Money Matters
kasi55
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Individual Retirement Account Balances capped at 3 mil
http://money.msn.com/now/obama-says-no-to-fat-retirement-accounts
I saw this on MSN today and thought this might be a good discussion here. I'm not trying to stir a political debate. I just wondered what others thought about this specific aspect of the proposal.
Re: Individual Retirement Account Balances capped at 3 mil
By the time I retire, I don't know if 3 million is going to be all that much. I know it seems like a lot now. I just don't know if it will seem all that much when I need it to last 30+ years, factoring in inflation and increased healthcare
Well, on to plan B then.
If I was rich I would probably be pretty bummed. But I'm not rich and I think they bring up good points. $205k per year should be plenty to live off of in retirement. Using an IRA for estate planning wasn't the initial
I think the limit will increase along with inflation. Contribution limits increase almost every year, so I'm sure this limit will increase too. Probably not every year though.
I don't think it's punishing them. I think it's them trying to get t
That makes sense. If they do increase the limit with inflation, then I probably wouldn't hit it either.
I live in a pretty low cost of living area, so 205k would probably be enough. I'm not sure about the high cost of livi
Obama's budget that will be revealed sometime this week will cap IRAs and 401Ks.
I do not support this plan. You earned the money originally. What you do with it should be your choice. Smacks of class warfare to me (since
This is highly concerning. Due to the time value of money and compounding interest many, many people will have $3M plus in their IRAs by retirement. Thi isn't a rich-only issue. And anybody who thinks otherwise is kidding themselves.
Even if they
i thought it put a limit on how much you could put in a single IRA. couldn't you have multiple accounts. That's what I would do, to still get all the money I could saved.
also, my FIL and even my mother swear that the government will
I think most people don't save enough for retirement to begin with, and limits like these won't help encourage savers. Doesn't encourage me to save.
...although seeing other people waste money on things they can't afford and then complain about
Me: 29 DH: 32
HSG all clear!! CD3 b/w normal. SA: good count, high morph
Dec 2012: Clomid+ TI = BFN
Jan 2013: natural cycle =BFN
Feb 2013: natural cycle =BFN
Mar 2013: Clomid+ Trigger + TI + progest =BFN
Apr 2013: Clomid+ Trigger + IUI #1 + progest = BFN
May 2013: Clomid+ Trigger + IUI #2 + progest = BFN
Not to keep beating a dead horse, but I read today that this limit would apply to all tax advantaged accounts. Which means, it includes employer plans like the 401k.
I think that makes it even more likely for us to hit especially when
Right now this is hitting .1% of the population. There is no word yet on if the number will inflate, but my guess it will be adjusted over time so it stays within the top 1%.
Also, the wording in the document says that your balance is capped at