The only thing sure in life is death and taxes. Somebody said that!
RMD. Required Minimum Distribution. When you reach 70.5 years of age, you must start taking 4-5% of any 401(k) you had at work. Because the money in the 401(k) was deferred from taxes when you made your contributions, you need to pay taxes when you take take the money out. Really? Older people need to pay more taxes!
I was thinking of moving to Alaska because the State gets huge royalties from oil companies. Over the years, every citizen in Alaska got a check for as high as $10,000 each year. No State tax. This year there is a major “oil glut” and oil prices are down. Royalties have dropped precipitously. Not only will Alaskans not get cash, they are being asked to pay State taxes. I feel their pain!
I am sure I let a fortune slip through my fingers as a kid. I used to collect bubble gum packaged with baseball cards. Some cards were more valuable than others. You know. Ted Williams. Jackie Robinson. Duke Snider. I see that a 1952 Mickey Mantle (rookie season) card just sold for $500,000. That card may have slipped through my fingers many times. Who knew?
Packers. Lambeau. Sunday. Rain again.
Love,
Dad