Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
What is the purpose of this conversation? Seems to be somewhat one-sided. Is the OP looking for answers or just trolling for research for an article he is writing?
"Additionally, in terms of wealth distribution I'd be curious to know what the population of the "1%" looks like over the years and whether or not that uppermost level of wealth is held by more or fewer hands."
I would think that the numbers to re…
It sounds like the majority of people retired or nearing retirement still make mortgage payments. A leftover from the housing bubble? Their equity must be small.
Again I refer to the Carter Malaise period of the 70's. It started before him of course but to me he was the symbol of that time. The country was economically strangled. Interest rates were sky high. No problems getting good rates on CDs but try to …
It is a bit confusing. Originally transactions 10k and over were scrutinized. It seems that they use a new algorithm since the bad guys obviously adapted to the 10k rule.
You would think that law enforcement would use some common sense in that rat…
Link works fine.
They should change the name of the program. In Australia, it's referred to as the Aged Pension. Social Security is a bit misleading now.
This also proves the importance of saving for one's own retirement. That is of course the i…
I do see your point hank but I don't know of anyone these days who goes into a bank with large sums of money, except businesses with their cash deposits. I may be wrong, and I probably am. :-)
I should explain my story.
Years ago when I moved to my present location in Asia, I knew I needed a large sum of money to start with. Customs laws in most countries limit cash on hand to $10,000. If caught at the airport, you are in big trouble. So…
@hank,
Maybe I am off base here, but many mutual fund companies have brokerage arms which for most purposes a very much like banks. I use them exactly as such except for loans. I can write checks, direct deposit etc. If I fund these accounts with …
Thanks hank.
In years past, I was warned by my bank that too many transactions over $10,000 would catch the attention of the Feds. Now it is less than that.
I had to change my shifting of assets some. Now I go every 6 months for a lower amount t…
@scott , You are correct about the Congress not doing anything. They have effectively outsourced their decision making to other like the Fed and they think that they can become Pontious Pilate and wash their hands.
Also, firmly agree on a broad …
@scott,
One great thing about traveling the world is that you see things and wonder, why don't they do this back home. We were raised to believe that the United States is the greatest country on earth. It is a great country indeed but it is being s…
I hope the guy fights this all the way. Nothing short of a refund of the entire amount should be accepted. The fact that the govt offered him 50% speaks droves.
You may be right OJ. I think Scott sees the corrupt system as it is and wishs for a better one. That might be out of our hands. As for playing in a rigged system, I would hope that doesn't mean becoming "one of them".
The problem as I see it is t…
I'm afraid the government is no better than the banksters right now. In fact, they might be one and the same. When the credit crisis hit in 2008, the government went to the banksters for help on how to fix the problem.
I don't know if there is a b…
"If I had that kind of money, I would want to see direct impact of my charity."
Yes indeed. Too many charities and foundations are inconsistent with their distributions. There are plenty of needs and causes to choose from.
Something I noticed when I was stateside was that there were less people in the ready prepared section of the supermarket. Maybe cooking at home is coming back because it's cheaper.
It was cleared up as far as my question went. I don't know if the IRS would flag a return if the numbers were the same. I have 11 years before I have to worry about it. Who knows what the rules will be by then? There were some trial balloons hoiste…
My brain is in a fog. I thought the RMD was taxed when taken? So if you contribute that to a traditional IRA it gets taxed again upon withdrawal. I'm missing something.
Now if he uses the RMD to fund a Roth, then that would be a winner.
I have read that you cannot roll your RMD into a tax deferred account. I take that to mean any tax deferred account but it wouldn't be the first time I was wrong.
If it was that simple.
