper, I want to simply things and put everything under one roof and moving all my investments to under one IRA with plenty of investment options sounds good. 
