The Nigerian
The Realest Member of TheColi
It's double taxed income.
Should I max my 401K contributions?
- Thread starter Sad Bunny
- Start date
401k is the biggest scam ever. You dummies. You better read up.
It's not tax free-it's tax deferred.
So you 100k is really like 65k.
There's a reason you have to wait til you're 62 to get "your" money? It's a big gamble and they want to keep you in the casino. The only difference is, they have the dice but are using your money. People have no clue what these crooks are doing with your money then, and especially now. Gambling on the housing market. Remember when the housing market crash, everyone's 401k was damn near cut in half.
And read up on all of the hidden fees the take out. Up to 1/3 of your contributions over a 30 year period.
It's not tax free-it's tax deferred.
So you 100k is really like 65k.
There's a reason you have to wait til you're 62 to get "your" money? It's a big gamble and they want to keep you in the casino. The only difference is, they have the dice but are using your money. People have no clue what these crooks are doing with your money then, and especially now. Gambling on the housing market. Remember when the housing market crash, everyone's 401k was damn near cut in half.
And read up on all of the hidden fees the take out. Up to 1/3 of your contributions over a 30 year period.
The Nigerian
The Realest Member of TheColi
you don't know how much i paid.
my job matches up to 7%
i didnt tell you what percent i added
What your company matches OR the amount you contributed has NOTHING to do with the tax penalty for early withdrawals from your 401k. I mean unless you're 59 1/2, then my bad...
R.E.N. Spells Ren
Veteran
Define the two times it's taxed.
R.E.N. Spells Ren
Veteran
You do realize you can manage it yourself, right? Pensions are the ones where people had no control over it and entire unions lost great sums of money.
I say max it the hell out if you can. Last yr I contributed 7% and in one yr I had 1k in there. This yr it's 9%... I have it set to be raised after the first of every yr until I max out.
Cant miss money I dont see
Cant miss money I dont see
R.E.N. Spells Ren
Veteran
I say max it the hell out if you can. Last yr I contributed 7% and in one yr I had 1k in there. This yr it's 9%... I have it set to be raised after the first of every yr until I max out.
Cant miss money I dont see
Nah, put the minimum needed to maximize your employer's contribution.
Use a Roth IRA for the rest. Although a Roth IRA uses post-tax dollars, the interest is never taxed. That's about as good as it gets.
True. I need to open me a damn IRA and contribute some ish to it monthly.
I think I will do that when I get my tax return
R.E.N. Spells Ren
Veteran
True. I need to open me a damn IRA and contribute some ish to it monthly.
I think I will do that when I get my tax return
Just make sure it's a Roth IRA and not a traditional IRA
Ok. have you opened up any money market or bonds accounts?
The Nigerian
The Realest Member of TheColi
It's taxed when you pull it out plus you have to pay a penalty should you want YOUR money before you're 70 or whatever.
I plan on owning stocks, bonds, commodities, and rental property.So what are your plans for retirement?
R.E.N. Spells Ren
Veteran
Yea. I go through my financial advisor for all that.
(I think a money market is just a regular ass savings account, but I'm no financial guru. I just assumed you mean an account with stocks, mutual funds, bonds, etc.)
THASTUNNA
All Star
got 18K in mine. Wished I would have started earlier. I give 4% and my company matches up to 4%. Since I work OT I put all that extra money into a savings account. Trying to do whatever I can not to touch neither.