Should I max my 401K contributions?

[R.E.N. Spells Ren]

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

Its a retirement account...that's why you can't take it out until a certain age, the strict penalties are there to deter you from taking monies out early. They care about you taking monies out early because there are certain benefits offered for a 401k (namely, contributions are tax deferred) so they want to ensure people use this as a retirement account.

Yes, it follows you from job to job. Not sure what you mean by same "rates"...

 

[Strapped]

Pay off that rusty bucket you bought first

 

[cleanface coney]

Its a retirement account...that's why you can't take it out until a certain age, the strict penalties are there to deter you from taking monies out early. They care about you taking monies out early because there are certain benefits offered for a 401k (namely, contributions are tax deferred) so they want to ensure people use this as a retirement account.

Yes, it follows you from job to job. Not sure what you mean by same "rates"...

i was sayin rates like what if i get laid off/fired/quit and i have been puttin a certain amount into my 401k

but when i start my new emplyer maybe they dont pay as much or i cant put as much as i used to


thanks for the info bro i appreciate it

 

[R.E.N. Spells Ren]

i was sayin rates like what if i get laid off/fired/quit and i have been puttin a certain amount into my 401k

but when i start my new emplyer maybe they dont pay as much or i cant put as much as i used to


thanks for the info bro i appreciate it

You can put anywhere from $0 to the max (which I think is $16,500)...that's completely up to you. If you change jobs, you can adjust how much contribute; you can adjust how much you contribute even if you stay at your current job. Hell, even if you're unemployed or self employed you can choose to contribute.

The big advantage is the tax deferred contributions AND companies that match what you contribute (which they do since pensions are typically no longer offered)

 

[CTech83]

I got about 20K in mine. I wish I started sooner though.

 

[Heretic]

The only downside to a 401k is that it's dictated by the market. I had the option to manage my own 401k thru t. rowe price and it makes me feel a lot better about the long term prospects. If you have the time, that's the way to go bc then you can see weekly or even daily trends and basically try to buy.and sell to maximize growth.

 

[fact]

Normally, if there is any company match, I would say fukk yes, but this past year my financial advisor told me to lower my contribution.

 

[Rawtid]

Not if you're in debt.

Put only up the amount that your company will match for a 401k. Max out your Roth IRA.

 

[mannyrs13]

Think max is actually 17500, was checking on mine earlier. but that's under a certain age. you can put more later to catch up. good thing is it's before taxes. so you pay less in taxes. best to just stick with company match. anything less and it's worthless. I'm at 4% right now but new storage fees and decrease of nearly 3% to even money match are killing me. best to do it tho as soon as possibly can. the younger the better. can't be busting our ass when we in our sixties.

 

[TheBigBopper]

You'd better or I'mma fukk you up

 

[The Nigerian]

I need all that free money from my company

FVCK NO!

401k's are a scam. Not only that, but they're one of the most taxed forms of income out there.

"Hey, give me your money now and you'll be rich when you're 70!"

 

[⠀⠀⠀]

my job matched 7 percent.

but you know me, a nikka had to take all the money out that bytch and bought the cadi

 

[Rawtid]

my job matched 7 percent.

but you know me, a nikka had to take all the money out that bytch and bought the cadi

You paid 25% on that money...that was stupid and I hope you were joking.

 

[Atlrocafella]

My company matches up to 4%, I only contribute 2% right now, I'll up it to 3% next year, than 4% the following..That is if I stay with the company of course.

 

[OH SOHH TRILL]

my job matched 7 percent.

but you know me, a nikka had to take all the money out that bytch and bought the cadi

Yo the sun don't shine forever but as long as it's here then we might as well shine together
Better now than never