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Comment by taurath | Hacker News Reader

Its the same for investing - you /cannot/ tax defer more than $5500 a year of your income for retirement unless you have a COMPANY PROVIDED 401k. There is no such thing if you are a employee at a company that doesn't supply one.

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I'd like to see Elizabeth Warren deprecate 401ks and raise the IRA contribution limits accordingly, while legislating that employers can contribute to them directly. Immediately remove employer-tied retirement plans, and you'll see expense ratios of funds plummet when you can have any fiduciary host your account.

Its absolutely silly we still tie retirement accounts and healthcare to employers.

I agree but not sure why you'd hope Elizabeth Warren would do this. It's unlikely to come from the left.

Donald Trump's platform would actually allow individuals to take the same tax deductions on health insurance that companies get: https://www.donaldjtrump.com/positions/healthcare-reform

"Allow individuals to fully deduct health insurance premium payments from their tax returns under the current tax system. Businesses are allowed to take these deductions so why wouldn't Congress allow individuals the same exemptions?"

John Mackey had a very rational proposal as well: http://www.wsj.com/articles/SB100014240529702042514045743421...

"Equalize the tax laws so that employer-provided health insurance and individually owned health insurance have the same tax benefits. Now employer health insurance benefits are fully tax deductible, but individual health insurance is not. This is unfair."

Wow, who knew Trump had positions? Someone on his staff should tell him to talk about them rather than continuously drawing attention to attacks from his opponents that he should not even be mentioning. Well, actually let's not because he would not be a stable president for the US economy. Would be nice to have a president that didn't see business as an enemy and tax cuts as handouts for the wealthy though.

The problem with lowering taxes for the wealth is they invest it. which drives up asset prices. makes them feel good, because the assets values went up but it didn't create anymore actual assets or create anything more productive. Corporations are flush with cash and investing in new technology as fast as they can. Throwing money at the problem won't fix anything.

Another good idea was federalize the insurance laws/regulations. if you could get an insurance licence that was good in all 50 states.

Just start your own business and shelter the money in an i401K, SEP IRA or Simple IRA: https://investor.vanguard.com/what-we-offer/small-business/c...

"For the 2016 tax year, overall employer plus employee contribution limit is 100% of compensation with a maximum of $53,000"

If you're already employed full time and your paychecks go directly to you its only possible if your employer is okay with paying you as a contractor, which of course makes their situation with you more complicated, and also you might have trouble getting health insurance through the company.

I am saying moonlight on the side in addition to the fulltime job and stash that money away.

If SEP IRAs as mentioned above aren't an option, HSAs might be worth considering - after 65 they aren't restricted to medical expenses. I-bonds might be an interesting component for future retirement as well.

Not true, you can put more than that in a SEP IRA.

As I understand it, it doesn't help you as an employee of a small business though unless the business makes the contribution. SEP IRAs are primarily intended for freelancers and small business owners.

Unless I'm mistaken it looks like SEP-IRAs have to be offered by an employer as well: https://en.wikipedia.org/wiki/SEP-IRA

If you're self employed you're your own employer. I've been making SEP contributions for years using my freelance income. I also have a full time job.

Not true. If you have self employment income you can do a SEP IRA. That's something like 25% or up to 53k, which ever is less.

Thats right - but if you're employed at a place that doesn't offer a 401k, and not self employed you can't do anything.

You can look for some side work.

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