Dow dropped 900+ points

Holy buckets...the next week is going to be very interesting. Then, the rebound after Trump is re-elected.

It will rebound some tomorrow I suspect. This is more about the virus than it is the election

Yup. I've been planning on this dip.

I think there's a bit of both here. With cases increasing in Europe it will be interesting.

The majority of my portfolio is in precious metals and oil producers so it got smoked. Days like today are why I absolutely love rental properties, you don't have nearly the market volatility.

They KNOW the election will at least have an outcome and an end point . They don't have any credible information on how, when, or IF the virus will be resolved

Thanks for the heads up...not even gonna look until after the election.

September 2021

Maybe

I read an article this afternoon that Wall Street is very giddy about the thought of Jo getting in. Like White said, the sell off today was the virus related issue and concern of new round of money given out. More debt!!!

Jo will will be getting more from the 401K and pensions in a form of taxes. I see big changes for the worse with people that have 401K if he gets in. You will see the markets head south then.

Can you make more money hiding it or investing it?

What happens if trump get reelected ? Hope not retaliations. With more covid reports

Big thing with the covid is whether the charades are over . Can't see it ending really with either side winnig till the end of this years flu season just to save face. Not that they dont have a face to save.

I'm staying the course with AAPL, V, and MSFT

The market will correct itself quickly if Trump gets elected. If Biden gets elected it will be a good time to buy. Like getting stock on sale. Eventually the market will come back, no matter what happens on Tuesday. It’s just a matter of how long it will take.

This is why you should always choose the Roth option if it’s available. It’s after tax dollars, and the growth is 100% tax free if taken out at legal retirement age. If not available, do traditional 401k up to the company match. After the match is met, if they don’t offer Roth in the 401k then fund a Roth IRA. After funding those if you still aren’t investing 15%, go back to traditional 401k.

Match beats Roth, Roth beats traditional, for tax purposes.

Unless Biden starts taxing the growth on Roth accounts you’ll have no taxes from a Roth 401k At retirement because it gets taxed on the front end. If he starts taxing Roth’s folks are gonna be MAD. Me included.

Bob, can you invest in a Roth if you're past SS retirement age?

What about when you hit the age for mandatory withdrawals from other retirement accounts?

Are there mandatory withdrawals from a Roth, and if so, at what age?


Jim

Yes, you can contribute to a Roth throughout retirement. There are no minimum distributions on a Roth. The reason for the minimum distributions is the government wants their dang taxes, and since there are no taxes on the back end of a Roth they don’t care in it sits there forever.

Well not FOREVER. But as long as you’re alive you don’t have to take any distributions from a Roth. After you die it becomes an inherited IRA and at that point your beneficiary is required to take a minimum of 10% a year from the account. They won’t be taxed on the original amount inherited but they will be taxed on any growth that occurred since you died. The beneficiary can withdraw all of it if the wish to or just the minimum amount, regardless of their age.

Thanks.

Jim

It's fairly obvious but we will likely have a bumpy ride for the rest of Q4 and Q1. Hopefully we don't see another lockdown. That would be devastating for energy and the overall economy.

...Yes

I called this in the beginning but expected it in September. What happens when people realize outside dining isn't possible in the top 1/3 of the US and most other countries soon?

To be, perfectly, clear. You can continue to contribute to a ROTH after retirement age as long as you have EARNED income of at least the amount you are contributing, up to the limit. In other words, if you intend to contribute $5,000, you must have earned income for that contribution year of at least $5,000.

Market,,Shmarket.Should have put it all into beans,,bullets and bandaids like I did.

You are correct

Gov. can't stand money in your hands, they will come for it. Roths will be taxed like stock profits.

ADS on a roll after earnings.

Yep new polls came out with Biden leading by 12 points !! LOL . GDP went up 33% and market fell unheard of.

Right. It's already up today. Our local news said it was due to the virus.

i know several people that &ave been restructuring their retirement this month to weather the ensuing stock market crash if harris wins
Myself i see it as a buying opportunity

I think the market has probably already factored in a Biden win, based on the polls.

Jim

The market favors Biden over Trump for stability reasons and has for months. Also the market is a forward looking investment vehicle and with the US and the world on course to have significant cases of the virus for the next several months the markets are turning downward on that likelihood. The Best estimates for viable vaccine release and usage is late 2nd quarter, early 3rd quarter 2021 which is another 6-9 months out. There is not one nation that has been successful with just herd immunity as their plan. Sweden did not shut down but they instituted several measures to be able to isolate. If the major initial work of a new administration will be modifying the ACA, infrastructure and infusing funds into the economy to weather COVID there will not be much downward pressure on lowering the economy or economic growth. With the vast majority of the US society feeling that current federal efforts to manage the virus have fallen far short there needs to be attention in that area quickly.

Bryce

I'd be very surprised if the majority of society feels that the federal government has fallen short in managing the virus, Biden has proposed nothing except locking down the country. It isn't a federal issue anyway.

The market will accept Biden because they know there will be trillions more taxpayer dollars sloshing around with nowhere to go..........except the market.They also know that whatever Biden does will not affect them.
They would actually prefer Trump because his administration would be much more business friendly in terms of taxation and regulation.

I find it hard to believe that anyone thinks Biden is stable, predictable would be a better word. Wall street knows the country would go back to crony capitalism, under the table dealings and payoffs. Biden embraces this conduct and has been party to this for years. If the Dems take all I believe there will be a sell off because Biden will enact his tax plan asap being he will not run a second time.

I agree

As long as Covid is out of control the Market is going to be a bumpy ride.

You can also do conversions of deferred to ROTHS as we are doing now during these lower tax bracket years. Basically we are prepaying the taxes on our deferred investments while the rates are low. We watch the caps that one can run into while doing that. We plan to do this at least until 2025 when the lower rates with the last tax law reverts back to the earlier rates. One of the reasons we are doing this is the new tax law requires heirs of your deferred accounts to now empty the account in 10 years.

One of the questions I never asked Coonman was is the income he makes now while working adequate to meet his needs? If so then he knows what it takes for him to live on and then his SSI payments can be fit in with the amount of work required to continue the income he has now. If current income is inadequate then more planning needs to be done.

Bryce

Also called a backdoor Roth, a very good idea if you have the extra cash to pay the taxes on it.