Should I max my 401K contributions?

[Sad Bunny]

I need all that free money from my company

 

[jdubnyce]

401K?

 

[Sad Bunny]

401K?

401(k) - Wikipedia, the free encyclopedia

 

[jdubnyce]

401(k) - Wikipedia, the free encyclopedia

from toronto, sorry didnt know about 401K; its equivalent to RRSP (Registered Retirement Savings Plan - for Canadians)

to answer the question, max out contributions if you can afford it; not sure how the tax return system works in the US, but I always max out my RRSP contributions and see a healthy refund from the gov't every year

 

[SuburbanPimp]

Yes Sir, I been maxed out for 2 years and that 401K looking alot nicer now.

I just hate I was bullshytting prior to that or else I'd probably have about 15k in there.

 

[BlvdBrawler]

Yes Sir, I been maxed out for 2 years and that 401K looking alot nicer now.

I just hate I was bullshytting prior to that or else I'd probably have about 15k in there.

Yea that's the one thing that 100% of investors can agree on. "I wish I had started sooner."

To Gator, you should at least contribute enough to take advantage of the company's matching.

 

[mson]

I got like 23k mines.

 

[Sad Bunny]

Yea that's the one thing that 100% of investors can agree on. "I wish I had started sooner."

To Gator, you should at least contribute enough to take advantage of the company's matching.

our matching is discretionary

so i did 3 percent until i see what the matching is like

 

[BlvdBrawler]

I got like 23k mines.

Good shyt breh.

 

[beejus]

Yeah you should be maxing. Mine is at 4%. If you're doing anything less then what your company matches you're pretty much saying no to receiving more money. Sitting on $25K right now.

 

[mson]

Good shyt breh.

Yeah you should be maxing. Mine is at 4%. If you're doing anything less then what your company matches you're pretty much saying no to receiving more money. Sitting on $25K right now.

 

[cleanface coney]

how nikkas set up 401Ks? like wats the general process without gettin to tehnical

my company was havin a meetin about shyt like this next week

i might have to sign up

 

[Liquid]

how nikkas set up 401Ks? like wats the general process without gettin to tehnical

my company was havin a meetin about shyt like this next week

i might have to sign up

401(k) - Wikipedia, the free encyclopedia

At the end of the day? Its free money and tax benefits...most companies match a percentage of your contribution.

 

[cleanface coney]

401(k) - Wikipedia, the free encyclopedia

At the end of the day? Its free money and tax benefits...most companies match a percentage of your contribution.

wtf man why i cant take out until im 59?

even if i did why are there strict and severe penalties?

one more question.

can you include multiple employers? like what if i get fired does it carry over to my next job

the same rates as well?

not tryna sound stupid im just curious cuz it sound liek a good idea i just need some feedback

 

[BlvdBrawler]

wtf man why i cant take out until im 59?

That's what you want, though. The point of it is to let it grow tax free and earn compound interest over your entire career. By the time all is said and done, your money will be like

.

even if i did why are there strict and severe penalties?

The penalties are there to discourage just that type of thing. You never want to borrow money from your 401(k) unless it's an absolute necessity. I can't tell you how many dumb bytches I know who dip into their 401(k) to go on vacation or get breast implants.

one more question.

can you include multiple employers? like what if i get fired does it carry over to my next job

the same rates as well?

not tryna sound stupid im just curious cuz it sound liek a good idea i just need some feedback

Yep you can typically rollover your 401k balance from one job to the next. The rate is going to be dependent upon the return on your investments. That's gonna vary based on market conditions and whatnot.