Comments by "Jim my" (@chowsquid) on "How IRAs Work And Why They Are More Popular Than 401(k)s" video.

  1. To take advantage of the HSA, you’ll need to 1: have a High Deductible plan that works for you 2: have ready cash to pay for current medical so you can let the HSA compound 3: when you are ready, many years later, you can then use the HSA to reimburse your expenses. 4: pass the HSA onto your heirs I bet many can’t hit all those points let alone have the HSA option
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  2.  @H2Ojellyfish  it’s because those money never got taxed.
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  3.  @zhangwei4622  why does a school need to teach you something your mom can teach you? Does school teach you how to wash your underwear?
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  4. Way back, some insurance company in Boston….won’t name the name….created an annuity product with the name IRA. Someone in my family bought into that thinking it’s the retirement thing people talking about. Doesn’t start paying until 75yrs old. I had him pull that out,,,,cost a lot of penalty and put his money in a proper IRA.
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  5. You can have all of them. Start converting your 401k or T IRA when you are out of work, sabbatical years, retirement, etc. those would be your lowest tax years. Convert enough each of those years that you can handle with ready cash to pay for the tax. Then let the Roth growth, but not so high else people write articles that so and so has zillions in their Roth…..somebody stop that guy!!!
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  6. The earlier you convert, the less you’ll have to convert. Converting a couple 100ks is better than moving couple millions.
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  7. Pfffff then no high income person will pay any tax.
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  8.  @johnmeraz7348  ask your wallet
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  9.  @teegee126  it also has to work out that the company share price explodes. If your start up is a dud, your billion dollar roth will not happen.
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  10.  @H2Ojellyfish  in one year, you can start your own. No excuses
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  11.  @hb2998  🤫🤫 you say that too loud and Congress will take that away. When someone eventually have a million dollar HSA, Propublica will write an article and Congress will freak out
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  12. Having a 401k can put restrictions on whether and how much you can invest in an IRA. Roth IRA also has income limits.
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  13.  @ariefraiser140  unless……you need your income lower today to qualify for all the shiny things like tax credit, financial aid, etc.
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  14.  @NPAMike  even if that were the case, you’ll need to make the same taxable income in retirement as you were working. If you are smart, you can make your taxable income at retirement near zero.
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  15. You lose the tax benefit.
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  16.  @tiberianexcalibur  it’s not a loop hole. He’s just disregarding losing the tax benefit.
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  17. You can only do post tax 401k if your company allows it
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  18.  @shanewillbur1325  why would he pay interest instead of just taking out tax free money? You’re more talking about taxable accounts. Also doesn’t work now that interest rate is up.
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  19. HSA money don’t expire. You are reading it wrong.
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  20. Before Fire movement it was just called saving and investing. Seems pretty basic personal finance stuff. But I guess people got to sell books and blogs somehow
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  21. Who is them? We are responsible for SS. We can fix it if we want. All the SS money that comes in are paid out and excesses are invested in treasuries.
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  22. Oil, wheat, fertilizer, sunflower oil mainly come from Ukraine and Russia. And those things are used in many things.
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  23. Depends on the HSA manager. I had 2 that had limited funds like some 401k. Then I have one where you can full blown buy stocks, but they only have a limited selection of stocks. 1000s but not every stock. Just popular ones they think people will buy
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  24. It current,y needs a High a deductible Health plan and only that health plan. What you are thinking would probably need to be a new type of account. Probably with less generous terms.
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  25. Just add up your expenses on your current plan. Then apply that to HSA+HDHP and see if it works for you. If you’ll end up depleting your HSA contributions, then it’s not worth it unless you have other cash to put for current medical cost. The big bonus for HSA+HDHP is you don’t use up your contributions and you let it grow.
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