R.E.N. Spells Ren
Veteran
Coli financial advisors.... Always good for a laugh.
Should I max my 401K contributions?
- Thread starter Sad Bunny
- Start date
God damn.
It's not a scam at all. Nobody... *NOBODY* is saying it's tax free. Where the hell do you guys get this "tax free" thing from???FYI, taxes have been lower under Obama than at any time in the last 30 years, so not sure where this "taxes only get higher" rhetoric is from. "Instantly in a higher tax bracket"? Wtf does that even mean? Did you research anything this dude said or did you just nod and agree?
Breh, there is absolutely NOTHING about this that's true, at all.
Breh calm down noone is saying your beloved 401k is a total scam.
But.....
First off, when I say taxes only get higher, what I mean is 30 years down the line.
does taxes being lower then ever under obama have to do with the amount taxes are going to be when you start to draw your money?Its common knowledge that when you pull your 401k money at retirement age that you have to pay income tax on that money. Well guess what? If your 401k is 1 million dollars, then tadaaaa.....you are now in a new tax braket, you know the one that millionaires are in.
Really breh do you really understand how a 401k works? It dosnt really sound like it to me. Yoy should really do a little more research on it. Look up the fees that you are paying on the funds in your ackage and see what it says about how that affects employer matching.
This is things I already knew, I was just stating what my co worker said as 401ks are inveating for lazy people.
Sorry for spelling and such im out and about on my phone
BlvdBrawler
Superstar
Breh calm down noone is saying your beloved 401k is a total scam.
But.....
First off, when I say taxes only get higher, what I mean is 30 years down the line.
Its common knowledge that when you pull your 401k money at retirement age that you have to pay income tax on that money. Well guess what? If your 401k is 1 million dollars, then tadaaaa.....you are now in a new tax braket, you know the one that millionaires are in.
Really breh do you really understand how a 401k works? It dosnt really sound like it to me. Yoy should really do a little more research on it. Look up the fees that you are paying on the funds in your ackage and see what it says about how that affects employer matching.
This is things I already knew, I was just stating what my co worker said as 401ks are inveating for lazy people.
Sorry for spelling and such im out and about on my phone
Breh do YOU know how that shyt works? You don't have to take it all at once. You can withdraw regular disbursements if you want. The idea is to put most of that money in treasury bonds, and let it continue to grow while you take regular disbursements.But don't listen to me, I ain't know shyt.
Dudes thinking they have to take all the money in cash at once, but I'm the one who should do more research.
O and to address the last part about exemptions.
Since the money you put in your 401 is before its taxed you potentially place your self in a lower tax bracket NOW. Certain tax credits on mortages, stocks, etc wont be available to you causing you to miss out on them. If you think im lying breh ask any financial expert.
BlvdBrawler
Superstar
I'm not gonna ask a financial expert I'm gonna ask you. Link it up breh. Educate me. What tax credits am I missing out on specifically by investing in a 401(k).
But don't listen to me, I ain't know shyt.
Dudes thinking they have to take all the money in cash at once, but I'm the one who should do more research.
True but you will be over 60 cuzz. Over 60!!! Who wants scooby snacks at 60?
BlvdBrawler
Superstar
Better to have it and not need it than to need it and not have it. Consider my 401(k) my "Brazil and Viagra" fund 
.
Taxs credits on properties for example. Placing yourself in a position now to pay less taxes means that the programs the goverment gives to people who own them will be lower and sometimes non existent.
Im philosophy is that life is short breh. Id want to invest in ways that that will give me money when I can really use it. I have a TSP basically the same as a 401k but for military but its not for me ots for my daughter. Just so she can draw ot the same way you are planning to do when you get 65.
This stuff wont be affect by how much pre tax income you contribute to a 401k.
Life is short breh, I want my money now so I csn use that money on more property. Not so ill have to nickel and dime my money @ 60. Don't ypu guys see the L your going to tske?
BlvdBrawler
Superstar
Breh calm down noone is saying your beloved 401k is a total scam.
But.....
First off, when I say taxes only get higher, what I mean is 30 years down the line.
Its common knowledge that when you pull your 401k money at retirement age that you have to pay income tax on that money. Well guess what? If your 401k is 1 million dollars, then tadaaaa.....you are now in a new tax braket, you know the one that millionaires are in.
Are you serious?
I think that you just proved that you don't know what you are talking about. No one is going to take out all of their retirement savings at once.If you get a company match which is basically a guaranteed return.
Also unless you have lots of investment income when you retire then you will be in a lower tax bracket then when you are working.
BlvdBrawler
Superstar
BlvdBrawler
Superstar
If you get a company match which is basically a guaranteed return.
Not to mention dividends (
), interest compounded over 30 YEARS 
, and tax breaks during working years 
.I don't see how people don't understand this shyt. It's a no-brainer.
So then what in the everlasting fukk are we going back and forth for!!
I never said is was a terrible program. Im saying its better ways to invest. I personally wouldnt max it. Invest that money in better things.