This is a bizarre news story. You can't make this up.

[NoVa Lion]

Sure living in WV maybe. living in metro DC? There’s too much left out , IMO not that it matters

What's left out is that I don't live beyond my means. One BR Condo bought in 2002 for $100K in the west end of Alexandria and paid off in 2017. The One BR Condos in my building are going for around $175K these days. Easily affordable for someone making decent money.

 

[sluggo72]

What's left out is that I don't live beyond my means. One BR Condo bought in 2002 for $100K in the west end of Alexandria and paid off in 2017. The One BR Condos in my building are going for around $175K these days. Easily affordable for someone making decent money.

Sounds good keep it going !

 

[NoVa Lion]

Sounds good keep it going !

Not much longer. Retiring to State College next April.

 

[PSU2UNC]

With the means of communication available nowadays, there is no good reason to have the federal government so highly concentrated in one location. There is also no reason that federal representatives should be spending so much time in D.C. versus their own districts other than to propagate the Swamp Culture.

What do you mean in their own districts? This only applies to elected officials. Career employees and apppointees serve the nation, not individual districts. I work nationally and being in DC makes a ton of sense for those of us who do that (which is most executive branch employees, which is what we are talking about here).

 

[Op2]

Single and not self employed.

24,500 401k including catchup (what you call a "small catchup" is 6,000)
7,000 Roth IRA including catchup
4,500 HSA including catchup (really only 4,000 as 500 or so is used for out of pocket medical)
6,000 401k company match

What is HSA? Health Savings Account? I thought those were the things that you put pre-tax money in and then use it for health expenses except if you don't use it you lose it.

 

[sluggo72]

What is HSA? Health Savings Account? I thought those were the things that you put pre-tax money in and then use it for health expenses except if you don't use it you lose it.

no you dont lose in HSA, its like an IRA , its your money. Many companies offer FSA accounts, flexible spending accounts, or cafeteria plans. They are the use or lose it plans. HSA's are a good thing, especially if your insurance has a high deductible plan.

 

[MJG-90]

What is HSA? Health Savings Account? I thought those were the things that you put pre-tax money in and then use it for health expenses except if you don't use it you lose it.

You're thinking of the FSA -- Flexible Spending Account.

 

[NoVa Lion]

no you dont lose in HSA, its like an IRA , its your money. Many companies offer FSA accounts, flexible spending accounts, or cafeteria plans. They are the use or lose it plans. HSA's are a good thing, especially if your insurance has a high deductible plan.

Also, with HSAs your money is set aside into your own bank account without paying Federal, State, or FiCA taxes, and unlike your 401k money, when you take the money out to pay medical expenses the money is not taxed. It is the BEST way to save for retirement, except for the fact that the amount you can set aside is limited.

 

[Op2]

Also,HSAs your money is set aside into your own bank account without paying Federal, State, or FiCA taxes, and unlike your 401k money, when you take the money out to pay medical expenses the money is not taxed. It is the BEST way to save for retirement, except for the fact that the amount you can set aside is limited.

So it has to be used for medical expenses and if you don't use it and kick the bucket someday with money in their the Feds get it? Or what?

 

[NoVa Lion]

So it has to be used for medical expenses and if you don't use it and kick the bucket someday with money in their the Feds get it? Or what?

No, it is no different than any other asset you own, it goes to your heir(s).

 

[Op2]

No, it is no different than any other asset you own, it goes to your heir(s).

How is it different from a Roth 401k or a Roth IRA? It sounds like just one more tax advantaged retirement account except you can take money out early without penalty for health expenses.

 

[NoVa Lion]

How is it different from a Roth 401k or a Roth IRA? It sounds like just one more tax advantaged retirement account except you can take money out early without penalty for health expenses.

When you contribute to a Roth 401k or a Roth IRA you pay Federal, State, and FICA taxes on that money, with an HSA you NEVER pay any taxes on the money.