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/biz/ - Business & Finance

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55950199 No.55950199 [Reply] [Original]

>SORRY GOY, BUT THESE FUNDS ARE LOCKED UNTIL YOU REACH RETIREMENT AGE
>UNTIL THEN HAPPY WAGING
employer matching is the biggest fucking scam of the century you put in money you can't even cash out.

>> No.55950232

>>55950199
kek, that aint nothing boy. in australia 11% of your earnings go in for your entire working life and cannot be touched until retirement (with the exception of extremely extreme circumstances).

>> No.55950237

By the time you reach retirement age, the retirement fund manager will no longer have the liquidity to pay you out. Look at the trajectory the US is headed towards. Hell, they're even talking about social security drying out much sooner than many originally expected.

Thanks for playing.

>> No.55950245

>>55950199
I put the bare minimum to my retirement. My employer makes it mandatory to contribute to their retirement scam.

>> No.55950353
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55950353

When I'm old, I won't care much about material possessions. I barely do now. I don't think the IRS is going to care how one little old man pays for his 1 bedroom apartment on social security.
They don't have to know it's being supplemented by millions worth of crypto for groceries, gas, utilities and entertainment.
I'll leave it all to some charity and write something up with a lawyer. I don't want kids. They'll die in the wars over resources anyway.

>> No.55950728

It's natural selection, any company that offered immediate withdrawal of the match would go bankrupt. Remember the people running this shit are smarter than you

>> No.55950735

>>55950199
Nah dude, close your bank account.

>> No.55951048

>>55950199
You can access the funds whenever you want. You just pay a massive tax penalty. Depending on how much growth you get it may even be worth it.

>> No.55951086

>>55950728
>the people running this shit are smarter than you
I'm not very smart, but I think I'm smarter than they are. They just have much more power than me and access to insider information. Unless you're way above average intelligence, there's only so much you can do to overcome the odds you get from coming out of the wrong pussy.

>> No.55951170

>>55950199
How is it scam? My 401k match is 100% up to 6% so I do 6%. It's not mandatory to invest in the 401k but it's free money every January so you'd be retarded not to do it. Anything else I want to invest into retirement I just max out my wife and I's Roth IRAs then put the rest in mutual funds. I also have a pension.

>> No.55951173

>>55951170
Oh I think I misread the OP.. wtf why can't you touch it? We are fully vested after 3 years after that you can do whatever you want with the money. Cashing out a 401k early is retarded though

>> No.55951178

am i the only one maxing out my 401K to the IRS limit?

>> No.55951189

401k is for the person who is too stupid to save up for retirement. And of course the state doesn't wanna support your ass. Invest on your own

>> No.55951226

>>55950199
What's the point of having money if you're old and senile?

>> No.55951257

>>55950199
You can cash out your 401k whenever you want to retard

>> No.55951262

>>55951257
+Penalty+tip

>> No.55951275

>>55951262
There’s hardly any penalty (I think it’s like 10%)

Also I get 100% employee match, so it’s literally FREE money that I can cash out whenever I want

I’ve been considering it desu

>> No.55951306

saving for retirement seems so cucked to me I'd rather have the money now

>> No.55951310

>>55951306
yeah

majority of bizraelis are obese as well so they won’t live very long anyway

>> No.55951329

>>55951275
10% penalty + income tax

>> No.55951349

>>55950232
>in australia 11% of your earnings go in for your entire working life
The USA has the same thing except our money doesn't go into our own account, it goes to pay the elderly retired folks, even if they are already rich.

OP is talking about *additional* retirement funds invested on top of the government ponzi scheme tax.

>> No.55951359

>>55951349
ahh true. i thought all the 401K etc in the US was optional.

>> No.55951390

>>55950199
you unironically do not know our tax law at all
at best, there are just a few hoops to jump through, plus a lead time, for getting money out with zero penalties.
simply googling "roth conversion ladder" disproves all of this

>>55951329
>i'd rather get 0 than pay taxes!
anon you're still better off taking it even if you pay penalties and cash out
alternatively, don't be a dumbass and follow well-known methods to avoid tax and penalties

>> No.55951398

>>55951390
Or don't have one and invest on your own

>> No.55951406

>>55951226
Maybe take care of your body so you can enjoy a good 40 years

>> No.55951418

>>55951398
If you’re employer is willing to 100% match your 401k contributions and you opted out anyways, you’re a full blown retard

Post hand with timestamp

>> No.55951419

>>55951390
having to wait 5 years for your money is not the same thing as cashing out with no penalty.

>> No.55951433

>>55950199
They're not locked you just pay a penalty
And why the fuck would you not take advantage of an employee match? That's part of your benefits package

>> No.55951434

>>55950353
You must really make your parents proud

>> No.55951438

>>55951418
Not every employer does you dumb fuck. Keep your money on your 401k since you're too retarded to invest on your own

>> No.55951452

>>55951438
Oh Kek you shit job doesn’t? Hahahahaah Holy shit git gud

You probably didn’t even go to college and are doing trade meme shit too

>> No.55951480

>>55951452
Data Scientist but okay

>> No.55951518

>>55950199
this is what started my hatred of the jewish system.

>>55951434
good goy. you must consoom to make your parents proud. consoom and produce more slaves. theres a good goy.

>> No.55951526

>>55951275
>it’s literally FREE money
literal boomer tier normal nigger advice

>> No.55951544

>>55951526
Funds aren’t “locked” you dumb faggot nigger OP

>implying you can’t make other investments simultaneously
Stop being poor or kys

>> No.55951605

>>55950199
>pensions
have fun paying for boomers until they croak, then getting absolutely none of your money back. in fact, it's a net loss because of opportunity cost

>> No.55952645

>>55950199
this world is a scam desu.

>> No.55952701
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55952701

>>55950232
Also the jews can play investments with our earnings, AND we have to pay them a fee for the privilege.

>> No.55952707

That's a good thing though

>> No.55952759

>>55951173
Here in the UK they take 55% as tax if you touch it before 55

>> No.55952980

>>55952759
Oh shit it's worse, the workplace pension fund holders can add their own withdrawal charge on top on top of that tax, up to 30%.
Imagine losing 85% because of early withdrawal