Important retirement account news

[crondanet5]

May I suggest you goto http://www.marketwatch.com and look at their retirement section? They just posted several excellent videos about the traps in 401k/IRA accounts. I'm calling TSP this morning about a couple myself. I did not realize we have a "mortgage" on our TSP. Highly suggest you check this section of marketwatch.com out. We're all in this together.....

[idiq]

Futures are looking good today, but I hope MY futures for retirement are still looking good given this new information.

[JayJ]

WSJ is not the dry business newspaper it used to be. It has a political agenda, that colors everything in it. These articles are more of the endless whining by the uber-wealthy about paying taxes. Jeez, if you're making enough money to be paying taxes at 35% nowadays, just be glad you have a substantial income, pay what you owe in taxes, and stop looking for loopholes and complaining.

[crondanet5]

JayJ what did you think of that tax lawyer's comments about beneficiaries?

[artjeyes]

The sugar coating that sold 401k accounts over defined benefit plans was the lie that you will be in a much lower tax bracket when you retire... remember, there are also state taxes.... that is why I am moving to Florida for retirement... at least I will avoid Maryland state taxes...

[TSPKip]

I wanted the smallest state and local tax burden. Though Florida does not have state income tax, they make up for it with property taxes. Services cost. Therefore, if I can live in a state with low property and other local taxes that also has a state income tax that is essentially charged only to those under 65 years old [as in Virginia], then my total tax burden is lower. State tax on $83000 joint return using standard deductions over 65 years old is aprox $8. If you need more than that, then the state income tax goes up.

[rich19971]

What has not been said is that despite the tax bites of various states, most of us retire in places that are close to our immediate families (children and grandchildren especially) and friends.....