Quantcast

Social Security – Please explain something to me?

Konabumm

Konaboner
Jun 13, 2003
4,377
67
Hollywood, Maryland, United States
Thanks to our great government and our constant pissing away of tax payers’ dollars it’s estimated that 2017 our SS will be in the red. So please explain to me WHY the IRS has announced it will leave the 401(k) limit at $15,500 for 2008
I don’t understand why the government caps how much we can save for 401k.
 

firemandivi

They drank my Tooters
Sep 7, 2006
784
0
a state called denial
Since I can't retire for another 35 years min. and SS won't be around by then, I want to know why I have to put money into it? I have a Roth IRA that I do on my own, and my wife has a 403b I think. Since we are prepared and SS won't be around in 35 years we shouldn't have to put money into it and our boss should put money into my IRA instead. my $0.02.
 

Konabumm

Konaboner
Jun 13, 2003
4,377
67
Hollywood, Maryland, United States
Since I can't retire for another 35 years min. and SS won't be around by then, I want to know why I have to put money into it? I have a Roth IRA that I do on my own, and my wife has a 403b I think. Since we are prepared and SS won't be around in 35 years we shouldn't have to put money into it and our boss should put money into my IRA instead. my $0.02.
Well that's not going to work - who's going to take care of the old fvckers that didn't prepare for retirement?
 

binary visions

The voice of reason
Jun 13, 2002
21,653
402
NC
Well that's not going to work - who's going to take care of the old fvckers that didn't prepare for retirement?
I don't plan to save a penny for retirement.

I figure I'll just knock over a bank and flee to a non-extradition country.
 

firemandivi

They drank my Tooters
Sep 7, 2006
784
0
a state called denial
Well that's not going to work - who's going to take care of the old fvckers that didn't prepare for retirement?
I'm sorry I forgot that because I make money I'm suppose to give it away to the idiots of the world. When you give your money to the less fortunate isn't that grounds for a tax write off?
 

dante

Unabomber
Feb 13, 2004
8,815
8
looking for classic NE singletrack
Well that's not going to work - who's going to take care of the old fvckers that didn't prepare for retirement?
they prepared by paying into a system that was guaranteed to take care of them when they retired. my grandparents, for example, owned a farm and therefore didn't have to pay into the SS system. however, they did, and often paid more so that they would have a greater return when they retired. don't forget, the 401k system has only been around since 1979, and the traditional IRA has only been around a few more years than that.

we know that SS probably won't last till we retire, and can plan/save for it now. many people who are retired didn't have that luxury...
 
"I don’t understand why the government caps how much we can save for 401k.".........

I believe they cap the amount you can contribute tax protected. you can put as much as you like into your 401k, but only 15K a year is tax protected. Somebody please correct me if i'm wrong.
 

ohio

The Fresno Kid
Nov 26, 2001
6,640
4
SF, CA
"I don’t understand why the government caps how much we can save for 401k.".........

I believe they cap the amount you can contribute tax protected. you can put as much as you like into your 401k, but only 15K a year is tax protected. Somebody please correct me if i'm wrong.
Correct. And $15k is quite a bit. Contribute that every year and compound it at 5% over 30 years (say, from age 35-65) and you've got a nest egg of over $1 million in today's dollars. That feels about right. People should be tax protected to give themselves a safe healthy retirement. Once you're safe and healthy, anything beyond that should be taxed, IMO.
 

ATOMICFIREBALL

DISARMED IN A BATTLE OF WITS
May 26, 2004
1,354
0
Tennessee
SS should be eliminated.
1)Stop taking it out of my paychecks.
2)Payout whatever they took to date & i'll save it myself.
I DON'T need the government to save my money for me! Government bastards already spent that borrowed SS money from what i gather.
 

$tinkle

Expert on blowing
Feb 12, 2003
14,591
5
I don't plan to save a penny for retirement.

I figure I'll just knock over a bank and flee to a non-extradition country.
when the universal emperor-for-life ron paul has decreed that currency can only be used by jews, this too will be a fruitless plan. there will be no borders. just imagine: there's no countries. it isn't hard to do. nothing to kill or die for. and no religion too. imagine all the people. living life in peace
 

fluff

Monkey Turbo
Sep 8, 2001
5,672
0
Feeling the lag
when the universal emperor-for-life ron paul has decreed that currency can only be used by jews, this too will be a fruitless plan. there will be no borders. just imagine: there's no countries. it isn't hard to do. nothing to kill or die for. and no religion too. imagine all the people. living life in peace
You're a dreamer.
 

binary visions

The voice of reason
Jun 13, 2002
21,653
402
NC
when the universal emperor-for-life ron paul has decreed that currency can only be used by jews, this too will be a fruitless plan. there will be no borders. just imagine: there's no countries. it isn't hard to do. nothing to kill or die for. and no religion too. imagine all the people. living life in peace
Look, I just want something that I can trade for coke, beer and whores. If I need to enslave a jew to spend that money for me, so be it.
 

dante

Unabomber
Feb 13, 2004
8,815
8
looking for classic NE singletrack
Correct. And $15k is quite a bit. Contribute that every year and compound it at 5% over 30 years (say, from age 35-65) and you've got a nest egg of over $1 million in today's dollars. That feels about right. People should be tax protected to give themselves a safe healthy retirement. Once you're safe and healthy, anything beyond that should be taxed, IMO.
*And* you can always put an additional 4k/year into a Roth IRA as well. you can't deduct it from this years taxes, but anything you put in grows tax free and you don't have to declare it as income when you take it out. So no tax benefits now, but good tax benefits in 30 years...
 

Westy

the teste
Nov 22, 2002
36,472
3,233
Sleazattle
Look, I just want something that I can trade for coke, beer and whores. If I need to enslave a jew to spend that money for me, so be it.
I'm just hoarding Twinkies. I figure in a post apocolyptic world all those fat chicks will do anything for a Twinky. Of course by then they won't be fat anymore and possibly hot.
 

$tinkle

Expert on blowing
Feb 12, 2003
14,591
5
I'm just hoarding Twinkies. I figure in a post apocolyptic world all those fat chicks will do anything for a Twinky. Of course by then they won't be fat anymore and possibly hot.
a dearth of electricity would play in their favor after sunset. just remember: it's a squirrel's tail that makes it cute.