No, not fully retired, still do consultant work and the wife also works. We are still in top 2% of household earnings.
As for my 401k, since I am on the older end of the spectrum, a majority of it is in safer investments. Rule of thumb, never put more in common stock than you can afford to lose. It isn’t a guaranteed return and the government shouldn’t be attempting to make it one.
The proposed bill has it at 150,000.
We are screwed have been since the last bailout, we had a big party for the past 10 years anyone fortunate like most on the forum to have bought a house and road up the market are the lucky ones, younger generations are so screwed, especially gen z. Can we afford this? No Can we afford Medicare, Medicaid? No… We still do it.
The best we can hope for is stagnation like Japan and negative interest rates which has been coming for awhile now. All the fed has left at their disposal since they used all the interest cuts on the last recession is quantitative easing. Papering the economy with silly money and hoping foreign countries continue to consider us a safe haven.
Economies are ultimately a reflection of ourselves, our values and priorities. Until we fundamentally change our view that we need to do beer bongs every five years for BIG GAINZ this will keep happening.
COVID-19 hopefully will help us rethink the idea that the economy’s main goal is to accumulate wealth. It isn’t it. It’s to facilitate a humane, responsible, and fair movement of resources. Of course, how those attributes are qualified is the political process.
150k for couples 75k for singles
Tied to 2018 tax returns
Yes it is. Did some government bureaucrat show up and work for him?
When you pay taxes that money is no longer yours.
