{ "media_type": "text", "post_content": "How do taxes on your 401k work when you retire? People say if you make less money do roth 401 bc youll be in a higher tax bracket later on. But what if a year before I retire and take out 401k money", "post_id": "5ad6c7c3ff95920013a3ae46", "reply_count": 13, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

How do taxes on your 401k work when you retire? People say if you make less money do roth 401 bc youll be in a higher tax bracket later on. But what if a year before I retire and take out 401k money

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Country will be broke by then, hopefully the State hasn’t confiscated private retirement accounts to pay the welfare tab.

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Or we could just reduce government, cut spending, and have a balanced budget like most responsible adults do at home.

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You pay ordinary income tax on traditional 401k money at retirement. So if your Walmart greeter job plus 401k withdrawals puts you in a lower bracket than now, that is optkmal

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SA1, more likely they will just undo all the massive tax cuts for the rich...

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Haha ah yes the whole “fair share” argument .... meanwhile the people who pay anything ... pay everything

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20 years later, Walmart greeters will be millionaires and will be making a fortune greeting people. Since most of their jobs will be done by robots and they will be a rare breed

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I agree with OW1. These tax cuts for the rich are absurd.

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OW1 you might want to check on that assertion. This country’s government has run deficits almost since its founding. The latest tax cut is nothing

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I become a walmart greeter making minimum wage? Is that not how it works?

SA1, that's what keeps me from getting onboard the whole Roth biz

Just spend it all then SA1

It’s not a fair share argument. It’s just pointing out that all the forecasted deficits are due to recent tax cuts. So if you want to undo the deficits...that’s the most obvious option. Of course you could argue for raising taxes on the middle class, but good luck with that argument

A2, running a government isn’t like being an individual. But if you want to continue the analogy. If one member of the household quits their job and income falls below expenditures, one way to fix it is for that person to get another job

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