For the love of god or whoever … VOTE!

[Dude#1279435]

Obviously Hannity was amongst those reporting the false news.
https://dnyuz.com/2020/11/24/fox-news-reaches-settlement-with-parents-of-seth-rich/

 

[lovinthehd]

Obviously Hannity was amongst those reporting the false news.
https://dnyuz.com/2020/11/24/fox-news-reaches-settlement-with-parents-of-seth-rich/

Good entry for the faux news thread Hannity is a joke.

 

[lp85253]

Obviously Hannity was amongst those reporting the false news.
https://dnyuz.com/2020/11/24/fox-news-reaches-settlement-with-parents-of-seth-rich/

just like most other stories 8 days a week.. he and TC aren't news they are gop shills...

 

[trochetier]

LOL or his press conference touting the stock market's reaction to the confirmation of Biden's wins in Nevada and Pennsylvania and taking credit for it.....altho in a way he did have something to do with that....by losing! LOL.

Preempting someone calling it a Biden bump.

 

[trochetier]

You are correct. What you're describing is exactly what the conceivers of the SS system didn't want it to be. It was supposed to be and was structured to be a supplemental income retirement system for workers, and was highly biased to people below a certain income level. What you're describing is a wealth redistribution system.

Your wealth redistribution - is my Noblesse oblige .

This is essentially what Biden is proposing. He's just not mentioning the full story about benefits the high income people would get. I wish it would have been passed before I retired, because this is a great deal for people who earn more than the current income cap.

I forgot to add that there should always be a SS benefit cap - my bad.

This proposal has been made repeatedly by Republicans, though their proposal included individual accounts. What you seem to be proposing is a centralized, program-level investment.

I strongly oppose individual account - most Americans do not know or care to learn about investment and money management. That's a recipe for disaster.

 

[lp85253]

Your wealth redistribution - is my Noblesse oblige .



I forgot to add that there should always be a SS benefit cap - my bad.



I strongly oppose individual account - most Americans do not know or care to learn about investment and money management. That's a recipe for disaster.

investment and money management 101 .. spend less than you make, save some money, don't get into debt that doesn't have equity attached.. pretty simple...

 

[trochetier]

investment and money management 101 .. spend less than you make, save some money, don't get into debt that doesn't have equity attached.. pretty simple...

You know that I know that but most folks don't. They are carrying huge credit card debts.

 

[lp85253]

You know that I know that but most folks don't. They are carrying huge credit card debts.

yep..

 

[Trell]

You know that I know that but most folks don't. They are carrying huge credit card debts.

Not any issue if you're able to pay it off in full each month while reaping some benefits.

 

[Trell]

...I strongly oppose individual account - most Americans do not know or care to learn about investment and money management. That's a recipe for disaster.

So many of them (all over the world!) believes that they are the next Warren Buffet, and are severely underperforming the market when taking into account transaction costs and taxes. Typically a male with college/university education while females with similar background does much better, and a major reason of this "account churning" (listen to the stock broker, or "advisor").

And then there is the moron wanting Bitcoin in their pension plan

 

[Irvrobinson]

Your wealth redistribution - is my Noblesse oblige .

Of course it is. I suppose you support "cancel rent" too?

I forgot to add that there should always be a SS benefit cap - my bad.

Of course there should be. Because anyone who makes better decisions and is successful should always be responsible for funding the retirements of people who made worse decisions and were less successful. From each according to his ability, to each according to their need. Did I sing that socialist hymn correctly? Yeah, that has always worked.

I strongly oppose individual account - most Americans do not know or care to learn about investment and money management. That's a recipe for disaster.

Actually, what I remember the Republicans proposing was the equivalent of the target date funds already so popular in 401K accounts.

 

[Trell]

Of course there should be. Because anyone who makes better decisions and is successful should always be responsible for funding the retirements of people who made worse decisions and were less successful. From each according to his ability, to each according to their need. Did I sing that socialist hymn correctly? Yeah, that has always worked.

Are you really that stupid to believe that success in the stock market is a strong indication of superior stock picking skills? Or that stock picking actually works? Probably, with your outsized ego.

Actually, what I remember the Republicans proposing was the equivalent of the target date funds already so popular in 401K accounts.

Remembering What is the Republican position on allowing employees to move their 401K to a low-cost provider not connected to their employer, say, Vanguard?

 

[Irvrobinson]

Are you really that stupid to believe that success in the stock market is a strong indication of superior stock picking skills? Or that stock picking actually works? Probably, with your outsized ego.

Stock picking is not one of the decisions I was referring to. Getting an education in a field that will produce a substantial income, working in a high-demand field, starting a business and making it successful, living below your means and saving money and investing (you can just use S&P500 index funds).

Remembering What is the Republican position on allowing employees to move their 401K to a low-cost provider not connected to their employer, say, Vanguard?

You may not move your 401K account unless you leave the employer. At that time you can roll the 401K balance tax-free into an IRA account. There are sometimes problems with certain mutual funds that aren't transferable, so you may have to liquidate those funds in order to do the rollover.

 

[Trell]

Stock picking is not one of the decisions I was referring to. Getting an education in a field that will produce a substantial income, working in a high-demand field, starting a business and making it successful, living below your means and saving money and investing (you can just use S&P500 index funds).

This is good advice, perhaps you'll be a Boglehead after all.

You may not move your 401K account unless you leave the employer. At that time you can roll the 401K balance tax-free into an IRA account. There are sometimes problems with certain mutual funds that aren't transferable, so you may have to liquidate those funds in order to do the rollover.

I'm aware of that (in general, not sure about the actual transfer limits per year but seem to recall they are fairly low), which is why I asked about the Republican position on this, since you brought them up in your previous post.

 

[Irvrobinson]

I'm aware of that (in general, not sure about the actual transfer limits per year but seem to recall they are fairly low), which is why I asked about the Republican position on this, since you brought them up in your previous post.

There isn't a transfer limit when you leave your employer. You can transfer millions to an IRA tax free. I think it's also an all-or-nothing proposition, but I wouldn't bet on it, and I'm too lazy to peruse 401K regulations right now. Of course, when you withdraw funds from a traditional IRA or a 401K the proceeds are taxed as regular income. But you probably knew that too.

 

[trochetier]

Of course it is. I suppose you support "cancel rent" too?

Of course there should be. Because anyone who makes better decisions and is successful should always be responsible for funding the retirements of people who made worse decisions and were less successful. From each according to his ability, to each according to their need. Did I sing that socialist hymn correctly? Yeah, that has always worked.

What's wrong in giving the less fortunate a helping hand? I was brought up believing in Noblesse oblige. I have been practicing it since my first pay check.

Actually, what I remember the Republicans proposing was the equivalent of the target date funds already so popular in 401K accounts.

Wrong idea, huge sums of money like SS funds in target date funds will tend to distort the markets and will be another hand out to Wall Street money managers. SS funds should be invested in Total Stock Market directly by SS Administration itself in ways that do not distort the markets.

 

[davidscott]

You know that I know that but most folks don't. They are carrying huge credit card debts.

And don't save money...

 

[Irvrobinson]

What's wrong in giving the less fortunate a helping hand? I was brought up believing in Noblesse oblige. I have been practicing it since my first pay check.

I am all for a helping hand to people who need it due to circumstances beyond their control. Including the need for unemployment assistance during this pandemic, and I am profoundly disappointed in both parties for not extending additional unemployment funds. Millions need it now. But what you're talking about is a hugely expensive wealth redistribution to not just the unfortunate, but everyone below a designated income level even in normal times. I'm not on-board.

Wrong idea, huge sums of money like SS funds in target date funds will tend to distort the markets and will be another hand out to Wall Street money managers. SS funds should be invested in Total Stock Market directly by SS Administration itself in ways that do not distort the markets.

I'm not worried about market distortion, because it would occur so gradually, but in general I think investment accounts are a dumb idea. A lot of people panic when the market has a correction, and a lot of people can't control feeling richer than they really are from a retirement funds wealth effect. The way the system works now, with fixed cash distributions, is the right thing for the large majority of Americans. I think the percentage of people who can indeed benefit from investment funds is so small that it's not worth the administrative overhead to implement it, and would create an even wider divide between haves and have-nots.

 

[davidscott]

Stock picking is not one of the decisions I was referring to. Getting an education in a field that will produce a substantial income, working in a high-demand field, starting a business and making it successful, living below your means and saving money and investing (you can just use S&P500 index funds).



You may not move your 401K account unless you leave the employer. At that time you can roll the 401K balance tax-free into an IRA account. There are sometimes problems with certain mutual funds that aren't transferable, so you may have to liquidate those funds in order to do the rollover.

Actually Irv I believe that some plans let you move some of your 401 money into an IRA once you reach the age of 59 and a half even while staying with your company. I never tried it but I'm long retired. Feel free to correct me if I'm wrong.

 

[Irvrobinson]

Actually Irv I believe that some plans let you move some of your 401 money into an IRA once you reach the age of 59 and a half even while staying with your company. I never tried it but I'm long retired. Feel free to correct me if I'm wrong.

OK, I finally held my nose and took a look at the 401K rules. There is nothing in the statutes preventing rollovers while you're still employed by the administrator of the 401K. It is entirely up to the employer's policies whether to allow rollovers during employment or not. Apparently many do not.