The value of a Roth
06-12-2019, 12:17 PM
#51
Gets Weekends Off
Joined APC: Apr 2016
Position: Looking left
Posts: 3,274
Originally Posted by Hossharris
So you inherited a bunch of money and had to use that found money to pay some taxes ....? The horror. I hope my kids don’t get thrown in that briar patch.
06-12-2019, 01:20 PM
#55
Gets Weekends Off
Joined APC: Jul 2010
Position: window seat
Posts: 12,524
Originally Posted by Hossharris
So you inherited a bunch of money and had to use that found money to pay some taxes ....? The horror. I hope my kids don’t get thrown in that briar patch.
Maybe he was referring to some distant thrice removed fifth cousin-in-law he didn't even know existed or something. But odds are it was a much closer relative. "Planks of Marxism" aside...I think that is #3 on those sick scumbag's wish list...inheritance isn't "found money" subject to the whims of Uncle Sugar looking for some wealth to redistribute to his favorite voters.
Tax planning for leaving the fruits of your life's wealth, labor and earned property to your family is absolutely one's right and its fiscally asinine not to prepare for it to the best of one's ability.
06-12-2019, 08:28 PM
#58
New Hire
Joined APC: Aug 2018
Posts: 4
I know there are a lot of Roth lovers here but another strategy to consider (maybe more so with RMDs moving to 72 if SECURE Act passes) is contributing to Pre-Tax 401k, especially when income is high and put the difference in a brokerage account and when retiring, live off the brokerage assets with minimal taxable income and convert the pre-tax 401k to Roth until RMDs kick in. You have 6-7 years to play the tax game till RMDs kick in.
06-12-2019, 08:34 PM
#59
Gets Weekends Off
Joined APC: Jun 2015
Posts: 4,116
Originally Posted by Ratherbsurfing
I know there are a lot of Roth lovers here but another strategy to consider (maybe more so with RMDs moving to 72 if SECURE Act passes) is contributing to Pre-Tax 401k, especially when income is high and put the difference in a brokerage account and when retiring, live off the brokerage assets with minimal taxable income and convert the pre-tax 401k to Roth until RMDs kick in. You have 6-7 years to play the tax game till RMDs kick in.
https://www.linkedin.com/pulse/20141206175102-4404516-pilot-s-die-sooner-than-others
Healthier lifestyles today help but probably are mitigated by the higher block hours and stress of increased schedule productivity.
Not to mention age 65.
Save reasonably for retirement. Then take the rest and live your life. Post retirement years come with no guarantee.
Last edited by BobZ; 06-12-2019 at 09:16 PM.
06-13-2019, 06:45 AM
#60
Gets Weekends Off
Joined APC: Jul 2010
Position: window seat
Posts: 12,524
Originally Posted by BobZ
F-the heirs! Im spending it all...lol
I've yet to find any pilot who actually does that. Well, who does it on purpose anyway LOL!
And the same ones saying that now are desperate to burn the candle at both ends to slave away to give it all to "Big Ed" including price tags well into the 6 figures per [26 year old LMAFO] "child" for degrees where its known before the first dollar is spent that they are worthless with zero ROI.
If they're loading up on toys in their 30's and 40's while telling their heirs "the only thing I'm giving you is the dignity of work and self accomplishment, now GTFO of my house the day you turn 18" then I that's what they're actually doing. But if they're slaving away plowing all their money into some certificate of entitlement factory with a mascot and rock climbing wall then I don't believe them. They may end up broke, but it wasn't by choice.
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