How well do you understand SS and tax-deferral issues?
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How well do you understand SS and tax-deferral issues?
I wonder how many people here understand retirement finance in so far as it applies to the majority of the American public. Of course there are special situations that apply to a fair number of people but I'm looking for the "low hanging fruit", so to speak.
Last edited by technovelist on Thu Sep 11, 2014 1:13 pm, edited 2 times in total.
In theory, theory and practice are identical. In practice, they often differ.
- RyeWhiskey
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Re: How well do you understand retirement finance?
Voted some idea about IRA/401k. I don't know very much about SS at all but, then again, I'm 28. I think it would be interesting to have this poll, assuming it is well attended, coupled with an age poll as I imagine folks 50+ would have a much better understanding of SS then myself.
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Re: How well do you understand retirement finance?
I selected some idea SS/IRA/401K. Every time I think I have a good understanding of SS another post is made about an SS "feature" that I had never heard of, and knowing it is valuable.
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Re: How well do you understand retirement finance?
If any of the people who picked the last option are interested, I may have a beta testing opportunity for them one of these days...
In theory, theory and practice are identical. In practice, they often differ.
Re: How well do you understand retirement finance?
No option for understanding retirement finance that isn't 401k and SS?
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Re: How well do you understand retirement finance?
That's all I could think of that would be significant. What are the other significant issues?fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
I think changing the options invalidates all the existing votes, so I'm not sure I want to do that, but I'm certainly interested in what I've missed.
In theory, theory and practice are identical. In practice, they often differ.
Re: How well do you understand retirement finance?
I'm not eligible for SS and have a 403b and a 457, plus a DB (401a). I therefore don't have a lot of detailed knowledge about SS and anything in a 401k that's different from a 403b, but I feel reasonably competent on the 403b and 457; the 401a is a moving target given its current status, but I'm au fait with its intended workings.technovelist wrote:That's all I could think of that would be significant. What are the other significant issues?fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
I think changing the options invalidates all the existing votes, so I'm not sure I want to do that, but I'm certainly interested in what I've missed.
We've also got a lot of TSP folks around here.
Re: How well do you understand retirement finance?
The last 3 answers are... well.... interesting that we have some takers
I suspect that saying about the more I know the less I know I know might be useful
I suspect that saying about the more I know the less I know I know might be useful
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Rob |
Its a dangerous business going out your front door. - J.R.R.Tolkien
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Re: How well do you understand retirement finance?
You've got a good point, but some of us have decently good knowledge of the rules applying to our personal situations.Leif wrote:I selected some idea SS/IRA/401K. Every time I think I have a good understanding of SS another post is made about an SS "feature" that I had never heard of, and knowing it is valuable.
I'm decently up to speed to SS details for single people (which I am) but noticeably less knowledgeable about rules for married couples and surviving spouses...
Attempted new signature...
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Re: How well do you understand retirement finance?
Ok, thanks. Those are of more limited applicability. Of course the people affected by them need to understand them as well as possible, but I think I covered the most important areas of concern for the vast majority of Americans.fposte wrote:I'm not eligible for SS and have a 403b and a 457, plus a DB (401a). I therefore don't have a lot of detailed knowledge about SS and anything in a 401k that's different from a 403b, but I feel reasonably competent on the 403b and 457; the 401a is a moving target given its current status, but I'm au fait with its intended workings.technovelist wrote:That's all I could think of that would be significant. What are the other significant issues?fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
I think changing the options invalidates all the existing votes, so I'm not sure I want to do that, but I'm certainly interested in what I've missed.
We've also got a lot of TSP folks around here.
In theory, theory and practice are identical. In practice, they often differ.
Re: How well do you understand retirement finance?
Fair enough--just wasn't sure what you were trying to assess with the poll.
- House Blend
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Re: How well do you understand retirement finance?
Huh?technovelist wrote:Ok, thanks. Those are of more limited applicability. Of course the people affected by them need to understand them as well as possible, but I think I covered the most important areas of concern for the vast majority of Americans.fposte wrote:I'm not eligible for SS and have a 403b and a 457, plus a DB (401a). I therefore don't have a lot of detailed knowledge about SS and anything in a 401k that's different from a 403b, but I feel reasonably competent on the 403b and 457; the 401a is a moving target given its current status, but I'm au fait with its intended workings.technovelist wrote:That's all I could think of that would be significant. What are the other significant issues?fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
I think changing the options invalidates all the existing votes, so I'm not sure I want to do that, but I'm certainly interested in what I've missed.
We've also got a lot of TSP folks around here.
Medicare and ACA premiums and their income-based costs? Annuities? Long term care insurance? Wills and trusts? Estate planning of all kinds?
Granted, some of these have nothing specific to do with *retirement*, but generally increase in importance with age.
When you throw in the complexities added by state laws (including tax law), I'd venture that there's no one, professionals included, who knows it all.
Re: How well do you understand retirement finance?
What if I have no 401k available? Although, I have a 457b gov't plan and I'm pretty confident of those rules. It is situational for sure. Maybe "401k or similar" should be used...
Because of my situation, I will be in the SS windfall category someday. No matter how many times I read that it's about as clear as mud to me. I picked some idea of both.
Edit - Oh, in my situation I also have a pension plan I contribute to and look forward to... I have a good understanding of that plan. Should that be an option even though pensions are not common now days? Again, situational... Maybe it should be "how well do you understand your retirement finance?"
Because of my situation, I will be in the SS windfall category someday. No matter how many times I read that it's about as clear as mud to me. I picked some idea of both.
Edit - Oh, in my situation I also have a pension plan I contribute to and look forward to... I have a good understanding of that plan. Should that be an option even though pensions are not common now days? Again, situational... Maybe it should be "how well do you understand your retirement finance?"
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Re: How well do you understand retirement finance?
I agree there is a lot more to retirement finance than the areas I mentioned. I'll start a new poll with other areas once this one has some more answers.House Blend wrote:Huh?technovelist wrote:Ok, thanks. Those are of more limited applicability. Of course the people affected by them need to understand them as well as possible, but I think I covered the most important areas of concern for the vast majority of Americans.fposte wrote:I'm not eligible for SS and have a 403b and a 457, plus a DB (401a). I therefore don't have a lot of detailed knowledge about SS and anything in a 401k that's different from a 403b, but I feel reasonably competent on the 403b and 457; the 401a is a moving target given its current status, but I'm au fait with its intended workings.technovelist wrote:That's all I could think of that would be significant. What are the other significant issues?fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
I think changing the options invalidates all the existing votes, so I'm not sure I want to do that, but I'm certainly interested in what I've missed.
We've also got a lot of TSP folks around here.
Medicare and ACA premiums and their income-based costs? Annuities? Long term care insurance? Wills and trusts? Estate planning of all kinds?
Granted, some of these have nothing specific to do with *retirement*, but generally increase in importance with age.
When you throw in the complexities added by state laws (including tax law), I'd venture that there's no one, professionals included, who knows it all.
Thanks.
In theory, theory and practice are identical. In practice, they often differ.
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Re: How well do you understand retirement finance?
Single and SS at 70 unless health problems
But know every thing, no way
John
But know every thing, no way
John
Last edited by Johm221122 on Mon Sep 15, 2014 9:37 pm, edited 1 time in total.
- Taylor Larimore
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"The Bogleheads' Guide to Retirement Planning."
technovelist:technovelist wrote:I wonder how many people here understand retirement finance in so far as it applies to the majority of the American public. Of course there are special situations that apply to a fair number of people but I'm looking for the "low hanging fruit", so to speak.
I agree with House Blend who wrote:
Our Bogleheads' Guide to Retirement Planning was published to help investors understand "retirement finance." More than 40 Bogleheads contributed their combined expertise. All royalties are donated to the non-political National Constitution Center in Philadelphia whose first chairman was our mentor, Jack Bogle.Medicare (Social Security) and ACA premiums and their tax liabilities? Annuities? Long term care insurance? Wills and trusts? Estate planning of all kinds?
Granted, some of these have nothing specific to do with *retirement*, but generally increase in importance with age.
When you throw in the complexities added by state laws (including tax law), I'd venture that there's no one, professionals included, who knows it all.
Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: "The Bogleheads' Guide to Retirement Planning."
That looks like a good resource, thanks.Taylor Larimore wrote:technovelist:technovelist wrote:I wonder how many people here understand retirement finance in so far as it applies to the majority of the American public. Of course there are special situations that apply to a fair number of people but I'm looking for the "low hanging fruit", so to speak.
I agree with House Blend who wrote:Our Bogleheads' Guide to Retirement Planning was published to help investors understand "retirement finance." More than 40 Bogleheads contributed their combined expertise. All royalties are donated to the non-political National Constitution Center in Philadelphia whose first chairman was our mentor, Jack Bogle.Medicare (Social Security) and ACA premiums and their tax liabilities? Annuities? Long term care insurance? Wills and trusts? Estate planning of all kinds?
Granted, some of these have nothing specific to do with *retirement*, but generally increase in importance with age.
When you throw in the complexities added by state laws (including tax law), I'd venture that there's no one, professionals included, who knows it all.
Best wishes.
Taylor
In theory, theory and practice are identical. In practice, they often differ.