Stuff McCain, a pox on Obama

[Ken Davison South Wales]

Yes, the amount in my 401K is pre-tax. When I withdraw monies from the account I then will pay taxes. However, the theory is that when one needs the funds, they are retired and the 401K (along with social security) are their sources of income. The total income is lower, since you're not working a full time job, so the tax is a lesser percentage. Make sense?

 

No But we trust you

[corydoras]

Yes, the amount in my 401K is pre-tax. When I withdraw monies from the account I then will pay taxes. However, the theory is that when one needs the funds, they are retired and the 401K (along with social security) are their sources of income. The total income is lower, since you're not working a full time job, so the tax is a lesser percentage. Make sense?

When you take funds out can you take it out in tranches or do you need to take in a lump sum? Could you take it all out, if the rate was favourable and then buy an annuity to provide a future income?

[Guest Jan V]

When you take funds out can you take it out in tranches or do you need to take in a lump sum? Could you take it all out, if the rate was favourable and then buy an annuity to provide a future income?

the amount removed is up to the individual. i could take the entire amount out but would then have to pay MAJOR federal and state income taxes when I do that. There are only specific circumstances that allow a "lateral" move of all the monies from one plan to another w/o taxes having to be paid. There are all kinds of loopholes involved with moving the funds around and I'm really not versed on all them. The 401K can be as conservative as we want or we can go with a more risky route with the investments. Newt and I both have a number of pension plans from past employers, 401K's and an IRA. Pensions plan dispersals are determined by the plan administrator(s) and the 401K and IRA allow us to take as little or as much as we wish at any given time - after certain ages.

[Clifftop]

for all to vote on, if the world vote is anything to go on then its cut and dried i think.

 

http://www.iftheworldcouldvote.com/results

 

 

 

Cheers Fred

[Guest Jan V]

for all to vote on, if the world vote is anything to go on then its cut and dried i think.

 

http://www.iftheworldcouldvote.com/results

 

 

 

Cheers Fred

which country we moving to, Newt?

[Newt]

Any part of the world willing to let him lead them is welcome to vote to have him move there and do that.

 

The man will probably win. I console myself with the knowledge that he will be limited in the amount of harm he can do in 4 years and a sneaking suspicion that we may see the first ever successful impeachment of a President if he is not allowed to resign.

[Guest Jan V]

Any part of the world willing to let him lead them is welcome to vote to have him move there and do that.

 

The man will probably win. I console myself with the knowledge that he will be limited in the amount of harm he can do in 4 years and a sneaking suspicion that we may see the first ever successful impeachment of a President if he is not allowed to resign.

Odd, that! I was thinking impeachment, as well. Luckily our country does have a system of checks-and-balances and the worst of the damage he can do on his own can be countered.

 

We did have the opportunity to go to a John McCain rally tomorrow but it turns out Newt is on call from work. Don't think the secret service would be very understanding of the pager going off. Word is the rally is for 2 hours, and once seated in the convention center, there is no leaving until it's over (and he is probably well out of the area). The rally is just a couple miles down the highway from our house. We'll be staying home tomorrow....

[severus]

That's what I thought you meant. You don't pay any income tax 'on the way in' but you do 'on the way out' so you want the rate on income tax to be as low as possible when you take your 401K? I'm trying to understand what the issues are to 'real folks' and not just the blather we get on the tube.

 

There are several vehicles for retirement savings, Cory. I have IRAs and a SEP-IRA (self employed pension - individual retirement account) which are tax deferred. If I remove funds before age 59.5 there is a 10% penalty, and I must begin required minimum distributions after age 70.5 as the gov't wants to get paid their taxes. Roth IRAs are after tax investments that come out tax-free. I see no reason why one couldn't remove the funds after 59.9 to invest in an annuity, btw. But there is such a thing as a tax-sheltered annuity used for retirement.

[Steve Walker]

Obama looks too young and thin for my liking.

 

Let me have men about me that are fat,

Sleek-headed men and such as sleep a-nights.

Yond Cassius has a lean and hungry look,

He thinks too much; such men are dangerous.

[Steve Walker]

for all to vote on, if the world vote is anything to go on then its cut and dried i think.

 

http://www.iftheworldcouldvote.com/results

 

Having the rest of the world vote on the USA's leader is a bit like letting British F1 fans choose Ferrari's 2009 lineup. In which case, I'm voting for Maureen from Driving School and Terry Wogan.