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DeerFlyHater t1_jefkgei wrote

Reply to comment by smartest_kobold in A good article re: repealing interests and dividends tax by BelichicksBurner

Tax advantaged accounts have limits. If you live within your means and sacrifice the newest trend you can hit those limits. When you hit those limits, your savings go into taxable accounts. Additionally a 401K style account wasn't available for the first 10ish years of my career so all I had available was the Roth IRA which was easy to max--then it was back to sticking things in taxable.

GFY with the trust fund baby BS. My folks are still working their blue collar jobs well into their 70s.

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smartest_kobold t1_jefnlek wrote

So, you're older than 50.

If you're putting away $37,000 a year+other tax shelters, you can afford some tax on the rest. "Live within your means and sacrifice" my ass. I'd have to sacrifice eating to put away $37000/year.

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DeerFlyHater t1_jegulkl wrote

Not older than 50. 401K limits are 22,5 for 2023 which is way up 2K from 22. IRA limits are 6,5 for 2023 which is up 500 from 22.

While I just went to public school, I don't think that adds up to 37k.

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smartest_kobold t1_jegxb4a wrote

The numbers change after 50, but you put away $28k last year and $29k this year. Probably more in another tax shelter like life insurance. Plus at least $60k in other investments and probably some home equity.

Why are you pretending to be working class?

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