The Disadvantages of 401(k) and IRAs | Episode 356
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- Опубликовано: 8 сен 2024
- Is the 401k on its way out?** 🚫 Discover why this once-dominant retirement plan might be nearing its end and explore innovative alternatives that could better secure your financial future! 🌟
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Sorry, but you are sadly mistaken. I'll still take my 50% match and not worry about the 3.5% fees.....
Nothing wrong with putting in contributions up to the match, but please understand that with 3 1/2% fees you’d have to get a pretty high rate of return to overcome that.
@@NotYourAverageFinancialPodcast what is your opinion of where to put retirement $$$ so it can grow? A Roth is nice, but a Roth has low limits on yearly amount 1 can contribute towards it.
I guess we will find out in 30 years bruh, wish me luck!
I wish you all the best!
what type of ira limits your investment options? in fidelity i can pic anything. some 401k plans suck with the options but thats when you put the match and thats it. my personal 401k has a international, sp500, bond and extended market option all under .06 exp ratio. roth iras you can acess your contributions tax and fee free. its locked up for your RETIREMENT because its a retirement plan. dont want a partenership most places have a roth 401k option. everything in your video is kinda of nonsense or outdated.
Yes in my video I’m talking about 401(k) is not IRAs. You have more options in an IRA, however you’re still under the government’s thumb in terms of contribution limits, when you can take the money out etc. If you want the government to tell you when you’re finally old enough to be responsible enough to have your own money, go for it!
@NotYourAverageFinancialPodcast it doesn't specify on the title. Where is my limit on how much I can make on my 401k or ira. I am only in a partnership with the government with my 401k match seeing my 401k has a roth option.
Every time someone talks down about 401k there is a insurance scheme or real estate potential scam. Like grant cardone.
So give us a list of where we could get better return. Hysa is 5% bonds 5%. Checking account .01% and so on.
Absolutely insanely misleading. I sincerely hope you don’t have any customers.
Think about it! Every sentence is true
@@NotYourAverageFinancialPodcastuntil it's not.
You obviously have never had your pension plan frozen and turned over to the government in the middle of your working career! ERISA (Employee Retirement Income Security Act) didn't do shit for my pension and the thousands of pension plans that were terminated or frozen, then turned over to the government (PBGC). My 401k is turning out more money than my SSA payment and it will always be mine or my kids when I die. SSA give you $255.00 when you die and I paid into it for 50 years!
If you want to leave something efficiently to your children when you die, check out life insurance! That's exactly what it's designed for. The 401K will leave a large portion of your retirement money to the government
EG. if you have $100,000 in your 401k, you'd leave 50K to each kid. But they'd have to pay taxes (fed and state taxes, let's say at 35%), so that's a net amount of $35,000 for each kid. and the government will get 15K x 2 kids = 30K...
30K to IRS
35K to each kid...
but what if you used life insurance instead?
Govt = $0
Kids = MORE than 50K each!
Term life insurance only ✅