How Much Should I Be Putting Into My 401(k)?
HTML-код
- Опубликовано: 17 окт 2021
- How Much Should I Be Putting Into My 401(k)?
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
Ramsey Network (Subscribe Now!)
• The Ramsey Show (Highlights):
ruclips.net/user/TheRamseySh...
• The Ramsey Show (Full Episodes): ruclips.net/user/TheRamseySh...
• The Dr. John Delony Show: ruclips.net/user/JohnDelony?...
• The Rachel Cruze Show: ruclips.net/user/RachelCr...
• The Ken Coleman Show: ruclips.net/user/TheKenColem...
• The Christy Wright Show: ruclips.net/user/ChristyWrig...
• EntreLeadership: ruclips.net/user/entreleader...
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.
Pre-tax contribution may help reduce tax in you pre-retirement years. While after-tax-contribution may help reduce your income tax burden during retirement.
Both have their advantages but is also very possible to save for retirement outside retirement plan, such as an individual investment account or employing the expertise of a retirement planner/advisor.
I have always thought of getting a financial guide, but I didn't know the way to go about it. I stay in a small town outside the big city.
Well.. I do not perceive location as a barrier. You don't have to be in the big city to get the help you need. All you need is to get an advisor who pays close attention to your financial objectives and provide you with the appropriate strategy tailored towards achieving those goals. A financial planner that is committed to acting in your best interest. In so doing, the location where you are will not be a problem.
Do you by chance have a recommendation? I will really need all the I can get.
Investing in a Roth IRA can be a smart decision because these accounts are funded with after-tax dollars. This means your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, allowing you to keep more of your hard-earned money.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
The company I work for just changed theirs to match up to 6%. I'm young and the market is low so I'll be going the full match!
How much is that at now?
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
I initially started my investment journey with the guidance of a financial advisor named *Jenny Pamogas Canaya.* Her transparent approach granted me full control of my investments, and her fees are reasonable, considering my return on investment. Nonetheless, it's crucial to conduct thorough research before engaging with any financial advisor.
"It's quite a surprise that you're acquainted with her as well. I've had the privilege of gaining significant profits while learning and investing under her guidance for the past few months. JENNY PAMOGAS CANAYA truly stands out as one of the most exceptional mentors and traders I've had the pleasure of collaborating with in recent years. Her expertise in navigating various market situations is truly remarkable."||
Sounds like you’re flipping.
THE NAME DROP>>>>>>>>>>>>> @@tahirisaid2693
THE NAME DROP IS COMING!
Most complicated answer I have ever heard on Ramsey show.
I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $300,000. ' John Steven Barr' is among the most accomplished portfolio managers in the industry, widely acknowledged for his outstanding work. I highly recommend taking a closer look at his impressive portfolio.
He does have good content , he just hides it behind paywalls like most good marketers.
Notice how he always tells you “oh you just have to pick a mutual fund with 18% returns like me ?”
You can find this claim in countless videos of his , but it’s like , ok why not just give the disclaimer “ok this isn’t financial advice , but I invest in _____ fund ?”
He tries to give those good nuggets of free knowledge but they are only part of his funnel into sales .
Which is ok . If he brings value to the marketplace , he should be compensated, and most of the time when people get free knowledge without paying , they don’t heed it anyway.
He follows a basic marketer formula.
You can tell he tries to not get too in depth on purpose like he’s holding back, but again , I’m sure he sat down at some point and said “hey these are the things I can divulge for free and these are the things I can monetize effectively .”
@@FraldinhoBJJ Anybody touting to buy mutual funds is a charlatan. Especially if they are a "financial guru".
I’m maxing out as well as my wife and doing the catch up as 50. Keep at it !
That is an excellent plan.
I never include the match in my percentage to save.
Dave doesn't recommend including the match in the 15% number. If he said that, I'm guessing he misspoke.
@@luminous6969 He was saying that in the video.
I strongly believe we all need to hear this, you've got to stop saving money only. Invest some part of it, if you really want financial freedom.
Investing for today is priceless because tomorrow isn't promised, trading cryptocurrency and stock to secure a better future...
Anyone who is not investing now is missing a tremendous opportunity, i really fear for a future without an investment.
A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. You need to keep raw, irrational emotion under control.
@@mrsgretel4426 I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do because i have no idea of how and where to invest in?
The world have advanced a whole lot that you must not be a pro to make money out the market.
I think the caller misunderstood the company's 401k match policy. It's probably a half percent for every 1% contributed by the employee, not a half percent maximum.
Most likely. A common one is half a percent to a max of 3%. Employee contributes 6 the company adds 3.
Good catch at the end Dave. I think that’s important for people to understand. Keep it simple but be diligent at the same time.
Good luck y’all.
George was wrong. It wasn't a ''catch''.
Not wrong, match maxes out at 5%.
The max that my company would allow is 16%. So that is what I put in. The company added 3% on the first 6% so I was getting 19% for the 22 years until our company was sold and we were laid off. With that executed plan, when we were laid off, I did not have to add any more to the IRA as long as I did not touch it until retirement in 22 years. So This worked out pretty well so far. I have not touched it for the last 10 years and i am just letting it grow. It should add up to about $7 mil in 10 years at the current rate of growth.
That’s awesome!!!
@@__Ryan_ Yea keep following the plan. Ransey is right, but I would change that to 15% ir-regardless of co match.
I bet you will be lucky if it's worth what it is today in 10 years. Current rate of growth? Keep dreaming!
@@abark That is what they said in the 90, and 2000. As for 2010 they said that was a decade without growth, however, my funds still grew during that time. So yes, it will keep going as long as I keep managing my portfolio. You should do the same.
Why can't you roll it over to an IRA?
My company matches 4%. So I only invest in that traditional 401k up to 4% and then put the other 11% in Roth or up to the $6,000 limit. Then if that $6000 limit is less than my 11%, I put whatever percentage points left into my 401k or get a brokerage account and invest in something on the side of those 2?
Increase your contribution to your 401k to account for what you cannot put in your IRA.
You could put the whole thing in your 401k, as the limit in 2024 is $23,000 ($30,000 if you are over 50), which is probably more than 15% of your gross income.
A 401k generally has a limited set of choices, generally target date funds and a couple stock choices. An IRA give you total control over how your money is invested. But if you like a plan in your 401k, it's all you need.
Ouch, the guys company only matches a half percent???😮
Only match 0.5%? Why would a company even bother?
So they can say they have a “Match” as a benefit 🙄
It’s insulting. I’d quit that company ASAP
I wonder if the formula he gave was incomplete. One of my former employers had a 401k plan with a 1/2 percent match for every 1 percent that I contributed, and this was in effect for the first 6 percent of my deferrals. So, I would contribute 6 percent and receive a match of 3 percent.
@@jeffrx you would quit solely on a 0.5% match ?
It is probably 0.5% for each percent the employee contributes, up to 6% (Essentially an employer match of up to 3%)
As much as you can afford!
So contribute a half percent for every other 1% match?
You're way ahead of the game at 25 brother! Good job!
Wait a minute, I thought we do 15% no matter what the match is
Exactly. That is precisely what Dave teaches. Also, 15% is intended to be a minimum, which should be increased when you reach the last baby step (build wealth and give).
I think this guy is trying to a) find out how much to save/invest and b) Where to put the money first. If you're a couple, Dave is saying the better financial move would be to allocate more to the higher match. It's really going to come down to incomes and matches. If he gets a .05% match and makes 75k and she gets a 100% match of the first 10% (very good), She would put in 10% ($2500), he would meet his match ($375), and then they would then decide how much for each Roth since all matches are maxed out.
It's 15% total across all retirement accounts, not 15% into the 401k. How the 15% is divided up is based on the 401k employer match and Roth IRA limits.
35% into 401K with yearly raises added each year.
5% into HSA to cover healthcare expenses in retirement.
Never gonna pay off my 2.9% mortgage. That’s basically free money.
I do 13% to my 401k to max it out at 23k, 10% post tax for my company stock plan that they match, and I'm about to do my company roth ira and start maxing that out as well. Should've done this 10+yr ago, but better late than never.
If you max out just do it fast. 40%. By march your done and the dividends can snowball in june, sept. Dec. Bandaid off quick method
Ramsey needs to think and organize his thoughts before spewing out word diarrhea. He’s over complicating a simple guidance. Kenny was spot on, organized, and clear.
his name is george
I actually preferred Dave’s response.
3:44 hahaha
I follow the baby steps, but in my 401k because I don’t have a lot of great options in there I only put 5% and my company matches 4% and then I make up my other 10% in Roth IRAs
Question: is there a reason to have multiple IRAs?
@UCcgzkQu1Qegr3gbW-UOi-TA that's what I thought. Just wondering why this guy said Roth IRAs (plural).
@@superblump87 I can only contribute $6000 to one Roth IRA so when that doesn’t add up to 15% I can do a Roth IRA for my wife as well. That’s the advantage of doing 2 is you can get more in there.
@@superblump87 No. I didn't understand why Dave said Roth IRA then traditional, unless he means (if your income level allows you to contribute to a Roth, if not then a traditional.) Unless you mean "multiple IRA's" meaning for your spouse and yourself.
I hate to be a negative Nelly. But regardless of how healthy your marriage or relationship is, my personal thoughts are that you should each have your own retirement in your own name only. God forbid one of you is no longer around or you separate, your gonna want your own maxed out retirement, no?
Each one is in your own name. The spouse comes in as the person you designate to inherit the fund if something happens to you.
Let’s go Casey the Spammer! 😂
Where is our favorite useless spammer?
He confused me with the numbers. i'm in my 20s my company is starting a 401k next month. The company is matching 6%. The way the provider explained it today he said if your salary/wages is $20,00 then * 6% is $1,200 but then he went ahead and said something about 25% of $1,200 would be $300 . Honestly the whole thing sort of confused me. ( I wish the guy would have just said for every $1 the company will give you xyz) someone did ask that in the meeting but he guy must have not heard him.
He may have been talking about Vesting period. It sounds like your company has a 4-year Vesting period, wherein you are an additional 1/4 vested after each year. Vesting periods are pretty normal, to prevent people from getting free 401(k) match money then quitting right away. So if you make $50k and they match up to 6% then if you put in $3k (6%) each year they will also put in $3k each year (max. match). So after Year 1 you have $6k of contributions, however, you are only vested in $3,750. (The 3k you put in plus 1/4 of what they put in.) After year 2 you will have 12k contributions and 9k vested. After year 3 you will have 18k contributions and $15,750 vested. After year 4, you will have 24k contributions and 24k vested (fully vested). After this point all matching will be immediately vested! Vesting periods are pretty common. You definitely should still contribute the 6% match. Even if you leave the company within 4 years you still have everything you personally invested. It's a freeroll.
These answers are not explained for someone who doesn’t understand but is trying to grasp
Read a book.
Contribute at least enough to get the employer match. That is a 100% return on your money, instantly.
Roth accounts are better than Traditional accounts.
401k allows you to contribute up to $23k for 2024
IRA allows you to contribute up to $7K for 2024.
For most people, the annual limit is more than 15% of their gross income, so a 401k is all you need. But some people don't like the choices in their 401k, so in that case, figure out at the beginning of the year how to break up your contributions so you at least get the company match, max out your IRA contribution and put however much else it takes to get to the 15% mark in your 401k.
Work it back from your gross income. Example:
Say you make $75k per year, and your employer matches 3% of your 401k contribution.
15% of $75,000 is $11,250.
Plan to put $7000 in your Roth IRA, whether that is one lump sum or broken up over the course of the year.
That leaves you $4250 short of your goal, or 5.5% of your gross income. You know you are going to set up your Roth 401k to get the employer match, so 3% plus another 2.5% gets you to 5.5%. When you set up your 401k contributions, your plan asks how you want the contributions classified (Roth or Traditional) and what percentage of your salary you want to contribute, rather than a specific dollar amount.
(If you get paid twice per month, $4250 divided by 24 equals $177 per paycheck, so you will see that amount as a deduction on your paystub).
Not only am I maxing my 401k match and Roth IRA contributions, but also sports betting and casino table games so my future is pretty secure 😁👍 it’s good to diversify
I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $300,000. ' John Steven Barr' is among the most accomplished portfolio managers in the industry, widely acknowledged for his outstanding work. I highly recommend taking a closer look at his impressive portfolio.
You forgot dogecoin.
When Ramsey speaks, the words have command and authority level at 100% ... like Clint Eastwood or Denzel Washington 💕👍🏼🥰 He speaks slow and steady! Next level skills 👌
As I approach retirement, ensuring the stability of my 401k after the turbulent year of 2022 is a top priority. I've come across stories of investors achieving up to $270k in ROI during this current declining market. Any advice on enhancing my ROI before retirement would be highly valued.
There are routines capable of delivering consistent gains irrespective of economic or market conditions, but these are typically implemented by seasoned investment experts or advis0rs.
Many people underestimate the importance of advisors until their emotions lead to financial setbacks. I recall a couple of summers ago, during my protracted divorce, when I needed a significant boost to keep my business afloat. I conducted research and found a highly qualified licensed advisor. She has effectively increased my savings from $220k to $740k, even in the face of inflation.
Could you kindly share the contact information for your financial mentor here? I'm in urgent need of one.
Hello! Stacey Lee Decker is my advis0r. She has since provided entry and exit points on the securities I concentrate on. If you want to check her out, you may do so online.
She seems highly educated and informed. I looked up her name on Google and found her website. Thanks for sharing.
Wait....so for example I have TSP. So my roth 401k is matched in traditional only. So should I be doing traditional vs roth?
100% in Roth is not optimal, you want some money in Traditional.
Do whatever works with you and your lifestyle.
I went full aftertax and Roth with mine.
My goal was to retire early before I’m 50 and have my 401K and IRAs growing and compounding.
Retired debt free at 49 in 2020.
I like having 1.4 million tax free Roth working for me.
Half a percent? Never heard of such a low match
Okay, I'm about to be on the final baby step. What is the order of operations here? My company doesn't have a match (they gave give a fix % regardless), I'm going to max out my contribution in a Roth 401k. From there is maxing out an HSA or a Roth IRA better? I would guess the HSA? But I'm also married, so that's ~12k in IRAs vs 7 in an HSA.
I Guess what I'm asking is what is the hierarchy and/or % that should be going where or is this more a personal goals question at that point.
There are pros and cons either way.
HSA contributions reduce your taxable income each year that you contribute. There are no required minimum distributions. Withdrawals are not subject to federal income tax when they’re used for qualified medical expenses. You can use the money however you want after age 65, but you have to pay taxes if it is not for medical bills. You can invest the money in your HSA, so it grows beyond your contributions.
The HSA contribution limits for 2024 are $4,150 for self-only coverage and $8,300 for family coverage. Those 55 and older can contribute an additional $1,000 as a catch-up contribution. Roth IRA contribution limit for 2024 is $7000 ($8000 if you are over 50)
If you are single and healthy, the Roth IRA might be better. You can withdraw your contributions whenever you want without penalty, if you really need some money. Any growth really needs to wait until you am over 59.5. Then you can spend it any way you want.
However, you never know when you might get hit by a bus, and it is good to have a pile of money set aside for a rainy day. Your employer might kick in some money for your HSA, so you should at least do what it takes to get that. Last year my employer required me to contribute some money to get a $1K from them, this year they do it whether I contribute or not. The tax break is nice.
I guess if you can swing it, do both, or at least a mix.
Allows take the match at work. Doubling your money off the bat is easy money.
ROTH 403B same thing?
Yes it would be.
Should you still save 15% for retirement if im saving for a house?
My personal opinion is yes. My view is that every day/month/year you're not putting money into an account that can grow that money you're giving up potential growth. Simply use some calculators online to see what x will grow to given 30 years or 31 years.
In the short term you may have to struggle a bit more now to save more but if it's a real goal it will pay itself off.
I'm no financial advisor of course. But I believe the less you put in now the less you will have later and thus the longer you will have to work in the long run of things.
A paid off house is great, but you need your retirement account too! The paid off house will not be much good at 65 with not enough retirement money. No a reverse mortgage is not the answer.
The other guy simplified it way easier than Dave’s muddying explanation
Yes, and you don't switch back and forth as one account fills up/meets the goal. You plan this out for the coming year, generally in November or December, as you set up your benefits for the next year, at least as far as your 401k contribution is concerned. So, AS PART OF YOUR PLANNING, decide how you will use your accounts to reach your goals. You know you want to get your matches, so you will invest at least enough in your 401ks to get that. Then you decide whether to use your IRA or your 401k for the bulk of your investing. If the plans offered in your 401ks are acceptable, that is probably all it takes. A person making $100k should be investing $15k. The 2024 contribution limit for 401k is $23k, so the 401k is big enough all by itself. But, if you want more control over which stocks to invest in, then the IRA comes into play. But you can only contribute $7k in an IRA, so it might take a mix of 401k and IRA (and you are going to contribute at least enough in the 401k to get the match).
Contribute what they match, Roth IRA, and whatever else you want to invest in
15% in retirement. PERIOD!!! This is the very least.
The more you can invest the better! I never met anyone who was retired who wished they had less money in retirement.
In before Casey the Spammer!
At least Casey offers some commentary related to the video. That Peter Dunn dude always spams the same comment on every financial channel.
The real question is can you ever get your money out of your 401k from empower???
At age 34 I started putting $10,000 a year in my 401k
I’m 36 now and make a little more money and I am putting about 1000 more a year , each year .
Feels great because now I have almost $30k after like 25 months . I’ll be at 100k in the next 4-5 years and I’m stoked about having six figures after 6-7 years
The first 100k is 25% of the way to a million. It may take eight years to get to that first 100k, but the next 100k and every additional 100k after that happens faster and faster as the numbers get bigger and compounding takes effect. The jump from 900k to a million may only take a year or two. Start early and keep contributing.
My pension is 12% so I should only do 3% 401k?
I max it out right now.
AT LEAST 3%. The 15% is a recommendation. If you put away at least 15%, you should have enough money set aside in retirement to maintain the lifestyle that you have become accustomed to. It's just a rule of thumb. If you can put away more, there is nothing to stop you. Your 401k probably has an employer match, and you want to contribute at least enough to get all of that. Ex: If an employer matches 50% up to 6%, you are only netting a 3% match, but you have to contribute at least 6% to get it all.
Is there a limit on how much u can put in your 401k a year?
for 2024, it is $23,500. You can contribute another $7,500 if you are over 50.
What if the match is so good that it takes you more than 15% of your income to collect all the match
Get all of the match (free money) that you can.
Always get the match!
You need to save 15% of YOUR income. Match isn’t included in this figure.
brianmcg321 what if you haven’t reached you match cap at 15% of your income is what I’m asking.
i.e it takes 20% of your income to fully collect your entire company’s match
@@Garebare1 If you can, never pass up your company's match, even if it is 20% of your income.
match vs. roth vs. traditional... what does that mean?
Order of greatest return.
1. The match gives you an instant 100% return from your company.
2. Roth is investment with after tax dollars, so your money grows tax free.
3. Traditional retirement accounts use pre-tax dollars and is taxed upon withdrawal.
This order causes you to benefit most from retirement investing.
@@itzeditscore570 thank you for the explanation
Answer is nothing. Lol
Put away enough to get to your goal and forget about it. Whatever you receive after tax and after 401k you should save 20% or more and invest on Real Estate or stocks/cryptos.
Dave counts the match towards the 15%? Interesting. I have always thought of the company match as instant returns, but didn’t count it as my own investment.
He actually doesn't. This was a short video, so you may have misunderstood some aspect. He wants you to benefit from the match first, but the company's match should not be calculated in the 15% of your household income.
@@itzeditscore570 Yeah, lots of other simpler videos show him saying to not count the match percentage in your 15%. With vesting rules you can't really count on it anyways. If you do get it, it just boosts your ROI.
You're right Rachel, the way he explained it at the end gave the impression that he counts the match towards the 15%. He made a mistake there as he always teaches that you should be saving 15% of your earnings and just take the match as an extra sweetner.
Can a person have both an IRA and a ROTH IRA?
Yes.
@@nazeercurry5248 one note is the max contribution is split among them. IE each account gets 6500/2 not 6500x2.
15% is a little ridiculous for a 25 year old.
I understand the first 401k match, then the Roth, but why or how would / could you go to traditional IRA if you've already maxed out your Roth?
@@jameswalker590 A traditional IRA has the same maximum limits as a Roth IRA. You can either contribute $6,000 to a traditional or a Roth or a combination of both up to $6,000. You cannot contribute an unlimited amount of money to a traditional IRA. It's with after tax money, but it's also deducted from your gross income, giving you the tax break now. You pay taxes on it when you withdraw it in retirement as ordinary income or taxes plus a penalty of 10% if withdrawn before 59 and a half.
I think he meant contributing to a traditional 401k, not traditional IRA, after you've maxed out the Roth.
@@megalodon1726 If so, that makes sense. thanks
@@jameswalker590 Everything you wrote in this comment is wrong.
@@abark James Walker has deleted his comment and left the building.
I already have 55k in traditional i feel like starting over at 0 for a roth would result in wayy less money then building up one big next with compounding interest
15% of what?
Gross household income.
My company matches at 7%
my government matches at 5%
Get that match!
Matches used to be a real thing but they dried up over the past 20 years. I'm surprised to hear you talk about them so much. I'd be curious to know what people are getting. When I started out they matched 6% and now it's like .5%. I watched because I wondered if I was saving enough. I can't tell from this.
My company matches 50% of my contribution up to 6%, so essentially, a 3% match. They pay it in a lump sum in mid-February, for the previous year. You have to be an employee on Dec 31st to qualify.
I worked at one company that did 4%, the rest have done 5%-8% match.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
SONYA LEE MITCHELL is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
So darn confusing
which part? Many people can answer your questions. Just ask.
This won’t help you if you want to retire before 55
Good luck with that, ever thought about healthcare cost? Unless you indigent, you will pay through the nose.
@@alinatamashevich3354 it’s definitely possible if you want it bad enough
@@heslind Again, good luck. Short of winning the lottery or having a highly specialized career field one will not make enough to retire and pay for basics as well as healthcare. The exception being they live in a box under a interstate.
@@alinatamashevich3354 I don’t need luck. I started saving early and aggressively. I will only be working after 55 if I choose to. Good luck to you!
@@heslind Good luck paying for health insurance.
10%
This guy have a financial advisor. But he calls Dave?
His financial advisor would know better than Dave.
Why you on here lol
You sure don't! Saul.
@@RealVision116 Dave troll alert!
My life has totally changed since I started with $7,000 and now I make $ 29,450 every 11 days.
i'm new to investing, how do i do it?
I achieve great success every week with the guidance of my BROKER and since contacting my BROKER, Mrs Elizabeth Armstrong Palmer, I have gained a lot with small losses, her trading strategy is top-notch.
I have heard a lot about investments with Mrs Elizabeth A Palmer and how good she is, please how safe are the profits?
🇺🇸 𝟴𝟰𝟵𝟯𝟱𝟵𝟲𝟳𝟱𝟯 🚀🚀🚀🚀✅
I also needed her info too I’ll write her thanks.
401k’s are a scam. Can’t touch your money till you’re old af lol. Go ham early and put most of your check into VOO and retire in your 30’s.
yeah...that free money is a scam. Most aren't going to be able to retire at 30 or 40. If that becomes common, this country is in trouble (productivity) unless everything is automated.
@@jameswalker590 if you start saving 50-70 percent of your income at 20 you can retire at 30
you need to diversify if you want to get a lot of money. Stocks, real estate, other streams of income. Throwing all your eggs in one basket is insane.
59.5 is old? Who knew
@@dachicagoan8185 Hence the mutual fund!
401ks are a joke I rather max my Roth IRA out side of work every year knowing that’s our performing my Roth 401k through my job every year
most work 401ks need to be managed by the worker to designate where to put the money. Secondly work 401ks can be maxed out to 23000k as of 2023 outside of the employer match. an IRA can only be maxed 6500.
IRAs give you more control over what you put into them, but if your 401k administrator offers a plan that mimics the S&P500, that is a great option. I have my contributions split between an S&P500 clone and a Technology fund.
You can put a lot more money in a 401k than an IRA ($23k vs $7k) ($30.5k vs $8k if you are over 50).
If you can get to 15% of your gross income with just your IRA, great, but don't ignore the 401k match.
first… :D
A match isn't free money for a number of reasons. You can't touch it for decades without penalty-- NOT FREE! What about vesting periods? If it takes 3 years to fully earn that match, and you end up staying in a lower paying job as opposed to switching companies, how much did you just lose? I recently switched jobs for a $25,000 a year increase. If I had stayed to earn some supposedly free company match, I would have lost more than $50,000! NOT FREE!
You can roll out 401K's. Sometimes to your new 401K. Also, learn this: there are NO free lunches.
@@alinatamashevich3354 a rollover doesn't give you penalty free access to the match before retirement age, and it definitely does not allow you to keep that match before the vesting period is over.
@@abark True, but once one leaves a company their options are very limited unless it is rolled out.
@@alinatamashevich3354 Ok, great. A rollover has nothing to do with my comment though.
@@abark Has everything to do with it. Pay attention.
Stop tithing to fairy tale characters and invest the difference. There is your retirement.
fairy tale to you, not to others
@@dachicagoan8185 prove there is a god without using the word "faith"
@@marinogod84 I'm just saying others believe in god for personal reasons. Some may have actually witnessed events or felt presence of divinity. You can choose not to believe and not worry about people being harsh or judging you, so dont be like that to others.
@@dachicagoan8185 always personal accounts with no evidence.
@@dachicagoan8185 religion is hate. 9/11, the Crusades, the spanish Inquisition,. The old testament. Sick.