Forcing those who make over $145K to put all of their catchup contributions into a Roth account is a huge blow to the working man. It's not a gradual fall off, its a cliff. So its a penalty for your employer to increase your pay from $144K to $145K. There isn't much catching up if all of the contribution is after taxes. Just another way to make it harder to retire. Let the seniors have their retirement so that us juniors have more job options in the workplace. Can you imagine the headache if your income happen to cross the threshold after you contributed extra to your tax deferred account? Just think what this does to those with variable income.
I agree with you and I'm hoping there will be a SECURE Act 3.0 or something else to improve our retirement system. I think taking away the pre-tax option is the secret way for the government to raise taxes without shouting out loud. I love Roth but I hate that they took away the option for age 50+
I'm married filing single because my husband is a non-resident. I don't even qualify to open a Roth IRA, which I totally don't understand why it is so: Married filing separately: MAGI $10,000 or more. No contribution allowed. Why?
Question about the automatic enrollments. Is that only for new employees? I know someone who says they don't know if their company has a 401k which I would think they do cause they have way more than 10 employees. So would he get automatically enrolled now, or no because he's not a new employee? Thanks!
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Forcing those who make over $145K to put all of their catchup contributions into a Roth account is a huge blow to the working man. It's not a gradual fall off, its a cliff. So its a penalty for your employer to increase your pay from $144K to $145K. There isn't much catching up if all of the contribution is after taxes. Just another way to make it harder to retire. Let the seniors have their retirement so that us juniors have more job options in the workplace. Can you imagine the headache if your income happen to cross the threshold after you contributed extra to your tax deferred account? Just think what this does to those with variable income.
I agree with you and I'm hoping there will be a SECURE Act 3.0 or something else to improve our retirement system. I think taking away the pre-tax option is the secret way for the government to raise taxes without shouting out loud. I love Roth but I hate that they took away the option for age 50+
@@FIREPsyChat 💯 agree, let’s hope that catch up amount limitation currently on that Secure Act 2.0 is removed by this incoming administration .
Great information! Subbed!
lets gooooo!!!!!
I'm married filing single because my husband is a non-resident. I don't even qualify to open a Roth IRA, which I totally don't understand why it is so:
Married filing separately: MAGI $10,000 or more. No contribution allowed.
Why?
Question about the automatic enrollments. Is that only for new employees? I know someone who says they don't know if their company has a 401k which I would think they do cause they have way more than 10 employees. So would he get automatically enrolled now, or no because he's not a new employee? Thanks!
Is the 146k income limit for MFJ, or filing single?
Any filing status but expect that income limit to go up for 2026. We should find out around the last week of October or the first week of November