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/biz/ - Business & Finance

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16397133 No.16397133 [Reply] [Original]

do you max your 401(k)?

>> No.16397154
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16397154

Dude just wagekek for 50 years while making post tax monthly contributions to a 401k that will end up taxed at withdrawal too LMAO

>> No.16397166

I don't make enough to max my 401k

>> No.16397168

>>16397154

/biz/ - Where your 401(k) is an obvious scam, but my get rich quick coins will moon any day now

>> No.16397255

>>16397168
Lol yeah it is a scam. Do you have any idea how underfunded public and private pensions alike are?

>> No.16397270

>>16397154
401k is pretax

>> No.16397280

>>16397255
You're retarded. For each $100,000 you save into an S&P 500 index fund before age 34 is $1,000,000 at age 70. I'd rather have a few million at 70 than an Audi at 34.

>> No.16397353

>>16397168
If you were to take the money you put in your 401k and put it in btc instead you'd have way more in 50 years

>> No.16397470

>>16397280
Oh no shit? And that's guaranteed based on what? Average growth? You know for every $100,000 you put in Nikkei you would have $40,000 at age 70?

Did you know every boomer was guarnteed a 7% pension plan at their jobs, almost all of which are nearly depleted now? The Chicago public pension system in particular is currently underfunded by almost 92%. You know what happens when it hits zero?

Or do you want to talk about currency risk instead. What happens if you get your 7% yearly return and retire with a million dollars, except now bonds are yielding +50% and inflation is runaway?

401K's are for sheeple

>> No.16397518

>>16397154
NOOOOO YOU CANT SAVE YOUR MONEY TAX FREE WHILE COLLECTING 10% ANNUALLY YOU GOTTA GAMBLE IT ALL AWAY PUMPING MY LINK BAGS IM STILL DOWN 50% NOOOOOOOO

>> No.16397528

>>16397270
Only if it's a ((((ROTH)))) 401k. Lucky I have one of those.

>> No.16397535

Actually, I have 403 which is even more based than 401k. I get the equivalent of 10% of my salary put in the fund without me having to contribute anything. I'm wondering if I should just leave it at 10% or maybe put another 10% in?

>> No.16397629

They get a lot of hate around here but you got to consider your demographics. Most of the people here are the bottom dredges living with their parents working a mcjob, or killing themselves in a warehouse trying to get by. Of course to them it seems like a ridiculous concept. There aren't many people that can afford to save in a 401k let alone on 4chan.

When you can only invest a couple thousand a year of course you're going to put it on a longshot like crypto rather than index funds.

But if you're in a career making 60k+ there's no excuse not to be maxing after tax advantages and matching is considered.

>> No.16397685

I just hit my 401k max match right now which is actually patheticly low - match 50 percent of my 4 percent max, or 2 percent of my income. I can pay 4 percent though, but it is pretty gay.

You should Max your ira instead

>> No.16397694
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16397694

>>16397280
a few million at 70 will ALSO be an audi my dude

>> No.16397744

>>16397133
The match at my current job isn't as good so I'm not bothering with it as much as with crypto at the moment. There's also no point for me to be trying too hard with it. They'll likely raise the retirement age in western countries by the time I get to be 60, we'll probably have to wait until 80 to retire, and given what my health is like I doubt I'll make it that far (though I really want to live until I'm 100).

There was also some article recently that basically said you need to work until you're barely living in order to retire comfortably nowadays, so unless you're making $80K or higher there's no point.

>> No.16397870

>>16397744
Well personally, I think it is a good idea to plan for the worst. You can always pull your contributions out of your roth. So I think it's worth keeping unless you REALLY need money. Hedge your bets, that kinda stuff

>> No.16397878

>>16397694
I'd watch it

>> No.16397898

>>16397870
I haven't nuked it completely, I'm just not maxing it out like I used to. OP asked about maxing out your 401(k), not whether or not you should contribute at all to one.

>> No.16397922
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16397922

of course I max out my 401k

>> No.16397933

>>16397133
About 3 months ago I pulled all my investments in my 401k to a money market account because I was afraid the markets would start to tip. I think I probably am a little early. Maybe I should go back in till next summer

>> No.16397937

>>16397870
don't bother with the pascals wager type thing with 401ks, /biz/ will just bitch about how its a pointless scam and they'll never retire

>> No.16397986

It's literally tax free money. You would have to be an idiot cryptotard to not max it.

>> No.16398033

>>16397528
you mean a Roth IRA
which is what 401(k)s are like

stop posting, brainlet

>> No.16398052

>>16397470
where do you put your money then? Crypto? Real estate?

>> No.16398078

>>16397898
Cool, then you're good. I am pretty much all in crypto, but yeah I think you're leaving money on the table if you don't hit your employer matches. Lot of this board is dumb af, and it hasn't sunk into their head that they aren't the main character of the world and can and will get fucked.
>>16397937
Well they may be right if they raise the retirement age. Boomers will do whatever they can to fuck us up before they die

>> No.16398422

>>16398033
Anon you do know that Roth 401K's exist too right...

>>16397133
Don't have a 401k, just a Roth IRA which I don't max out. I do contribute a couple thousand every year though. Since My goal is early retirement most of my money is going towards cash flow producing assets that I don't have to wait 30 years to access

>> No.16398443

>>16397280
>muh guaranteed gains
The fed can’t pump your bags forever boomer

>> No.16399035

>>16397470
>comparing Japan's 1980's economy at the peak to america's 2019's economy

Stay poor faglord.

Pensions are not guaranteed which is why the workers never get paid out when a company goes bankrupt. This is actually an argument about why 401ks are better than pensions.

Equities also keep up with inflation, acting as a hedge so your last comment make no sense either.

You are a faggot doomer who is too poor to invest so you shit on everything with your pseudoscience and fake news. You deserve to be eliminated and forbidden to exercise freedom of speech. I'm worried about how many others you have poisoned and tricked with your lies.

>> No.16399394

>>16398422
Same. Dividends and crypto with some precious metals. I stopped putting into the 401k since it's a scam.

>> No.16400101

>>16397933
money market isn't FDIC ensured you fucking tard, and even if shit goes haywire it would mean the dollar would drop down abysmally.