The 401k SCAM Can Ruin Your RETIREMENT

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Video host: Jaspreet Singh

DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.

DISCLAIMER CONT'D: I'm just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

[joeblack]

A 401k shouldn’t be the end all be all. It’s one of the tools in a retirement “basket” which is diversified. As of now I have 3 sources of income that will help me when I retire… My goal is to have 5 sources by the time I retire in 20 years. I think it’s completely do’able.

Fees suck, yes. future tax rates may impact you, yes… But you should be saving and planning with all tools available. My employer offers a 6% match… There is no way I’m not going to take advantage of that 6%. At my salary and contribution… compounding over 20 more years if I’m lucky… Is very significant.

[CarysCorner]

Jaspreet @0:30, “An actual wealthy person, I don’t mean somebody that has a million dollars…”.
I remember when $1 million was considered a lot of money, lol… 🤣

[theonewhoknows]

The 401k is an absolute joke!!!! You’re better off paying off your house!!!! First!!!! Figure out how you’re going to deal with healthcare/insurance. 401ks are saving plan (do the match only. Get a brokerage account and invest there and have some savings. Reduce your expenses…. Reduce your Don’t buy to much house or car!!!! Increase your skillset to increase your income. Get married to financial savvy person, educate your kids, put a renter in your empty rooms, hell shack up(if not married… share expenses) have fewer kids, eat in, drink in, watch Netflix vs going to the movies, stop partying, reduce entertainment, reduce vaccinations, definitely get out credit card debt. Play around until you get 50 and be prepared to work the rest of your life!!!!

[JB-kxbx]

The point isn’t to be wealthy but to be able to support yourself in retirement. Everyone can’t be wealthy and that should not be the goal for everyone. Not being destitute in old age should be everyone’s goal.

[jamescurnutt]

A 401k is deferred compensation you pay to yourself. If you are a high-wage income earner, like in the 34% tax bracket, and your house is paid off, your car is paid off, you have no credit card debt, and your employer offers a significant match, by all means. BUT You can still lose money in a 401k if anything in your 401k goes broke. IE: A bank collapses. A tech stock tanks... Factor in inflation and what your future tax hit will be, taxes are sure to rise, the average American worker making $100K or less a year, should not be deferring wages today. Pay your bills and live debt free. You will make more living debt free than a 401k will ever dream of. So many people think 401ks are tax free. No, you are kicking your tax bill down the road, unless you are hoping to leave your 401k in your will to your kids.

[bmwuzwm]

I have a 401k but only contribute the company match. I also have a dividend stock portfolio.

[orunenf]

Always enjoy the clips channel. Jaspreet really got me into investing in the first place. Always like the way he can be so simple and yet so in depth on topics

[impala]

That's why I have a TSP Roth, Roth IRA, Self directed Roth IRA, Real Estate, cryptocurrency, Forex trading, NFT trading, and peer to peer lending.

[toddbarrera]

Shouldn't that be "The 401k SCAM that can ruin your retirement"

[Rosetteismyname]

Jaspareet a loophole is a loophole...facts shouldn't hurt. 1031 can be seen as a negative or positive loophole depending upon who you are

[michaelswami]

A 401K is a great way to turn dividends and capital gains into ordinary income.

[OrcasV]

Problem with Roth IRA is it has income limits. So if you go above the income limits, you don't really have a choice but to rely on your Roth 401k. You can go into other investments like real estate but that'll take more effort. Plus I read that the govt will get rid of the back door IRA soon

[robertparsons]

The 401k is a great supplement to other income streams. It's not a bad investment when done correctly. Many 401ks have low-cost S&P 500 funds which are fine for long-term investing.

[lettuceboy]

Neglect to point out that you can invest in an index fund inside of your 401(k), thus negating part of his first point

[dougg]

Here's My question ...
How do you get Out of the real estate/landlord rate race?
What if after 30 years of being a landlord, using the 1031 exchange, Your done?
I'd assume you'd have to pay All that property investment growth Taxes .

[oahuguy]

Disagree. I'm retired at 63, considered wealthy by current standards, and elated with my TSP. It has exceeded all expectations and I have more than enough cash flow to live a very nice retirement without having to touch my after-tax Vanguard account, which continues to compound in the background. It's advice like this that prevents people from putting money away into their 401K, resulting in a measley average of $90k in retirement. And I don't see what's the fuss about paying taxes. Bottom line, most people don't have the discipline to consistently put money away for retirement,

[jonr]

most of my money goes to my personally managed roth. I only utilize the 401k for the tax benefit knowing most of it will be total loss to uncle sam anyways.

[brentbeatty]

Can I withdraw all of my 401k from Fidelity (my workplace was Cleveland Cliffs steel mill in West Virginia near Pittsburgh)

[Putseller]

Retirement plans cannon be borrowed against. The buy borrow die strategy can only be done with a regular account

[MissMarshall]

Yuck this money talk just gives me the creeps.