There are two exceptions in shunning your 401k plan: You’re paying a very high effective tax rate and you’ve confirmed that you’re retirement tax rate will be less; or your employer matches some part of your contribution. Other than those two exceptions forget it.
The first step in determining whether you should stay or leave your 401k plan is to calculate where you are in the progressive marginal tax system. There are three mitigating items that can lower your tax bill: exemptions, deductions and tax credits. (And based on your income you may or may not be able to take advantage of these items.) Once you’ve determined your tax bracket you can weigh the restrictions of your 401k against the tax savings of your contributions. Many middle class Americans are paying a blended tax rate of 18%. A $1,000 contribution saves $180 and over 30 years that tax savings totals $5,400. But when you take a distribution from your 401K, you pay ordinary income taxes on the distributions and those distributions figure in the calculation on the taxes you’ll pay on your Social Security benefits.
Those annual taxes during retirement will exceed the tax deductions you saved during your working years. There’s no ultimate tax benefit. And when you consider the restrictions and penalties during the accumulation and distribution periods under your 401k plan, it’s just too punitive. Keep in mind when you deduct your 401k contributions you’re not deducting FICA, FUTA, SUTA and you have lost your tax-free basis. During retirement, you’ll need tax diversity to manage your taxes in retirement. The loss of basis can have a profound effect on cash flow, which can lower your net spendable income.
There may be time for some Generation X and Y retirement savers to disengage with their 401k plans and slowly convert their existing 401k plans to Roth IRAs. But for most Millennials, the math supports an immediate exit from their 401k plan to an alternative retirement plan that utilizes tax favored vehicles that, under current law, can generate a tax-free income retirement, i.e. keep more of your hard earned money.
American Cornhole Organization Brings Tailgator World Championship 16 to Bradenton Florida
July 27-31 the ACO, American Cornhole Organization, will feature its ACO World Championships of Cornhole 16 at the Bradenton Area Convention Center in Bradenton Florida.
At the same time, in the same place, American Cornhole will feature its non-Pro cornhole world championship called the ACO Tailgator World Championship of Cornhole 16.
If you did not make the cut to compete or even try to compete in the ACO World Championships of Cornhole 16, do not despair. Your opportunity has not passed you by.
If you think you have a Cornhole Game in you put it up against other back yarders like yourself and see. You will be playing in the same location as the ACO Pros.
Saturday, July 31, you could be crowned Tailgator World Championships of Cornhole 16 Champion and presented with the Championship shirt that is your claim to fame for life. Your Backyarder friends and family will take notice and give you the respect of a cornhole champion.
Be part of the weeklong festival of events as you participate in the World Championships of Cornhole excitement.
For more information visit: ACO Schedule of Week Events
Spectators are welcome and encouraged to attend. There is no charge for spectators. And ACO Pro matches are open to the viewing public.
Bring your own partner. There are eight (8) separate double elimination tournaments throughout the week with the first tournament beginning Tuesday July 27. The Finals for the Tailgator World Championship 16 is played on Saturday July 31.
Sign up and reserve your Tournament day now. Tailgator play starts Tuesday July 27 and goes through Friday July 30 to determine who will play on Saturday July 31. Taigator Finals are on Saturday July 31.
Get more information here: ACO Schedule of Week Events
Be part of the festivities on Saturday July 31, while the ACO celebrates American Cornhole Organization World Cornhole Day as declared via Proclamation from the Mayor of the City of Columbia, South Carolina. Every year hence forth the last Saturday of July has been so designated.
About American Cornhole, LLC
Established in 2005, headquartered in Camp Dennison, Ohio.
American Cornhole Organization (ACO) is the World Governing Body of the Sport of Cornhole, offering Official Cornhole Rules, certified products, tournament listings, and comprehensive information about cornhole events.
Hip Hop Bling’s Iced Out Jewelry Keeps You Covered In Diamonds For Less
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Kristy Swanson And Co Star Dean Cain Receive ‘Death Threat’ Over Pro-Trump Production
Kristy Swanson and Co Star Dean Cain are set to play former Trump-Russia investigators Lisa Page and Peter Strzok in a performance titled FBI Lovebirds: Undercovers in Washington DC. The performance will highlight the former agents’ text messages to each other and their extramarital affair and hatred for Trump.
However, news of this performance has caused some anger from critics of the President.
“Swanson, who frequently tweets pro-Trump messages, shared a screenshot on a tweet sent by an anonymous troll threatening to “lock the doors and set the theater on fire.” The actress called the message a “death threat” and demanded it be reported. Cain retweeted her post. – Erin Donnelly, https://www.yahoo.com/entertainment/kristy-swanson-dean-cain-fbi-lovebirds-death-threat-trump-123258063.html
Later, Swanson continued on saying that she was happy the tweet had been removed, but was disappointed that the account who posted the tweet, had not been banned.
The original tweet message posted by ‘Sponson” and has since been deleted, read “Have the Capitol Steps open, lock the doors, and set the theater on fire”.
Screenshotted images of the tweet can be found online.