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 This amount withdrawn is added to your gross income for the year as taxable income as you work thru your tax liability.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


Roy Exum: Our Pets’ Tails Wag

HES Needs A New Shelter

Embarrassed By Boyd Comments


As one who has tended to a dog since the age of four, and has slept beside at least one four-legged critter almost every night since, it was with unabashed joy I learned a new $13 million animal ... (click for more)

RE: County Putting $10 Million Toward New Shelter For Humane Education Society When I saw this article my heart jumped. Over my lifetime I have provided a forever home to many shelter pets. ... (click for more)

Once again, my county commissioner, Tim Boyd, has shown his ignorance, lack of understanding of reality, and blatant lack of compassion. I am embarrassed by his words and his behavior. I applaud ... (click for more)


Opinion

Roy Exum: Our Pets’ Tails Wag

As one who has tended to a dog since the age of four, and has slept beside at least one four-legged critter almost every night since, it was with unabashed joy I learned a new $13 million animal shelter for the Humane Education Society will be built in Hamilton County. The current facility on North Highland Park Avenue hasn’t been “humane” since my grandfather was an infant and, ... (click for more)

HES Needs A New Shelter

RE: County Putting $10 Million Toward New Shelter For Humane Education Society When I saw this article my heart jumped. Over my lifetime I have provided a forever home to many shelter pets. The pet we have now is from the HES. The facility in some areas looks almost like what you would expect in a third world country. The HES seems to have done everything possible over the ... (click for more)

Breaking News

Man Injured Early Thursday Morning When Tree Falls On House

A man was injured early Thursday morning when a tree fell on his house. The Chattanooga Fire Department received the alarm around 3:30 a.m. and responded to 7317 Elaine Circle with several fire companies. Battalion Chief David Thompson Jr. said the department's Urban Search and Rescue Team (USAR) was requested in case a rescue was needed, but the entire family, including two ... (click for more)

Grundy County Deputy Charged With Voluntary Manslaughter In Chase Shooting Death

An officer-involved shooting investigation in Grundy County by special agents with the Tennessee Bureau of Investigation has resulted in the indictment of a deputy, charged with voluntary manslaughter. At the request of 12 th District Attorney General Michael Taylor, on Dec. 24, 2017, TBI special agents responded to an officer-involved shooting that occurred around 10:30 p.m. ... (click for more)

Sports

Chattanooga's Jordan Leen Hall Of Fame Inductee

Bethlehem, PA – The Hall of Fame Committee of the Eastern Intercollegiate Wrestling Association (EIWA), college wrestling’s oldest conference, is proud to announce that four new members have been elected for membership into the EIWA Hall of Fame. Members of the Class of 2019 include James Bennett of Yale University, Mark Kerr of Syracuse University, Jordan Leen of Cornell University ... (click for more)

Eight CCS Athletes Sign On National Signing Day

Eight student athletes from Chattanooga Christian School were joined by family, friends and coaches on Wednesday to celebrate signing to play college athletics. John Rhodes signed with play baseball at Kentucky. Four soccer players signed with area colleges. Katie Dirkse signed with Lee University andAddie Henry with Carson-Newman. Lucy Sandhoff and Lillie Cate both signed ... (click for more)