If I were a millennial right now, I would be looking into funding my 401 up to any match and then go Roth for retirement and also understand what an HSA can do. (I wish we had one. Medicare supplement costs can be nuts but we keep on paying through the nose for our Plan F and will continue to do so. Retired before HSAs were a thing.)
Notice I said “looking into” because I have no idea because I cannot predict the future. But millennials need to learn this stuff.
I am not worrying about things like unrealized gains and means-testing, for now, because the clown show is not about to do anything that would harm themselves and their heirs. . . I think they visit the step-up in basis from time to time, but that would hurt their heirs too much. Ever noticed how so many of them go in with nothing much and end up with a big increase in net worth. Hmmmm.
Actually, I do see SS means-testing as a possibility. So unfair. Probably would not hit boomers, but could happen eventually for the rest.
There are changes coming for us regular people that were built in to the tax law changes from the last administration. I don’t think the billionaires and corporations will have to change their tax-planning, but we peasants might. I have not looked at the changes yet but I think 2025 is when they happen. Soooo, “Film at 11” — maybe.
Boomer
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Pogo was right.
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