I was going to say the same thing. So? Who cares?

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

We have bigger problems than IRAs. The average lifetime of a fiat money system is 50 years. Nixon took us off the gold standard in 1971 and we are overdue for a financial system collapse. This can happen in two ways. Russia defaulted on their government bonds and creditors got nothing for their investment. Russia suffered with no credit for years but recovered with little debt today. The Weimar Republic printed money to pay off their debt. It took a wheelbarrow of cash to buy a loaf of bread. The currency was cancelled and a new currency established. What would be your choice for the US dollar?

This could work, until you runout of other people's money , yes there are some who got there through illegal and unethical means a minority , businesses create wealth, the Steve Jobs, Sam Walton, Bill Gates, Jeff Bezos have enriched everyone in ways few appreciate, there has never in the history of the world been a time or place that has given more material wealth and security to a larger part of the population with as little effort as we have today, that wealth was not created by any government

Keogh plans have been around for decades for the self-employed. More work to keep up, but much higher limits than a SEP or one-participant 401(k). I don't see 401k, 403b, etc. going away since they are a perk companies use to attract people offering matches, etc. What they really need is a low maintenance Keogh or lift the limits on IRAs, etc. While the 401k isn't portable, you can keep what you have, roll it into a new one, roll it into an IRA, etc. I like these plans because the come with financial advisors whose job is to keep an eye on things; something I haven't always been able to do.... and paid the price for it.

This was the only thread in today's email that I had any interest in at all. Should I learn from this poster that I need to go to all of the other threads and post "Who cares?" or should I continue to be polite and just scroll past the other ones and not feel the need to post (or read)?

Please explain what "their fair share" means." Does the top 1% of income earners paying 46% of all the taxes collected in the U.S. equate to getting off free in your book?

You do realize you are more than welcome to pay more at any time. Send your donation to the Treasury’s Bureau of the Public Debt. Your money will go into a special account to redeem outstanding government notes, bills, and bonds.

Very well said. Amazing how many people do not understand basic economics.

I've read that inflation will continue due to the national debt being so high. The national debt has lowered our credit rating. Worry for my kids.

Worry that SS will not be able to pay out according to their promises in a few years as the system is broken.

Letting migrants in would help grow the ecomony as they start businesses.

Not sure why you would make this comment without understanding. You should indeed worry for your kids, but inflation is caused by printing money out of thin air. More money supply = inflation.

You clearly also don't understand this. The problem isn't immigration, it's illegal immigration and welfare handouts to the "migrants". If the gravy train was cut off, there wouldn't be a problem.

Still bangin' that drum, I see...

Fact is, "the rich" actually paid LESS taxes (as a percentage of their income) in 1960 than they do today...

I've given you this FACTUAL information, time and time again, yet you continue to ignore it...

You could tax all of the millionaires and billionaires incomes at 100% and it wouldn't make a dent in the National Debt...