🕵 Beginners guide to how a 401k works.

Today we're covering the 401k and Roth 401k to explain how it works for beginners. If you are just getting started retirement investing or have never been offered a 401k at work before we can help. We'll focus on how the investments work and explain the different types of plans.

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money.

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[alexsteven.m]

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[fernity]

I can’t believe they didn’t teach this in school

[metalslug]

I'm convinced that all of this finance jargon, unnecessary extra steps, and weird math are used to scare away hard-working people from claiming what their companies actually owe them for all of their hard work..

[alfredalbert]

I’m a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k. Cashed out 370k from the S&P and invested with a full service broker.. Until about 3years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of the month at 59, while my wife will retire next year at 54. We currently have 5.7 million in our tex deferred savings.

[Jmadrid]

I'm 33 and signing up for a 401k for the first time, appreciate all the info. You did great!

[NicholasBall]

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

[Moonlambo]

Thank you so much for this video.I’m a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k. Cashed out 270k from the S&P and invested with a full service broker.. Until about 3years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of the month at 59, while my wife will retire next year at 54. We currently have 2.7 million in out tex deferred savings.

[bapbap]

Thank you for this video! I opened a 401k with my first job out of college, contributed to it for 4 years, left the company and completely forgot I had one.... Now I'm back at that same company and 8 years older and wiser LOL. Decided to put some effort into understanding it before I gave away a chunk of my paycheck. This video helped A LOT.

[cade]

The company I work for matches 6%. I love it

[dividendincome]

I chose to mix two funds in my 401k. I have 70% in domestic and 30% in international. It’s been working really well for me.

[davidlamont]

I still don't get how it works. So they basically take my money and then release it when I reach my retirement age. What about inflation? For example, the value of $1000 in 1970s = $6000 in 2020s

[amalintaveras]

Thank you for this!!🙏🏻 i am 22 and i got my first real job after college. Once they started talking about 401k plan and “ matching” i knew that i had to go home and do some research

[madelinecoleman]

I've been meaning to set up my 401k for 6 months almost, but found it daunting. I'm not finished with school and working my first full time job, and I don't know ANY of these terms. This video took my 6 month daunting process and had me feeling comfortable with setting up my 401k in about 6 minutes.

It also took the hassle of trying to define almost every word on the site and understanding 30 different investments, let alone the terms and how they work. Thanks- good video.

[cymbamcreynolds]

Thank you so much for this! When I first looked into getting a 401k at my job this year, the percentages and menu was so overwhelming that I ended up not signing up cause I didn't want to make a mistake. Now, I know what do this time.

[STREETFIYAMIXTAPES]

Best thing I ever heard was "It doesn't matter how much is in your savings account, what matters is how much is in your 401K." Best advice i ever heard, I put 20% into my 401K when working overtime. Watching the gains 💰

[brucesmith]

I always recommend Dustin and jazz Wealth to people when they start to ask financial questions. When I see those people again they always say thank you and that they have learned so much.

[Greggsberdard]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[JenniferBellfilms]

I’m 23 and signing up for my first 401k today. I work at a real estate brokerage in their marketing department as of Monday, and they offer a 6% match. I’m meeting with HR today to help me set it up. Thanks for the insight!

[serenewhopperman]

Retired with a 7 figure portfolio and Receiving about $43k in dividends. I have been in the Stock market about 20 years. Am I worried? Am I selling? Absolutely not. I have purchased growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out, adding more at a time. my investment strategy with my FA actually calms me down. Eye on the prize, stay the course!

[katelyndesantis]

My next question as a complete beginner is what happens to the 401k once you leave that job? How do you handle it?