Originally Posted by
Pineapple Guy
Call me a cynic, but your conclusion doesn't follow from your premise. Here's my prediction -- feel free to cut it out and save it for 10 years and tell me I'm wrong.
Today's marginal tax bracket for a guy making $250k with a "reasonable" amount of deductions is lower than his marginal tax bracket will be in retirement when his taxable income is $100k.
I don't itemize. I have zero deductions.
Originally Posted by
Pineapple Guy
No you didn't. Your PBGC benefit will still be taxed as ordinary income. Same with your military retirement (if you have one). Same with all the money Delta has contributed to your 401k and DC plans. That's a lot of taxable income in retirement. Even if you converted some to a Roth, I'll bet you'll still have 80% of your income in retirement coming from taxable sources. That also results in 85% of your SS being taxed too.
Most of what you said is true. No military retirement. All my 402k contributions from here on are ROTH. I'll believe the PBGC if I start cashing checks. Democrats cannot do math, and the physics of what they are doing will not stop because they feel bad about it. One way or another, they are coming after our retirement monies....
Originally Posted by
Pineapple Guy
You shoudn't. I really think you'll be glad you did, when Uncle Sam finally jacks marginal rates up to 50%+ as they were for the 60 years prior to Reagan. They will have to. We will be among the small group of people who actually have good income, even in retirement, to pay tax on.
We'll see. On one hand, I think you are right, because these clowns won't have anywhere else to get the money from. On the other though, If I don't take it out, they won't tax me on it, and the Mrs and I really aren't big consumers. (I STILL don't have a smart phone)....
The discussion is interesting, and has got me thinking about reevalutaing my strategy...