Pros & Cons List of Having a 401k Retirement Plan💸🔥🤝🏼

[Larry-plwq]

Honestly, I used to think maxing out my 401k was the smartest thing I could do. But now with inflation eating into everything and the market so shaky, I’m not sure locking that money away makes sense anymore.

[IndyHorsepower]

I put more in my Roth IRA than my 401k. Its already five years old so when i turn 59.5 ill be able to withdraw the contributions and gains tax free.

[donaldkennedy]

Here’s all the good reasons……… im 61 about to retire next year. I’ll receive 2670 a month in SOC. And in my 401 K i will be drawing at about 5% so that puts me at 104, 000 a year plus my SOC. Add on another 30, 000. And i figured at saving for roughly 37 years and a company match by the way at 4% they preceded to put 651, 000 into my retirement account over the years. Id say that’s a pretty good reason to have one. 😂😂😂

[lpsglitterpaws]

My 401k has provided me financial freedom and you are a fool not to take advantage of it 😊

[IndyHorsepower]

You left out lack of control of the investments. Ar least with an IRA you can choose whatever index or mutual funds you want or etfs

[davidbrooks]

Saving money through a 401k is better than trying to save on your own either way you're going to get taxed no matter how you save

[gene]

Im looking into whole life insurance...my Northwestern mutual CFP told me have a tool that isn't affected by the market swings.

[michaeleaverly]

Bad advice. I’m on track to be a millionaire by 54 bc of my 401K + company match and awards into it. 401Ks are great vehicles to invest in. If your young go aggressive (stocks) you can weather downturns with years till retiring

[ElliotAlderson]

WRONG Across the board !

CIT funds now outweigh R share mutual funds inside 401ks nation-wide. CIT funds are often extremely inexpensive. The plan I manage has an S&P500 CIT fund W an expense ratio of .0068% (you can’t find a cheaper equivalent)

Tax advantages of both pre tax and Roth or a combo of the two is a HUGE deal for most people.

Many 401ks offer a match, ie free money.

I sure hope no one takes your “advice”

[JoeWill-ti]

Tying up what money for 30-40 years? All of your impulse money? We are talking saving $100 a month for 30-40 years to get 600k-1.1 million depending on how it’s invested. Which either number is enough to supplement any social security or other money saved to give you a dignified retirement life. It’s taxed yes as earned income but if you go with a Roth 401k or Roth IRA it’s growth is all tax free. So now who looks a little bit silly when in 40 years your $100 is still $100 even when that won’t likely buy you anything from grocery store and a more than likely higher tax rate.

[ScaarAce]

How much could 100$ get you 30 years ago? Now How much will 100$ get you in 30 years from now ?

[Letthefartsout]

Please don’t listen to this grifter. The 401k is a great way to get rich slowly. Listen to his advice, you’ll probably be eating alpo in retirement.

[everythingyousayiscorrect]

I’m already fucking paying taxes my retirement should be free otherwise what the fuck am I paying taxes for?😡

[trex]

This guy knows nothing terrible advice.