No body is “capping retirement savings”. You can have as much as you want in a traditional brokerage. What they’re capping is your amount of tax “savings”. These programs are (like the Roth) are made for the middle class to get ahead, not for the top 1% of people, who can afford the taxes in a traditional brokerage. It’s not a “punishment” to cease providing a handout to folks that don’t need it. I do disagree with one element of it majorly, it should not be retroactive. If you’ve accumulated over 5 mil they should disallow future contributions, but not be forcing people to pull it out when they never planned on it along the way.
Yeah, this doesn't affect them. They still have a pension, free healthcare and have a TSP Roth that has a yearly contribution limit of $19,500 to $26,000 with about 5% matching. These politicians need term limits, no pension, and no free healthcare for life.
This is absolutely ridiculous, infuriating, and criminal. Time to start looking for another country to live in that actually appreciates productive citizens.
Well nobody expected the US Government to ever keep its' word on anything. The Government wants the money you worked and saved for 50 years to use for themselves. And they will get it one way or another.
I really hope not.. but the Peter Thiel article seems like it gave Sen Wyden the momentum needed to get this cap passed. We will learn more this Fall. Thanks!
@@yuanliu7545 Sounds like a tax grab, right? Lots of 10% penalties, lots of of income tax owed because it would not be tax free money. Cha-ching for the government.
I agree. I have paid millions in dollars in taxes in my life and was looking forward to retiring...with my money in a Roth I would have been able to do this. Now with this money being taxed I wont be able to. This administration has torched the poor with inflation and now will tax the retired... great plan. Wyden is worth over 38 mill Biden Inc, Wyden Inc Clinton Inc Pelosi Inc....They are all on gov pensions....I am in my 70 s and have worked over 60 hr/wk for over 50 years.....this is outrageous....
45 years ago my sister was hit by a drunk ..his 4th DUI..he was fined 10K..while she was a Med student- and destroyed her frontal lobes and hence has never been able to work. As she can walk and talk but can no longer reason.- My mom grew old overnight and died soon after. I have supported my sister since the crash... My ex divorced me soon after becaus she said I was giving too much away to my sister. My ex took 2 mill plus my house and cars after a 2 year relationship. I no longer believe in marriage. I was looking forward to retiring after working for over 50 years for over 60 hr/wk . I would have been able to retire with my money in a Roth and run along the sandy beaches of Florida....I won't now with it being taxed. Many gov employee get six figure reitrment income..
@@cerbico12 contact Wyden’s office plus your own senators. He needs to hear stories like this. It bothers me as well that people like him, with their nice Senate pension, could determine what is too much for the rest of us.
@@cerbico12 You HAVE done something worthwhile, man. You took care of your broken sister when everyone else would have dumped her. You did your duty to your family and your country. You kept supporting her, even when your ex and society dumped you. The wicked rulers can rob your money and trash your life, all while reveling in their own degenerate and oppressive corruption, but they can't take the good things that you've done from the heart. They'll have to answer to God for what they've done with their lives, but I suspect that your grandfathers are proud of what you've done so far. My 2 cents.
I can't summon tears for those who have the edge when making money moves. These folks will win no matter the situation. If they can limit the annual contribution (why can I only put in $6K/yr) why not the size of the account? You gotta have a beef/rant with both sides of the account design.
This podcast is all over the place - just chaotic rambling. Why don't you organize your thoughts before you start recording?? Start with defining the problem then what could happen - then possibilities. Awful
No body is “capping retirement savings”. You can have as much as you want in a traditional brokerage. What they’re capping is your amount of tax “savings”. These programs are (like the Roth) are made for the middle class to get ahead, not for the top 1% of people, who can afford the taxes in a traditional brokerage. It’s not a “punishment” to cease providing a handout to folks that don’t need it.
I do disagree with one element of it majorly, it should not be retroactive. If you’ve accumulated over 5 mil they should disallow future contributions, but not be forcing people to pull it out when they never planned on it along the way.
These politicians are just envious. The fruits of your labor belong to you, not the politicians to spend frivolously.
Yeah, this doesn't affect them. They still have a pension, free healthcare and have a TSP Roth that has a yearly contribution limit of $19,500 to $26,000 with about 5% matching. These politicians need term limits, no pension, and no free healthcare for life.
This is absolutely ridiculous, infuriating, and criminal. Time to start looking for another country to live in that actually appreciates productive citizens.
good luck. the entire planet is under a tyranny cloaked in a medical safety roos.
I mean it already has a _stupid arbitrary cap_ in the form of contribution limits.
Raising the cap with inflation adjustments should be mandatory, in my opinion.
I can't imagine they would cap that low.
Thanks for the update. We need to write our representatives!
Well nobody expected the US Government to ever keep its' word on anything. The Government wants the money you worked and saved for 50 years to use for themselves. And they will get it one way or another.
OMG. Do you think they would limit ROTH 401k?
I really hope not.. but the Peter Thiel article seems like it gave Sen Wyden the momentum needed to get this cap passed. We will learn more this Fall. Thanks!
what will happen to those roth accounts that have already been above the 5mm mark?
Basically, you would have to withdraw from the plan over a period of time until you are under the cap.
@@IRAFinancial I guess forced early distribution won't be subject to the 10% penalty?
@@yuanliu7545 I wouldn't think so!
@@yuanliu7545 Sounds like a tax grab, right? Lots of 10% penalties, lots of of income tax owed because it would not be tax free money. Cha-ching for the government.
What is that like .0001% of all Roth account on the planet that have balances over 5million ? Sigh, the things folks worry about cracks me up
5 million sounds great unless you're living on it for the rest of your life. Then, not so much.
I agree. I have paid millions in dollars in taxes in my life and was looking forward to retiring...with my money in a Roth I would have been able to do this. Now with this money being taxed I wont be able to. This administration has torched the poor with inflation and now will tax the retired... great plan. Wyden is worth over 38 mill Biden Inc, Wyden Inc Clinton Inc Pelosi Inc....They are all on gov pensions....I am in my 70 s and have worked over 60 hr/wk for over 50 years.....this is outrageous....
So disappointing...I surely hope they don't pass the $5mm cap! If they do, I hope they build it in with inflation at least.
I have a disabled child and I and trying to use ROTH to pay for his life.
Me too.
45 years ago my sister was hit by a drunk ..his 4th DUI..he was fined 10K..while she was a Med student- and destroyed her frontal lobes and hence has never been able to work. As she can walk and talk but can no longer reason.- My mom grew old overnight and died soon after. I have supported my sister since the crash... My ex divorced me soon after becaus she said I was giving too much away to my sister. My ex took 2 mill plus my house and cars after a 2 year relationship. I no longer believe in marriage. I was looking forward to retiring after working for over 50 years for over 60 hr/wk . I would have been able to retire with my money in a Roth and run along the sandy beaches of Florida....I won't now with it being taxed. Many gov employee get six figure reitrment income..
@@cerbico12 contact Wyden’s office plus your own senators. He needs to hear stories like this. It bothers me as well that people like him, with their nice Senate pension, could determine what is too much for the rest of us.
You might be able to a 529 ABLE account to achieve a similar outcome with some additional benefits and features.
@@cerbico12 You HAVE done something worthwhile, man. You took care of your broken sister when everyone else would have dumped her. You did your duty to your family and your country. You kept supporting her, even when your ex and society dumped you. The wicked rulers can rob your money and trash your life, all while reveling in their own degenerate and oppressive corruption, but they can't take the good things that you've done from the heart. They'll have to answer to God for what they've done with their lives, but I suspect that your grandfathers are proud of what you've done so far. My 2 cents.
Just when I'm learning about all this SDIRA Roth and using it for investments they switching things up
I can't summon tears for those who have the edge when making money moves. These folks will win no matter the situation. If they can limit the annual contribution (why can I only put in $6K/yr) why not the size of the account? You gotta have a beef/rant with both sides of the account design.
If they cap wealth, push it all into crypto and go to another country.
This podcast is all over the place - just chaotic rambling. Why don't you organize your thoughts before you start recording?? Start with defining the problem then what could happen - then possibilities. Awful
Socialism taking hold
CEO pay should have been capped years ago!!!!!!!!!!!!!!!!!!!!
Crap