Arguments Against 401K Changes By Congress

Sunday, October 29, 2017

As a Series 6 & 63 agent for many years, I would argue against my party's idea of tampering with the 401K structure simply to bring in more revenue as they try to "pay for" their new tax plan. 

I support contributions to a 401K retirement plan with pre-tax dollars rather than after tax dollars (Roth) for most folks.  Delaying the taxes until retirement allows compounding on more money for all those working years, and then paying the taxes when most people will be in a lower tax bracket.  The RMD (Required Minimum Distribution) finally requires withdrawals from this nest egg when you reach the age of 70 and 1/2 in most cases. This amount withdrawn is added to your gross income for the year as taxable income as you work thru your tax liability.  The remaining balance of your nest egg however keeps compounding and growing tax deferred like it always has for all those earning years. 

So in other words, the continuing growth on your account can help pay for the taxes on the part that you now have to withdraw each year, including the part that you have delayed paying taxes on all those years.  Now that is truly the Magic of Compounding Interest beyond its technical definition.

Bill Reesor
Ooltewah



Guns Are Here To Stay

Let's get something straight - guns are here to stay.  Let us assume for the moment that a law was passed tomorrow making all guns illegal in the United States; the government would need to search every home, vehicle, business, dig-up every yard, tear every wall apart to find them, and I mean every home.  I wonder what else they would find in the process?  Now ... (click for more)

Gun Free Schools Are Sitting Targets

More laws banning the guns will not work, criminals don't care what the law is. Anybody that thinks we can get rid of the guns so bad people don't have access to them is a fool. I challenge our local leaders to get armed security in every school so the kids are not sitting ducks against a crazed lunatic killer. And lock the schools up so people can't get into them. School's ... (click for more)

Chattanooga Police Identify, Charge Social Media Poster Who Warned Students Not To Go To School; 2nd Student Also Charged In Hoax

Police said they have identified the person who used social media to place warnings of a possible shooting at three local high schools.   Authorities said the teenage girl would be charged in Juvenile Court.   Police said additional hoax threats have been made, and a teen boy from another school has been charged in Juvenile Court.   Officials said, ... (click for more)

Tennessee Department Of Health Announces 10 Pediatric Deaths And 1 Pregnancy-Related Death Due To Flu

The Tennessee Department of Health has been notified of 10 pediatric deaths and one pregnancy-related death associated with seasonal flu during the 2017-2018 flu season.   Free   flu vaccine is still available at all TDH public health clinics, and officials urge all Tennesseans to get vaccinated. The vaccine offers the best protection from the flu and ... (click for more)

Howard Nips Red Bank In McGary's Final Home Game

Two consolation games were played in the District 6-AA basketball tournament Monday night at Howard’s Henry Bowles Gymnasium and one was much more significant than the other. The Brainerd Lady Panthers had a strong fourth quarter to finally pull away from Tyner en route to a 48-34 victory while the Howard Hustlin’ Tigers escaped a hungry Red Bank team by a 71-68 final that was ... (click for more)

Howard Plays Like A "Miss Basketball" As Bradley Rips Lady Canes For 5-3A Title

CLEVELAND, Tenn. – In each of the last eight seasons, Bradley Central coach Jason Reuter hasn’t come close to winning the District 5-3A Coach of the Year award, an award voted on by the league coaches. In those eight years, however, Reuter has directed the Bearettes to a district tournament championship. Every year. Just like clockwork. That’s a tradeoff Reuter ... (click for more)