/biz/ - Business & Finance

[Anonymous No.12173555]

I have did some research and came to the conclusion that 401ks are the biggest scam the jew has ever pulled off. If both of your parents die at the same time and you inherit their 401k, it's actually treated as if it isn't your money. You can't pull it out. The only viable option without taking an immediate 50% hit + unknown tax penalties is roll it over into your own 401k which you can't cash out of until you're of age.

[Anonymous No.12173576]

[Anonymous No.12173577]

This is actually a good thing OP. Most people would fuck up their inheritance within the year, but these regulations almost ensure that you will retire as a millionaire.

You have to beat inflation though, so people in this situation should still strive to make the best of themselves.

[Anonymous No.12173587]

Cheer up OP. Everything will work out for you. Best of luck. It's not always who you think it is.

[Anonymous No.12173600]

>>12173555
Exactly, buy property/equities and pass them along to your children before you die

[Anonymous No.12173620]

>>12173577
oh yeah, no one ever loses money in sheklebergs magic funnel system for savings. keep contributing 6% of your income into our company's shares goy! We'll even give you a break on your taxes

[Anonymous No.12173619]

>>12173555
Wait until you see Social Security. Just like a 401K (5-7% of your paycheck) but you can't even take it out early, you can't decline paying for it, and when you die it's GONE.

[Anonymous No.12173634]

>>12173555
You Americans are fucking spoiled. Your jobs/gov just give you $401k for retirement. I could fucking retire on that amount today, fuck Id fly to the US get a job just to get the $401k then peace out back to my country.

[Anonymous No.12173661]

>>12173634
>give you
You have to pay for it every year, you also have to pay fr Social Security every year.

>22% Federal Tax
>5% State Tax
>7% social security
>5% 401K
>~4% salary to real estate tax
>2% sales tax (5% but not all items)
In total about 45% of your money goes to the State if you make ~55k and own a 200k house. If you make 120k that number jumps up and if your house is coastal it jumps even more.

[Anonymous No.12173668]

>>12173555
401K is a retirement account, helps smooth taxable income, and your kids get more education gibs since the government can't consider that as liquid enough to reduce your educafion grants.

401K is a good tool if you plan on retiring at a normal age. If you need access to the money earlier (early retirement, investing outside public markets, starting a business) you shouldn't have put the money there in the first place.

[Anonymous No.12173682]

It's pretty good because it lowers your income when it comes time to do taxes. Assuming you were going to invest it anyway it makes no difference having to wait until a certain age to cash out. Put some in taxable accounts if you want to cash out some here and there. The whole point of it is that it's tax advantaged. If you don't care about that you need to consider other investing vehicles. Kind of dumb with the inheritance thing you describe, but mainly because that's not how it works.

[Anonymous No.12173686]

>>12173634
Implying you understand their system.

[Anonymous No.12173694]

>>12173661
You're retarded. Might be the case for your situation but not for everyone. If you guys wanna see how much money the government extracts from us burgers, check out this website.
>https://smartasset.com/taxes/income-taxes

By the way, throw in 8-10% sales tax because whenever we buy non-food items we have to pay that shit.

[Anonymous No.12173698]

>>12173634
Also is a form number and not $401,000

[Anonymous No.12173704]

>2018 Trump Taxes*

[Anonymous No.12173713]

>>12173661
>>12173698

[Anonymous No.12173720]

>>12173661
>22% federal tax on 55k
Yeah, you are retarded.

[Anonymous No.12174031]

>>12173694
When do Ameriblubbers buy things that aren't food?

[Anonymous No.12174943]

>>12173634
>>12173661
>>12173686
>>12173698
Solid bait y'all fell for there