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/biz/ - Business & Finance

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49494862 No.49494862 [Reply] [Original]

>conversation about 401k comes up at work
>im reading the rules
>can put up to 50% of pay
>everyone agrees that its impossible

>> No.49495050

Remember the boomer class you loathe has multiple houses and zero expenses because they paid everything off. They do 50% all the time

>> No.49495083

>>49495050
i work with mostly blue collar middle aged alcoholics with the classic "i hate my wife" addons. the older guys are probably doing alright but only because the job pays well and they live to work

>> No.49496445
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49496445

Gen X here kids. I am putting $26,000 per year, or just under 40% of my salary in my TSP(401K), not including company match. My house is paid off, we have an eBay side hustle and 2 cash flowing rentals. We also don't spend much. The benefits of sheltering so much income is that my income tax paid is almost zero. Wife has stayed home for 25 years raising kids, cooking from scratch and tradwifeing. We are Millionaires on paper but live like poorfags. It is very possible with the right mindset. 6 years till I collect my inflation indexed pension. Few get rich quick. It is a slow slog kids. Embrace the suck and man up.

>> No.49496573

>>49496445
You're going to pay a fuckload in taxes when you sell the rentals, I don't know normies flex about depreciation of an asset.

Anyway, good on you.

>> No.49496605

>>49494862
What's impossible you fucking nigger?

>> No.49496692

>>49496605
to save 50% of paycheck my negro friendo

>> No.49497477

Not a burger but retirement funds will rug before you get to use them. They're a ponzi and there's not enough young people buying in to get the old out

>> No.49497517

>401k
Don’t buy boomer bags anon

>> No.49497549

>>49494862
Max contribution to a 401k is 20,500 a year right now. So if you're making 41k a year, yes.

>> No.49497555

>>49497477
dafuk you talking about. its an ira that your company is legally required to rollover to a personal account after leaving if you ask for it

>> No.49497605

>>49494862
i just put the minimum 6% in my 401 to get the match
who the fuck knows if i'll even live till 59. world sucks

>> No.49497614

>>49497555
What do you think happens to your ira when the old people retire and rug? You can't take value out when there's none left

>> No.49497632

>>49497605
>im jus gonna die
every financially illiterate person i know believes this
ngmi

>> No.49497641
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49497641

>>49494862
>Imagine being paid so little that a 50% 401k contribution would be legal

>> No.49497672

>>49497641
it still maxes at 19.5k regardless

>> No.49497744

>>49497605
Yeah, I figure I'd rather have as much as possible to invest myself rather than handing it over to some fund for the masses, but immediate guaranteed 100% gains is hard to beat.

>> No.49497819

>>49497641
How embarrassing. I can't even max out the 401k at my main job because I make too much money. Look up the "highly compensated employee" rule.

>> No.49497824

>>49494862
Basically people live above their means no matter their pay

>> No.49498047

>>49496573

ackshually a 1031 exchange will allow him to roll it into a bigger building and pay no tax plus he can deduct depreciation on his shit

>> No.49498115

>>49496445
i hope every bone in your body breaks and you are riddled with multiple types of cancer forcing you to withdraw your 401k contributions before age 65 and get hit with 40% tax

>> No.49498518

>>49494862

Ya I remember when they made us sit through a 401k meeting at work too. While I am living paycheck to paycheck on a fucking slave wage they expect me to put into their boomer scam. Trying to pump their investments by getting other idiots in.

>> No.49498552

>>49498115
What’s wrong with you?

>> No.49498575
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49498575

>>49495050
>They do 50%
Boomers don't have to do 50%, anon. They got actual pension plans before getting rid of pension plans for everyone else that came after them.
They paid 0% and are receiving their full working salary while retired until they die.

>> No.49498586

>>49498518
>BUT YOU'LL SAVE 1.5% ANNUALLY ON TAXES PLEASE, PLEASE PARTICIPATE IN THE MARKET NO YOU CAN'T JUST NOT PARTICIPATE. AND RETIRE POOR AND LIVE OFF THE STATE NOOOOOOOO

>> No.49499063

>>49498115
in that case you could get a medical hardship exception allowing you to withdraw from your 401k without the penalty