How well do you understand SS and tax-deferral issues?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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How well do you understand retirement finance?

I'm lost
2
4%
I have some idea about SS
0
No votes
I have some idea about IRA & 401k rules
4
8%
I have some idea about SS & IRA/401k rules
25
49%
I understand SS completely
0
No votes
I understand IRA & 401k rules completely
2
4%
I understand everything about retirement finance
18
35%
 
Total votes: 51

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technovelist
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How well do you understand SS and tax-deferral issues?

Post by technovelist »

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.
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RyeWhiskey
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Re: How well do you understand retirement finance?

Post by RyeWhiskey »

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. :beer
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Leif
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Re: How well do you understand retirement finance?

Post by Leif »

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.
Topic Author
technovelist
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Re: How well do you understand retirement finance?

Post by technovelist »

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.
fposte
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Re: How well do you understand retirement finance?

Post by fposte »

No option for understanding retirement finance that isn't 401k and SS?
Topic Author
technovelist
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Re: How well do you understand retirement finance?

Post by technovelist »

fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
That's all I could think of that would be significant. What are the other significant issues?
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.
fposte
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Re: How well do you understand retirement finance?

Post by fposte »

technovelist wrote:
fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
That's all I could think of that would be significant. What are the other significant issues?
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.
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.

We've also got a lot of TSP folks around here.
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rob
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Re: How well do you understand retirement finance?

Post by rob »

The last 3 answers are... well.... interesting that we have some takers :D

I suspect that saying about the more I know the less I know I know might be useful :shock:
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The Wizard
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Re: How well do you understand retirement finance?

Post by The Wizard »

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.
You've got a good point, but some of us have decently good knowledge of the rules applying to our personal situations.
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...
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Topic Author
technovelist
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Re: How well do you understand retirement finance?

Post by technovelist »

fposte wrote:
technovelist wrote:
fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
That's all I could think of that would be significant. What are the other significant issues?
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.
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.

We've also got a lot of TSP folks around here.
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.
In theory, theory and practice are identical. In practice, they often differ.
fposte
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Re: How well do you understand retirement finance?

Post by fposte »

Fair enough--just wasn't sure what you were trying to assess with the poll.
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House Blend
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Re: How well do you understand retirement finance?

Post by House Blend »

technovelist wrote:
fposte wrote:
technovelist wrote:
fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
That's all I could think of that would be significant. What are the other significant issues?
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.
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.

We've also got a lot of TSP folks around here.
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.
Huh?

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.
Twins Fan
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Re: How well do you understand retirement finance?

Post by Twins Fan »

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. :happy 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?" :D
Topic Author
technovelist
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Re: How well do you understand retirement finance?

Post by technovelist »

House Blend wrote:
technovelist wrote:
fposte wrote:
technovelist wrote:
fposte wrote:No option for understanding retirement finance that isn't 401k and SS?
That's all I could think of that would be significant. What are the other significant issues?
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.
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.

We've also got a lot of TSP folks around here.
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.
Huh?

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.
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.

Thanks.
In theory, theory and practice are identical. In practice, they often differ.
Johm221122
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Re: How well do you understand retirement finance?

Post by Johm221122 »

Single and SS at 70 :moneybag unless health problems :!:
But know every thing, no way
John
Last edited by Johm221122 on Mon Sep 15, 2014 9:37 pm, edited 1 time in total.
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Taylor Larimore
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"The Bogleheads' Guide to Retirement Planning."

Post by Taylor Larimore »

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.
technovelist:

I agree with House Blend who wrote:
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.
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.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
Topic Author
technovelist
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Joined: Wed Dec 30, 2009 8:02 pm

Re: "The Bogleheads' Guide to Retirement Planning."

Post by technovelist »

Taylor Larimore wrote:
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.
technovelist:

I agree with House Blend who wrote:
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.
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.

Best wishes.
Taylor
That looks like a good resource, thanks.
In theory, theory and practice are identical. In practice, they often differ.
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