OT - NO POLITICS Happy Holidays Edition

[McGarnagle]

Ha! I had a long and interesting discussion with our payroll folks about Mega Back door roths. We nerded out for a bit but basically this was their answer as to why its not worth it to offer that + in service withdrawals.

The SECURE 2.0 Act mandates that catch-up contributions will be post-tax starting in 2026 so we had to add Roths to our plan when we switched recordkeepers in the fall. I'm on the fence as to whether it makes sense to go Roth vs. pretax at my current tax bracket.

 

[DarrenBanks56]

You guys get paid?

check to check bud.
truck insurance just went up $300 this year for some off reason as well

 

[TD Charlie]

check to check bud.
truck insurance just went up $300 this year for some off reason as well

My car more than doubled a couple years ago, i feel you there.

Managed to keep the car insurance rate stagnant for the next year, but i had to join forces with the lady friend and add her car, our home as well as both of our rental properties to the account. (All of those skyrocketed, so I’m still not coming out ahead by any means)

 

[RoccoF14]

The SECURE 2.0 Act mandates that catch-up contributions will be post-tax starting in 2026 so we had to add Roths to our plan when we switched recordkeepers in the fall. I'm on the fence as to whether it makes sense to go Roth vs. pretax at my current tax bracket.

You probably already know this, but I'd do both (Roth & Pre Tax) if you can. I went solely Pre Tax in my early years and looking back on it, I wish I'd mixed in some Roth contributions when I still had the ability to.

 

[LouJersey]

this actually really hit me reading it, thanks mate

There probably isn't a more humble, appreciative and thankful person about his spot in life than Smitty, who also by the way works very hard at what he does. Dude is a breath of fresh air in a world that's pretty congested

 

[AngryMilkcrates]

 

[McGarnagle]

You probably already know this, but I'd do both (Roth & Pre Tax) if you can. I went solely Pre Tax in my early years and looking back on it, I wish I'd mixed in some Roth contributions when I still had the ability to.

I'm going to try to sit down and do an analysis of my portfolio for the start of January. I'll probably just do 50/50 between pretax and Roth, but could weigh it heavier on one side or the other depending on where the numbers lie. I've split investing in my pretax 401k with private investment through a brokerage account (mainly crypto and tech stocks), so I may just divide it three ways. My fund choices in my 401k have been pretty aggressive but I'll look at the landscape and see if it's time to play it safer.

 

[Kate08]

You probably already know this, but I'd do both (Roth & Pre Tax) if you can. I went solely Pre Tax in my early years and looking back on it, I wish I'd mixed in some Roth contributions when I still had the ability to.

I do an even split on both.

I’m very lucky to make an excellent salary. I know the wisdom is you increase as you get older but I don’t know how much higher I can go on my field unless I went super crazy corporate and I’d rather watch the games before Monty was canned on repeat for the rest of my days than go uber corporate

 

[NeelyDan]

I do an even split on both.

I’m very lucky to make an excellent salary. I know the wisdom is you increase as you get older but I don’t know how much higher I can go on my field unless I went super crazy corporate and I’d rather watch the games before Monty was canned on repeat for the rest of my days than go uber corporate

As someone who chose Uber corporate I endorse this approach

please someone help

 

[Morris Wanchuk]

You probably already know this, but I'd do both (Roth & Pre Tax) if you can. I went solely Pre Tax in my early years and looking back on it, I wish I'd mixed in some Roth contributions when I still had the ability to.

I think I have come to the conclusion that pre-tax makes sense if you are in the 22% bracket. Once you are in the 12% I would rather go roth.

I do an even split on both.

I’m very lucky to make an excellent salary. I know the wisdom is you increase as you get older but I don’t know how much higher I can go on my field unless I went super crazy corporate and I’d rather watch the games before Monty was canned on repeat for the rest of my days than go uber corporate

One year I re-did my W4 (the old one) to get less than a $1000 return at tax time and put the refund into the 401k. That helped alot. I have worked this job for 10 year now so I have no idea how to fill out the new form.

 

[RoccoF14]

Hey @Gee Wally , guess what?

I told my wife about our dining room conversation yesterday, and I think it hit a nerve. Take a look at this! It’s a Christmas Miracle!

....she insisted that I post this, BTW.

 

[Kate08]

As someone who chose Uber corporate I endorse this approach

please someone help

I work in craft beer, so pretty much the opposite of uber corporate.

I paid my dues in nonprofits and healthcare for a while. My company was just purchased recently so still trying to figure out if there’s a place for me in the new org once all acquisition activities are done. Fortunately I have a long runway and plenty of time to look if it doesn’t look like a match long term in the combined organization.

 

[jgatie]

TV series Ray Donovan.

Whenever that bat came out of the trunk, you knew some shit was going down.

 

[Gee Wally]

Whenever that bat came out of the trunk, you knew some shit was going down.

 

[Gee Wally]

Hey @Gee Wally , guess what?

I told my wife about our dining room conversation yesterday, and I think it hit a nerve. Take a look at this! It’s a Christmas Miracle!

....she insisted that I post this, BTW.

When I showed my wife the pics her first reaction was ‘where did you put all the presents?’

Then it dawned on her.

 

[Morris Wanchuk]

I work in craft beer, so pretty much the opposite of uber corporate.

I paid my dues in nonprofits and healthcare for a while. My company was just purchased recently so still trying to figure out if there’s a place for me in the new org once all acquisition activities are done. Fortunately I have a long runway and plenty of time to look if it doesn’t look like a match long term in the combined organization.

Wow, seems to be a lot of Craft beer consolidation going on.

I saw Smuttynose bought Wachusett

 

[BMC]

As a business owner () I don’t get a paycheck every week. I pay my bills out of the commission deposits and pay a quarterly tax estimate on those funds. It actually boosted the amount of social security I’ll get if the fund still exists when I retire. The fall & winter months are toughest few people buy insurance during those months.

I’m seriously considering selling my agency once I finish consolidating even if it’s before I’m eligible for social security. The industry just sucks right now and I don’t see things improving.

 

[NeelyDan]

Walter, is Ray Donovan worth the investment?

 

[Gee Wally]

Walter, is Ray Donovan worth the investment?

I loved it. The Donovans are one messed up family. But it touches on a lot of stuff.

Ray Donovan | Rotten Tomatoes

Ray Donovan is a "fixer" for Hollywood's elite. He is the go-to guy that the city's celebrities, athletes and business moguls call to make their problems disappear. It's a much more lucrative job than his previous work as a ruthless South Boston thug, vaulting him within reach of the truly...

www.rottentomatoes.com

 

[Bruinaura]

Vacation starts in one hour.

CEO just handed out bonuses. 3% of annual salary. I knew it was coming a while ago (perk of working in HR) but always nice to get the actual check. Actually direct deposit would be even better but they insist on them being checks for some reason. Oh well, that's what mobile deposit on your phone is for, I guess. Don't complain, just take the money!! lol

I also got a mason jar with ingredients to make a batch of cookies.

 

[Bruinaura]

My neighbor is away for the holiday and asked me to keep an eye out for a package sent to her by one of her clients. It arrived today, a key lime pie packaged in dry ice. She said I could have it if I wanted it as she does not like key lime. I do love key lime, but i also got a full size chocolate chocolate chip bundt cake from work today. It's just me and the dog here. If I ate all that I'd weigh 500 lbs by Christmas

It does look tasty though!

 

[GordonHowe]

View attachment 948609

True.

Yet Santa's 2024 rap sheet is extensive and troubling.

Nor was Mr. Clause particularly nice back in '84, as some here may recall.

Not a chap to cross,

 

[Ladyfan]

True.

Yet Santa's 2024 rap sheet is extensive and troubling.

Nor was Mr. Clause particularly nice back in '84, as some here may recall.

Not a chap to cross,

I also have a list. I call it the drop-dead list.

 

[Alicat]

I think I have come to the conclusion that pre-tax makes sense if you are in the 22% bracket. Once you are in the 12% I would rather go roth.


One year I re-did my W4 (the old one) to get less than a $1000 return at tax time and put the refund into the 401k. That helped alot. I have worked this job for 10 year now so I have no idea how to fill out the new form.

You just put your name, address and social on it then sign and date it. You can elect to have more taken out but that's when you have to watch youtube. The new W4 sucks so much.

 

[Alicat]

Lego kits are addicting. Took me about 4 hours to put this together because the prices were quite small. I really want to do Maleficent’s dragon next.