CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH

[KING WILL]

why did this thread die?

Changes to 401(k)s and IRAs in 2019
Here's a brief summary of the changes that took effect in 2019 for 401(k) accounts and IRAs. All of these changes were automatic, as lawmakers in Congress implemented provisions in the laws that govern IRAs and 401(k) plans that make these changes on a regular basis as conditions warrant.

1. Employee contribution limits to 401(k)s for those younger than age 50 rose $500, to $19,000.
2. Employee 401(k) contribution limits for those 50 or older rose $500, to $25,000.
3. Total combined employee and employer 401(k) contribution limits rose $1,000, to $56,000 for those under 50 and to $62,000 for those 50 or older.
4. The compensation used in the definition of a highly compensated employee rose by $5,000, to $125,000.
5. Contribution limits on IRAs for those younger than age 50 rose $500, to $6,000.
6. Contribution limits on IRAs for those 50 or older rose $500, to $7,000.
7. The income limits for deductibility of traditional IRA contributions rose slightly, with the exact amount of the increase varying by filing status and whether you or your spouse are eligible for a workplace retirement savings plan.
8. The income limits for contributing to a Roth IRA rose slightly, as well.
9. Contribution limits on SIMPLE 401(k) and SIMPLE IRA plans rose $500, to $13,000 for those under 50 or $16,000 for those 50 or older.

9 changes for 401(k)s and IRAs in 2019

 

[KING WILL]

Salute to all of the fellas making it happen.

Been grinding the last few months trying to do the same.

Right now, I have a 457B (almost 11 years), a Brokerage Acc. w/ Ally, an Acc. w/ Acorns, and I have an Acc. w/ Stockpile for my daughter.

Took a big risk late last year and switched from the pension plan to an investment retirement account w/ my job. Well see how that one plays out.

 

[ba'al]

Anybody mess with certificate deposits?

 

[KING WILL]

Anybody mess with certificate deposits?

Safe, but the ROR is soooooooo low.

 

[ba'al]

Would you suggest having a CD or are they a waste of time.

Safe, but the ROR is soooooooo low.

 

[the cac mamba]

Would you suggest having a CD or are they a waste of time.

fukk those, just go with one of the online bank accounts. they have like 2.2 interest with no restrictions

i had amex before, now i have CIT bank

 

[KING WILL]

Would you suggest having a CD or are they a waste of time.

Pends on what your goals are.

If you are trying to use your money to make you some money, no.

If you wanna stash some money away to where you cant spend it for a lil bit, yes.

Or like homie just said, put it in an online savings account. You'd have to be mindful of some of rules they have tho. Like direct deposit, or you might have to make a few purchases, or withdrawals each month, etc


And yes, if you cool with making some interest vs none, but not quite ready to jump into the stock market.

 

[ba'al]

fukk those, just go with one of the online bank accounts. they have like 2.2 interest with no restrictions

i had amex before, now i have CIT bank

I'm already apart of a credit union and have a standard checking and savings. But was looking to see what other account options i had. One of the things I seen my CU pushing for me were CDs, MMA's as well as different IRA's.

Pends on what your goals are.

I definitely want to get into medium risk investing later on but I want a more solid foundation by the end of the year.

 

[the cac mamba]

Why isn't this in the 6 Figure, 6 Certs forum? Just wondering.

And good info, brehs.

keep it in here, i like having these threads in TLR

most of the subs are , no one goes in them

 

[Listen]

I'm already apart of a credit union and have a standard checking and savings. But was looking to see what other account options i had. One of the things I seen my CU pushing for me were CDs, MMA's as well as different IRA's.

I definitely want to get into medium risk investing later on but I want a more solid foundation by the end of the year.

I think his point was that most “normal” savings accounts pay out almost nothing.

The online ones have higher rates, so you add a second savings online with a higher rate.

 

[KING WILL]

Anybody mess with certificate deposits?

Why investor interest in CDs is rising

 

[BaldingSoHard]

Don't forget to max your Roth IRA contributions this year brehs.
The limit went up to $6,000 so do that before you go hog wild on Black Friday.
You also have till April 15, 2020 to make contributions towards your 2019 limit.

 

[Mr Rager]

Would you suggest having a CD or are they a waste of time.

Return on my CD is negligible. I don't even really pay attention to it anymore

 

[GollyImGully]

this is a LEGENDARY thread