The 401K is a scam

[Anonymous No.57557376]

So I have this old 401K from a few years ago at a company I left and just had it sitting in Fidelity.
What does this thing even do ?
My car just blew up I'm considering just cashing this out and buying a used Corolla for my new job, or putting it all into a boomer coin. like LTC,

[Anonymous No.57557435]

>>57557376
Do you not have it invested in anything?

[Anonymous No.57557459]

>>57557435
Probably, the automatic Target Date Fund if I had to guess. If he's that retarded, that's on him

[Anonymous No.57557473]

>>57557376
16% 1 year returns on my fidelity 401k not including company match

[Anonymous No.57557486]

>>57557473
sweet bro youll get a little money when you are 60!!!!

[Anonymous No.57557594]

>>57557486
that's just my 401k i made a lot more on everything else

[Anonymous No.57557629]

>>57557435
IDK I'd have to look through there.
I left the company in 2019 and its just been sitting.

[Anonymous No.57557715]

>>57557629
You need to roll it to an ira probably paying fees if you no longer work at the company

[Anonymous No.57557790]

>>57557715
Shit
you are a big brain for sure.
I am figuring at this point, I will need my own ecommerce site to retire and consulting opportunities

[Anonymous No.57558024]

>>57557376
you maybe a bit retarded there fren
nabers dot com can help you get it into crypto
if you aren't maxing your 401k and you can afford to you are full blown uneducated
go talk to chat gpt

[Anonymous No.57559676]

>>57557376
Nigga I took an old 401 K and converted it into a crypto IRA and basic IRA (to trade bitcoin miners). Up 2X from that shitty 401K bullshit.

[Anonymous No.57560562]

>>57557459
If it's only projected to accumulate 22% by the time he's 67, it's probably in the default government reserves account. OP is a certified retard.

[Anonymous No.57560608]

>>57557459
if it was in a target date fund it would be far better even, those aren't even that bad
this retard unironically has it in cash or government bonds at best

>>57557486
if you don't know how to get money out without penalties, you are a novice
that's not a pointed insult, most people are the same, they don't know the tax code or how to use.
but it is absolutely trivial to do a "roth ladder" strategy to get the money out. it just requires a degree of planning that most don't have

[Anonymous No.57560650]

>>57557376
You're supposed to use the 401k to invest in s&p 500 and nasdaq index funds. After a few decades of contributions and market gains you will have millions of dollars to support your retirement. I know boomers who did exactly that since the 1990s and their 401ks accounts are huge now.

[Anonymous No.57560738]

>>57560650
this, plus the fact that most people use them poorly. they contribute 4% up to the match, sell the dips, and pull the money out half the time when they switch jobs.
good advice is mostly simple and boring, but there's a lot of money to be made in selling the dream of getting rich quick.
add some crypto to the mix if you want to amplify returns, the fact remains that it takes dedication and commitment unless you are in a very unique situation with respect to income.