Isn't it cute how this FactsMatter person(who is sounding really Hazlnuttish) is buying into the class warfare garbage hook, line, and sinker?
IRS rules will allow you to contribute up to 15% of your income to a 401K, where you are employed. If you earn 150 million per year (while at Bain), that's 10 million that he can put in the account, every year.......when you leave that employment, you roll-over that account to an IRA......
Geez!!! This is ridiculous. With his income, business acumen and dedication to building his net worth it is a wonder it's not twice that.
When I cashed out from my last employer I received a cash balance from my retirement funds, what was left from a previous employer in similar circumstances, my 401(k) which had been doubled annually by employer contributions and rolled it all into one Fidelity IRA which I started RMDs two years ago.
I will not reveal the total but suffice it to say my IRA holdings increased 600% in 2 months as I consolidated all of the sources.
The bitter part of that is I could have left over half of that in a guaranteed 5% minimum return account for another decade but the IRS would not let me. As to the why, even they could not explain it as their take is the same regardless.
Maybe the better question you should be asking is how could a TAX CHEAT get nominated and approved as a Treasury Secretary than worrying about how you can't make the money Romney does?
|« Previous Thread | Next Thread »|