Current Events > are there alternatives to a company's 401k

(+) Yeah! (+)

I just think it is ***** stupid to put money in to something you can't touch for 30 years.
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just become a rich entrepreneur and have insurance at your own expense

i like to keep my retirement savings in a shoebox under my bed
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If they match what you're putting in - how the hell is that stupid?
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Investments. The problem is, a 401k is close to guaranteed with matched-money while an investment portfolio can fluctuate based on your investments and the economy.
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AlphaBoy posted...

just become a rich entrepreneur and have insurance at your own expense

A 401k is a retirement savings account, not insurance...
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Pogo_Marimo posted...

Investments. The problem is, a 401k is close to guaranteed with matched-money while an investment portfolio can fluctuate based on your investments and the economy.

Both will fluctuate based on your investments just you can get employer money to also fluctuate if the 401K has a match.
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The only reason why you wouldn't go with a company's 401k is if it's in shitty stock, like the company itself, or if it has exorbitant expense fees (1% is the absolute max you should ever consider paying).

My company is small so it offers a SIMPLE IRA (401k for small businesses), we can invest it through fidelity which means low expense fee mutual funds. That money is growing faster than anything else I have (excluding my HSA, and cryptos of course).

Low fee mutual funds, pretax investments, that is what will be the difference between 65 year old jballen either living in a paid off house going into town to drink a coffee and painting in his spare time, or instead being the dinosaur in some stupid company that doesn't understand the new quantum computers and grinds his golden years away for peanuts just to survive.

It takes so fucking little to ensure that you'll have a million dollars (adjusted for inflation) by the time you're 65. It's worth every penny.

Do a Roth 401k so you can withdraw the principal penalty free.
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AlephZero posted...

Do a Roth 401k so you can withdraw the principal penalty free.

Earns you less than a tIRA in the end though.

Of course you have to qualify for it

Idk if Ill even live to 65
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JBaLLEN66 posted...

I just think it is ***** stupid to put money in to something you can't touch for 30 years.

https://www.nrsforu.com/iApp/tcm/ocfa457/learning/library/power_of_time_compounding.jsp
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Spoken like someone who just started their career...
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JBaLLEN66 posted...

Idk if Ill even live to 65

that's a risk you need to weigh. i don't think you should be foregoing any necessities to retire, but you should certainly weigh investments vs luxuries such as vacations or fancy dinners.

like most things in life, it's about balance. i invest enough to give myself a sound piece of mind about my retirement future but not so much that i can't spoil myself with things i enjoy.

i could invest more into my 401k but that would lower the amount of flexible spending i have each month. i know im taking a tax hit by investing that money later (should i not spend it), but the freedom to spend it how i want is worth that to me.
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There are ways to get the money out of the 401k without paying penalties. Look up Roth IRA conversation ladder
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Just save up all your money. No need to enjoy your youth and good years. You'll be the richest guy in the old folks home living it up when you're 65 man.
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REMercsChamp posted...

Just save up all your money. No need to enjoy your youth and good years. You'll be the richest guy in the old folks home living it up when you're 65 man.

haha
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Giant_Aspirin posted...

JBaLLEN66 posted...

Idk if Ill even live to 65

that's a risk you need to weigh. i don't think you should be foregoing any necessities to retire, but you should certainly weigh investments vs luxuries such as vacations or fancy dinners.

like most things in life, it's about balance. i invest enough to give myself a sound piece of mind about my retirement future but not so much that i can't spoil myself with things i enjoy.

i could invest more into my 401k but that would lower the amount of flexible spending i have each month. i know im taking a tax hit by investing that money later (should i not spend it), but the freedom to spend it how i want is worth that to me.

Well I have an account at work, but I'm trying to quit and move cities so I stopped contributing to it, so I can save for the move.
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In 40 years you'll be enjoying the anti aging fruits of biotech while watching AI do most jobs/tasks. Today's retirement paradigm won't exist.
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