Free Republic

Baby Boomers are retiring. Most are now starting to take their pensions and Social Security. The more fortunate are beginning to dip into their IRAs and 401Ks. As we reach this milestone, our views tend to harden. We are growing less tolerant. Some may call it cranky. We don’t buy a lot of the nonsense that is shoved down our throats by so many of the so called experts on television. We frequently find ourselves yelling back at them. We are even less tolerant of all the politically correct BS. As our circulation slows, we look forward to spending more time in...

Trump-hating liberal activists know how to cause trouble. With record low unemployment numbers and a thriving economy, we have seen well-organized activists interrupting townhalls, blocking traffic in major cities, and using violence. But there is an awful type of activism happening out there, and it affects us all. Even though this activity is underreported, it affects everyone's 401K retirement savings. Shareholder activists are taking direct aim at companies - such as oil companies and gun manufacturers - by abusing rules that publicly traded companies must follow to promote a far-left agenda. Instead of trying to gun control pass laws through...

Trump-hating liberal activists know how to cause trouble. With record low unemployment numbers and a thriving economy, we have seen well organized activists interrupting town halls, blocking traffic in major cities, and using violence. But there is an awful type of activism happening out there, and it affects us all. Even though this activity is underreported, it affects everyone's 401(k) retirement savings. Shareholder activists are taking direct aim at companies — such as oil companies and gun-manufacturers — by abusing rules that publicly traded companies must follow to promote a far-left agenda. Instead of trying to pass gun control laws...

<p>Some 50 years ago, in 1964, 42 percent of Americans smoked cigarettes. Smoking in bars and offices was normal and cigarettes were given to soldiers as part of military rations. Half of American physicians smoked. Ads for cigarettes bombarded the American public. That year, the surgeon general released a report outlining the health risks of smoking. Two years later, only 40 percent of Americans said that they believed smoking was a major cause of cancer.</p>

WASHINGTON—The top Democrat on the Senate’s tax-writing committee wants to tax long-term investments like other types of income, raising rates and requiring the wealthiest people to pay taxes on their unrealized gains each year. The plan from Sen. Ron Wyden of Oregon is the latest proposal from Democrats in Congress and on the presidential-campaign trail to boost taxes on the wealthy in a bid to address what they view as the problems of economic inequality and provide a funding stream to pay for new programs. While the specific proposal has little chance to become law anytime soon, such ideas could...

Congress is making another push on legislation that could make it easier for small companies to offer 401(k) plans and for workers to guarantee themselves an annual income after they retire. A bipartisan group of lawmakers including Rep. Richard Neal (D., Mass.), chairman of the House Ways and Means Committee, announced Friday the legislation would repeal the age cap for contributing to individual retirement accounts, currently 70½. It would also increase the age at which owners of tax-deferred retirement accounts are required to start taking withdrawals from those accounts to 72 from 70½. Because the measure has support from key...

It was a little report, one you might easily have missed, from the people at Fidelity Investments: The number of people with more than a million dollars in their 401(k) is soaring. Bad news for the economics of envy. Fidelity says that the number of people at the end of the second quarter with a million dollars or more in their Fidelity 401(k) surged by 50,000 to 168,000, a 42% gain. Fidelity has 16.1 million 401(k) accounts under management, with an average balance of $104,000, up 6.4% from a year ago. "Individuals are increasing their savings rates, they're taking advantage...

The maximum monthly Social Security benefit for a person retiring in 2018, at their full retirement age, is $2,788 per month , or $33,456 per year. To achieve this benefit, you must have had the maximum taxable earning for a whopping 35 years. It is for this reason, that most people’s benefits will be far less. Forget this number if you plan to retire ahead of your full retirement age. Do you think you could live off $2,788 per month? Before you think about that, it’s important to note that the average check for 2018 is just $1,404 per month....

It's not too late to increase your take-home from America's most important social program. There's a really good chance you'll be reliant on Social Security when you retire. According to data from the Social Security Administration, 62% of today's aged beneficiaries lean on the program to provide at least half of their monthly income. Of these folks, 34% rely on Social Security for virtually all of their income (90% to 100%). As for future retirees, national pollster Gallup found a strong expected reliance in an April 2018 survey. When polling nonretirees, Gallup observed that 30% expect Social Security to be...

Social Security benefits can be claimed at any point after a recipient turns age 62, and most Americans take their Social Security as soon as they can. Claiming benefits early can be smart, but it can pay off to wait. If you're deciding when to start receiving Social Security, here's what to consider. Estimate your expenses Retirement usually means a big drop in income, and if you don't have a solid grasp on what your spending is going to look like in retirement, then you won't be able to make the best decision on when to claim. Depending on who...

Do you think saving for retirement is just too tough? Think again. The number of people with 401(k) balances of at least $1 million hit a record 150,000 at the end of 2017 in plans run by Fidelity Investments. Likewise, the number of Fidelity-run IRAs with retirement savings balances of $1 million or more hit a record 152,000. And if $1 million seems out of reach for you — at least for now — don't worry, because those million-dollar balances were part of a broader pattern of retirement savings balances overall growing to record highs. Your retirement savings balances can...

Rich people — really rich people — have an inside joke about spending in retirement: They call it “skiing.” Not skiing as in snow skiing, but “spending our kids’ inheritance.” They use it in reference to splurges, such as pricey wines, cruises through Europe, second homes, or whatever strikes their fancy. They don’t feel bad about spending, because there’s little chance that they’ll spend so much that their own retirement is put at risk. It is truly their kids’ money, so why not? Here’s the crazy thing. A recent Washington Post story details how ordinary savers, folks who are comfortable,...

If you've gotten yourself out of debt (except the mortgage) and have a sizable emergency fund ( 3-6 months expenses) 2018 may be a great year to boost your Retirement savings. Many will have increased paychecks and be able invest wisely, but not as much as they could. Many will benefit in 2019 from the 2018 tax cuts and increased Child Tax Credits by getting huge refunds in 2019. But why wait? Time is Money. By Increasing your Withholding Exemptions NOW you can increase your paycheck and boost your Retirement savings even more! Make it a priority to get any...

Global payment network company Visa said Monday it will strengthen contributions to employees' 401(k) savings plans, as a result of the recently passed Republican tax law. "Tax reform in the United States will strengthen Visa's competitive position globally and create new opportunities for Visa to invest in our business," the company said in a statement. "With the additional 401(k) match, Visa's U.S. employees will enjoy a sustained benefit, consistent with the role they will play in building our business." The company said it will increase its 401(k) match up to 5 percent of salary. Currently, it contributes $2 for every...

Republicans want tax reform, but their refusal to cut spending forces them to look into all sorts of revenue raisers. Some are good, such as eliminating the deductions for state and local taxes. Others are counterproductive, such as the threat to significantly decrease the tax deduction on 401(k) accounts, potentially reducing the overall levels of savings for the millions of Americans using them. Instead, they should keep the deduction intact, hence encouraging savings -- and in addition create universal savings accounts. There are rumors that they are considering such a move. First, let me complain about the no-good proposal to...

It’s time to start paying attention, America. Once again, there is a big problem brewing on Capitol Hill, where some politicians still don’t have their priorities straight. The pols are under the disconcerting delusion that raiding workers’ 401(k) plans is a way for them to “pay” for the tax cuts they will grudgingly give us. They would rather reach into your pocket and jeopardize your retirement than make common-sense adjustments elsewhere. They want to change the only well-functioning retirement self-savings plans, which would be a disaster for the American family, the economy and the stock market. Let’s start with the...

...The chairman of the House Ways and Means Committee, said he has talked to President Donald Trump twice this week about 401(k)s. "He'd like to raise the limits so people can save more in those plans. So do I. I think that's a good start," Brady said....The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000. But lawmakers are now looking at raising that limit to $20,000 or more.

President Trump said he “may be willing to negotiate” with Congressional Republicans on lowering how much Americans can contribute to their 401(k) retirement accounts — just two days after promising there will be “no change.” The comments, made on the White House lawn as he was walking to Marine One, came hours after US Rep. Kevin Brady, the majority whip and chair of the House Ways and Means committee, defied Trump’s statement from two days earlier. Republicans are reportedly looking to lower the annual cap on 401(k) contributions to about $2,400 — down from $18,000 for most savers, and $24,000...

The top Republican tax writer in the House said the GOP tax proposal that Republicans plan to unveil next week could affect retirement account rules and how Americans save money. The plan could put him at odds with President Trump, who has promised not to touch 401(k) retirement accounts. “We want more Americans to save more, we want them to save earlier in their lives,” House Ways and Means Chairman Kevin Brady, R-Texas, said at a breakfast with reporters Wednesday. *snip* [Trump] reaffirmed his position Wednesday, telling reporters that leaving the retirement savings plans intact is "very important."

WASHINGTON—President Donald Trump vowed on Monday to protect a popular retirement savings program, pledging to leave it untouched in the forthcoming Republican tax overhaul plan. Mr. Trump, in a tweet, shot down an idea that had been circulating in Washington policy circles and worrying the retirement-savings industry: limiting pretax contributions to retirement accounts. “There will be NO change to your 401(k),” the president wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!” But even a few days of chatter showed the concept’s unpopularity, especially at the $2,400 level. By...