tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 9, 2016 11:57:50 GMT -5
Post by tloonya on Jan 9, 2016 11:57:50 GMT -5
I spoke with someone about 7702 plan vs 401K. I had been thrilled about 7702 because you can take money out and not to pay taxes as supposed to 401K when you double taxed.
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Deleted
Joined: Oct 13, 2024 9:26:05 GMT -5
Posts: 0
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7702
Jan 9, 2016 12:06:19 GMT -5
via mobile
Post by Deleted on Jan 9, 2016 12:06:19 GMT -5
Spoke with a salesman did you? About life insurance did you?
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ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,238
Location: Maryland
Member is Online
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7702
Jan 9, 2016 12:11:24 GMT -5
Post by ken a.k.a OMK on Jan 9, 2016 12:11:24 GMT -5
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Deleted
Joined: Oct 13, 2024 9:26:05 GMT -5
Posts: 0
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7702
Jan 9, 2016 12:11:48 GMT -5
via mobile
Post by Deleted on Jan 9, 2016 12:11:48 GMT -5
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alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
Posts: 8,148
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Post by alabamagal on Jan 9, 2016 12:40:11 GMT -5
Did you get another emAil?
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 9, 2016 12:59:11 GMT -5
Post by tloonya on Jan 9, 2016 12:59:11 GMT -5
Spoke with a salesman did you? About life insurance did you? Nope
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ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,238
Location: Maryland
Member is Online
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Post by ken a.k.a OMK on Jan 9, 2016 13:06:30 GMT -5
How are you double taxed in a 401k? You put money in before taxes. It's taxed when you take it out, hopefully when retired and in a lower tax bracket.
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Robert not Bobby
Well-Known Member
Joined: Jan 29, 2013 17:45:55 GMT -5
Posts: 1,392
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7702
Jan 9, 2016 13:29:34 GMT -5
Post by Robert not Bobby on Jan 9, 2016 13:29:34 GMT -5
T Loonya, I think I'm in love with your green face.
Get an accountant, or get money smart.
But your eyes freak me out.
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 9, 2016 13:50:47 GMT -5
Post by tloonya on Jan 9, 2016 13:50:47 GMT -5
How are you double taxed in a 401k? You put money in before taxes. It's taxed when you take it out, hopefully when retired and in a lower tax bracket. Why are you retiring in lower tax brackets? Does your company lowering your salary with age?
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 9, 2016 13:51:22 GMT -5
Post by tloonya on Jan 9, 2016 13:51:22 GMT -5
T Loonya, I think I'm in love with your green face. Get an accountant, or get money smart. But your eyes freak me out. So is your face
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Deleted
Joined: Oct 13, 2024 9:26:05 GMT -5
Posts: 0
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Post by Deleted on Jan 9, 2016 14:12:32 GMT -5
How are you double taxed in a 401k? You put money in before taxes. It's taxed when you take it out, hopefully when retired and in a lower tax bracket. Why are you retiring in lower tax brackets? Does your company lowering your salary with age? My company isn't paying me at all after I retire.
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Robert not Bobby
Well-Known Member
Joined: Jan 29, 2013 17:45:55 GMT -5
Posts: 1,392
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Post by Robert not Bobby on Jan 9, 2016 14:21:37 GMT -5
T Loonya, I think I'm in love with your green face. Get an accountant, or get money smart. But your eyes freak me out. So is your face Aww shucks, most women like my face. Oh well....you are a woman, right?
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ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,238
Location: Maryland
Member is Online
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7702
Jan 9, 2016 14:35:39 GMT -5
Post by ken a.k.a OMK on Jan 9, 2016 14:35:39 GMT -5
How are you double taxed in a 401k? You put money in before taxes. It's taxed when you take it out, hopefully when retired and in a lower tax bracket. Why are you retiring in lower tax brackets? Does your company lowering your salary with age? I don't get a salary in retirement. If you take a monthly annuity it will be much lower then your working salary. I took a lump sum and invested it.
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 9, 2016 14:59:51 GMT -5
Post by tloonya on Jan 9, 2016 14:59:51 GMT -5
Why are you retiring in lower tax brackets? Does your company lowering your salary with age? My company isn't paying me at all after I retire. I meant why is your salary will be less? Not in retirement but before retirement?
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Deleted
Joined: Oct 13, 2024 9:26:05 GMT -5
Posts: 0
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7702
Jan 9, 2016 15:19:53 GMT -5
via mobile
CCL likes this
Post by Deleted on Jan 9, 2016 15:19:53 GMT -5
My company isn't paying me at all after I retire. I meant why is your salary will be less? Not in retirement but before retirement? He said he'd be in a lower tax bracket in retirement. Not before. I think that's pretty common.
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gregintenn
Senior Member
Resident hillbilly
Joined: Dec 28, 2015 17:07:59 GMT -5
Posts: 2,840
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Post by gregintenn on Jan 9, 2016 15:27:26 GMT -5
Cash value life insurance is a rip off in the first order.
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NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,695
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
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Post by NancysSummerSip on Jan 9, 2016 15:48:10 GMT -5
People, please....don't you see where this is going ? Loony's DH is going to be on disability, owing to his bad back. Loony is looking to buy a life insurance policy - on him. It's the start of a classic Investigation Discovery or Snapped segment if ever I saw it. You heard it here first.
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Deleted
Joined: Oct 13, 2024 9:26:05 GMT -5
Posts: 0
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7702
Jan 9, 2016 17:09:43 GMT -5
Post by Deleted on Jan 9, 2016 17:09:43 GMT -5
People, please....don't you see where this is going ? Loony's DH is going to be on disability, owing to his bad back. Loony is looking to buy a life insurance policy - on him. It's the start of a classic Investigation Discovery or Snapped segment if ever I saw it. You heard it here first.
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 10, 2016 13:48:16 GMT -5
Post by tloonya on Jan 10, 2016 13:48:16 GMT -5
People, please....don't you see where this is going ? Loony's DH is going to be on disability, owing to his bad back. Loony is looking to buy a life insurance policy - on him. It's the start of a classic Investigation Discovery or Snapped segment if ever I saw it. You heard it here first. My husband HAS an insurance! And if you though before you post you would realize thet insurance on disabled 60 y/old would be non-affortable...but who thinks? We just post...
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NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,695
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
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7702
Jan 10, 2016 14:18:26 GMT -5
Post by NancysSummerSip on Jan 10, 2016 14:18:26 GMT -5
People, please....don't you see where this is going ? Loony's DH is going to be on disability, owing to his bad back. Loony is looking to buy a life insurance policy - on him. It's the start of a classic Investigation Discovery or Snapped segment if ever I saw it. You heard it here first. My husband HAS an insurance! And if you though before you post you would realize thet insurance on disabled 60 y/old would be non-affortable...but who thinks? We just post... But the payout would be worth it, once your new boytoy knocked him off and made it look like an accident. C'mon Loony...we all know what you have going on there.
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tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
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7702
Jan 10, 2016 15:20:01 GMT -5
Post by tloonya on Jan 10, 2016 15:20:01 GMT -5
My husband HAS an insurance! And if you though before you post you would realize thet insurance on disabled 60 y/old would be non-affortable...but who thinks? We just post... But the payout would be worth it, once your new boytoy knocked him off and made it look like an accident. C'mon Loony...we all know what you have going on there. sorry... But do you seriously thinking its a bad idea?
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NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,695
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
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Post by NancysSummerSip on Jan 10, 2016 15:40:50 GMT -5
But the payout would be worth it, once your new boytoy knocked him off and made it look like an accident. C'mon Loony...we all know what you have going on there. sorry... But do you seriously thinking its a bad idea? Yes, but it would make awesome television. And I would visit you in prison.
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