Retirement savings ....Yikes !

[rekees4300]

Ok, I just finished my taxes (ugh, ugh - yep, I'm for the FairTax!) using software and noticed at one place it said something about being exempt for something when one reaches 65. I'll be 65 about first January next year. For those of you already there, what changes? I can't get back to what I read. Thanks.

The standard deduction is higher for taxpayers who are 65 or older, or blind.

 

[MacLawn]

Thanks, rekees, that's what kind of info I needed.

 

[Gale Hawkins]

Obama Budget Eyes Americans' Hard-Earned Retirement Accounts - Investors.com

 

[zzvyb6]

Obama Budget Eyes Americans' Hard-Earned Retirement Accounts - Investors.com

He has a large number of poor, unhealthy and unregistered Democrats to feed, shelter, civilize and medicate. Its death by a thousand stings for the rest. Isn't that what the new majority electorate wants?

 

[Travelover]

Obama Budget Eyes Americans' Hard-Earned Retirement Accounts - Investors.com

This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?

 

[shortwave]

This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?

I think the worry is that Congress will start inching the limit down until it affects a majority of us.

 

[scott_vt]

I think the worry is that Congress will start inching the limit down until it affects a majority of us.

Good Afternoon shortwave,
Yep exactly, and when that number gets closer to what middle americans have put away in their 401 accounts, then you will hear some cries of "foul" !!! Just look what they have done to ss !

 

[daugen]

measly $3 Million. How is anyone supposed to retire on that?

vs

when that number gets closer to what middle americans have put away in their 401 accounts

No worry there. Not one middle American has that much money, or they sure would not be "middle".
I bet most "middle Americans" would be grateful to have $500K in their retirement.
From first hand experience, I can tell you that most of them don't.
Now I live in a fairly high income area and some sure do, but until they get those $5-7K mortgages paid off,
they are going to be running up a steep, steep hill.

Repeat ad nauseum...pay yourself first.
And perhaps we should teach a variation of the classic grasshopper and ant story, and
let's have the grasshopper get very, very hungry. Might be more realistic.

 

[brin]

This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?

That's for sure ...Need at least $100,000,000.00 when you consider hyper inflation is on its way....just like Zimbabwe

 

[ultrarunner]

Could be a problem if you are 40 to 50 years out...

Who would have thought a 1970 35k home would sell for 750k?