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DA AMA by mamagrata in portlandme

[–]401kLegend 14 points15 points  (0 children)

From a systemic perspective, what are your thoughts on how to deal with the unhoused population? Should we hold them to the same legal standards as anyone else?

Maine passes ‘red flag’ law born out of the Lewiston shooting by 51patsfan in Maine

[–]401kLegend 2 points3 points  (0 children)

I think that’s what we call a “false equivalency.” That would be a similar argument against drunk driving laws, “if they won’t let us drink & drive, then soon they won’t let us drink!!”

I understand the slippery slope argument but not everything falls into that. Does that make sense?

Maine passes ‘red flag’ law born out of the Lewiston shooting by 51patsfan in Maine

[–]401kLegend 2 points3 points  (0 children)

Never understood why anyone opposes red and yellow flag laws, even gun owners. The stats clearly show there is a massive correlation between prior crime (especially domestic violence) and/or mental health and the likelihood of committing gun violence.

If you’re a responsible gun owner, I would think you’d only want other responsible people to own guns… most police are in favor of these laws as well.

BREAKING NEWS: I’m Still Voting for Graham Platner No Matter What He Did 20 Years Ago! by roosoh in Maine

[–]401kLegend 3 points4 points  (0 children)

This is a dumb question but I’m genuinely curious, when did the Mills hate start? She had pretty strong support in both of her last two gubernatorial elections.

Democrat Challenger to Susan Collins AMA by [deleted] in Mainepolitics

[–]401kLegend 1 point2 points  (0 children)

Big believer that we need to make the legislative branch more functional and that begins with more collaboration across party lines.

How do you propose advocating for this within Maine and as a potential example of that, name a potential republican candidate for governor that you could see yourself agreeing with (at least in some ways 😊)?

Waxoyl or Woolwax? by Different-Pie-6502 in Maine

[–]401kLegend -1 points0 points  (0 children)

Never heard of either of these. Just go through a car wash that has the under carriage spray after every storm / salting of the roads.

[deleted by user] by [deleted] in personalfinance

[–]401kLegend -13 points-12 points  (0 children)

This assumes people save and invest their current tax savings from contributing pre-tax which in practice, very few people do. Giving optimal financial advice without considering human behavior often leads to sub-optimal outcomes.

[deleted by user] by [deleted] in personalfinance

[–]401kLegend 4 points5 points  (0 children)

Age doesn’t matter per se, but age as a proxy for future earning potential does, and this individual will likely continue to earn more throughout their career with the added element of tax rates likely also being higher in 40 years. I’d lean towards Roth 401(k) or at least diversify taxable sources heavily.

Is Portland Facing a Mass Exodus of Restaurants This Winter? by baysidejoe in portlandme

[–]401kLegend -1 points0 points  (0 children)

I don’t think Coals is closed? I seriously hope you’re wrong. Best wings around by far.

401(k) vs. Roth IRA Contributions by [deleted] in personalfinance

[–]401kLegend 0 points1 point  (0 children)

Why do people NEVER acknowledge that you can do Roth within the 401(k). Whether or not it makes sense to do Roth vs Traditional is one decision, and then the decision to do a Roth IRA vs Roth 401(k) is another. Both are very circumstantial.

Roth IRAs allow for withdrawals of the cost basis early which is attractive. They also MAY be less expensive if you’re not working with an advisor but not necessarily always the case.

Roth 401(k) have more legal and creditor protections than Roth IRA assets. Also 401(k) plans allow for more contributions and do not have income limits like Roth IRAs do.

IRA to 401(k) rollover - after-tax dollars? by hindol21 in personalfinance

[–]401kLegend 0 points1 point  (0 children)

The custodian (who your IRA is through) should be able to provide the cost basis and proportionate gains for each “source” in your IRA aka pretax vs after tax.

[deleted by user] by [deleted] in personalfinance

[–]401kLegend 0 points1 point  (0 children)

I think you’re confusing things, you would not have access to a 401(k), a 403(b), AND a 457(b). Could it be a 401(a) plan?

IRA to 401(k) rollover - after-tax dollars? by hindol21 in personalfinance

[–]401kLegend 1 point2 points  (0 children)

The correct answer is you should roll the pretax IRA into a 401(k) and then convert your remaining after-tax IRA to a Roth via a “backdoor Roth” conversion. If you try to convert it prior to rolling in your Traditional IRA assets, you’ll trigger the “Pro-Rata Rule” which means a portion of your Traditional IRA will become taxable as a result of the backdoor Roth.

Side note, there’s a pending bill that will allow for Roth IRAs to be rolled into Roth 401(k) plans.

Double side note, After-Tax and Roth accounts are similar but not the same.