Bogieblog

Interesting IRS Change

Yesterday I found an interesting article about new tax rules for 2025 that are little known to the public. Well, I'm always up for a good laugh (since they rarely apply to me) so I skimmed thru it. After reading one of the bullet points, I had to Google because it did not seem right. However, where I have my rollover IRA account, they showed the same information.

Then I went to the Gov's IRS page, and it is true. Here is the relevant snippet from the IRS site:

This has gotten the catch phrase of the "super funding limit".

This rule is so oddly specific - those between 60 & 63 are given the ability to save a higher "catch-up" amount than those older and younger.  I mean, if they had said everyone 60+ gets it, I could understand it. I could understand anyone between 60 and 67 (67 being full retirement age). I could even understand 60 to 65, since the full retirement age was raised to 67 in 1960 (although they did a gradual change starting for those born in 1957). But only those within a 3 year age range? That is so strange.

A couple of things I would like to note or have questions about:

• Unless something happens real fast, shortly after I hit full retirement age (2029), it is expected that SS benefits will be reduced by 21-25%. Note that the timing is always changing (2031-2037), as is the reduction percentage.
• If one takes advantage of the extra 401k contribution, it will lower their taxable amount - thus affects how the IRS calculates any SS payout.
• I don't see anything official about those that turn 64 DURING 2025. I have seen some sources that say if you reach 64 during the year, even on December 31, 2025,  you cannot participate. On the same note, if you turn 60 on 12/31/25, you can participate. Those make sense because of the way they usually work determining age.
• I don't know if this is a multi-year thing, or just for 2025. I would guess that it is a one year deal.

IDK the reasoning behind the rule, but will take advantage in 2025.

Saving Private Ryan

The television stations in NH and Boston did not air Saving Private Ryan last night. They were concerned about breaking FCC rules (especially after the JJ fiasco during the Super Bowl). People seem to be up in arms over this because (pick one): it was Veteran’s Day and SPR was a great movies so they should show it; the religious right is running the FCC - they should just relax the rules; it’s not like there was any sex in the movie, just some violence and swearing; and, other stations are airing it, they’re just wimping out.

I'll Probably Be Red

There is talk about color-coding passengers according to the risk that they are percieved to pose to airlines.