Recommendations on 401K

[Apollo Creed]

Before I used to just take what the job contributed for free but last year I maxed mines out for the first time.

IIRC HSA's are like IRA's on steroids because you never pay taxes on contributions OR (medical) distributions. Also, if you wait til you are 65, then you can use the HSA account like a 401K and just pay taxes on withdrawals.

If applicable it should probably be among the top of your list to max out because of the flexibility.

But I thought HSAs were ONLY for medical cost.

 

[ViShawn]

Before I used to just take what the job contributed for free but last year I maxed mines out for the first time.

IIRC HSA's are like IRA's on steroids because you never pay taxes on contributions OR (medical) distributions. Also, if you wait til you are 65, then you can use the HSA account like a 401K and just pay taxes on withdrawals.

If applicable it should probably be among the top of your list to max out because of the flexibility.

I LOVE using a HSA. Now starting to invest in mine and seeing it grow.

We're all going to have medical expenses when we get older so I see it as one of the best investments for yourself while you're young and healthy instead of paying for high insurance.

 

[DrunkenNovice]

But I thought HSAs were ONLY for medical cost.

Right now, After you're over 65 you just pay income tax on it.

 

[Macallik86]

I LOVE using a HSA. Now starting to invest in mine and seeing it grow.

We're all going to have medical expenses when we get older so I see it as one of the best investments for yourself while you're young and healthy instead of paying for high insurance.

I will say the sucky thing about my HSA is the weak/lack of investment options. The funds are limited and have high expense ratios in addition to the HSA company charging a monthly fee (only $2.50 but still) for investing your HSA money. Slowing down my compound interest growth with that weaksauce

 

[JAY?]

How do you check if you got money in a 401k or penchant?
I know my job does that shyt

 

[Truefan31]

How do you check if you got money in a 401k or penchant?
I know my job does that shyt

You should get statements if you're enrolled. Also if you're doing a 401k there should be deductions from your paycheck.

 

[JAY?]

You should get statements if you're enrolled. Also if you're doing a 401k there should be deductions from your paycheck.

I was enrolled in the 401k but couldn't afford to keep putting money in
I get letters in the mail about once a month with stock info I don't understand

 

[Truefan31]

I was enrolled in the 401k but couldn't afford to keep putting money in
I get letters in the mail about once a month with stock info I don't understand

Prolly your statement with your balance/performance etc.

Unless you're in debt and or struggling that bad breh I'd advise doing a 401k, especially if your employer matches contributions in any way. Depending on age do what you can. I do Roth 401k but even pretax 401k is good. Anything is better than nothing.

But again if you're struggling hard or paying off big debts take care of that first.

 

[Ice_MF_Mike]

Follow this and you will be in very good financial shape.

 

[JAY?]

Prolly your statement with your balance/performance etc.

Unless you're in debt and or struggling that bad breh I'd advise doing a 401k, especially if your employer matches contributions in any way. Depending on age do what you can. I do Roth 401k but even pretax 401k is good. Anything is better than nothing.

But again if you're struggling hard or paying off big debts take care of that first.

I'll post it next time I get it in the mail

But yeah I'm struggling hard. I put like 500 - 700 a month on my credit card
And that's just to get by

I was putting like 80 a month into the 401k and my company would throw another 25 or so
Their contribution didn't seem like much and I needed the extra cash

 

[Truefan31]

I'll post it next time I get it in the mail

But yeah I'm struggling hard. I put like 500 - 700 a month on my credit card
And that's just to get by

I was putting like 80 a month into the 401k and my company would throw another 25 or so
Their contribution didn't seem like much and I needed the extra cash

Yeah imo seriously focus on getting yaself in a better position. Increase income, lower expenses. Pay off debts. Build an emergency fund.

Fwiw if the company throwing in 25 with your 80 that's pretty crazy percentage match. Soon as you get right I'd go hard contributing.