Current Events > Should I be maxing out my 401k at slightly above minimum wage

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Tactical_Spork 07/08/19 6:48:17 PM #1:	Im like 60 over min wage Realistically will my generation even live to retire --- "poop porn can be slightly attractive as long as it's not that liquidy sort of poop." ~ hi_polymer https://imgur.com/6GJoJ <cite>Tactical_Spork posted [p:924421974] in Should I b... [t:77849901]...</cite> <quote>Im like 60 over min wage Realistically will my generation even live to retire</quote> ... Copied to Clipboard!
Little_BonTron 07/08/19 6:50:26 PM #2:	How much debt do you have? <cite>Little_BonTron posted [p:924422037] in Should I b... [t:77849901]...</cite> <quote>How much debt do you have?</quote> ... Copied to Clipboard!
ConquestOfBread 07/08/19 6:51:13 PM #3:	always put in whatever your employer will match to, it's free money --- All things are for all. <cite>ConquestOfBread posted [p:924422063] in Should I b... [t:77849901]...</cite> <quote>always put in whatever your employer will match to, it's free money</quote> ... Copied to Clipboard!
Compsognathus 07/08/19 6:57:48 PM #4:	Maxing out as in making the $19,000 IRS limit? No. You probably couldn't do that at your wage and actually live. But I would recommend trying to maximize the employer match so long as you can afford it. Like don't put off a loan payment or a credit card payment just to get free employer money, but if you are able to otherwise pay your expenses, it's never a bad use of your money. --- Gheb is my other account <cite>Compsognathus posted [p:924422351] in Should I b... [t:77849901]...</cite> <quote>Maxing out as in making the $19,000 IRS limit? No. You probably couldn't do that at your wage and actually live. But I would recommend trying to maximize the employer match so long as you can afford it. Like don't put off a loan payment or a credit card payment just to get free employer money, but if you are able to otherwise pay your expenses, it's never a bad use of your money.</quote> ... Copied to Clipboard!
deupd_u 07/08/19 7:07:23 PM #5:	ConquestOfBread posted... always put in whatever your employer will match to, it's free money Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing. --- Snipers don't shoot at paper, they shoot watermelons. https://imgur.com/jo511lG <cite>deupd_u posted [p:924422738] in Should I b... [t:77849901]...</cite> <quote><cite>ConquestOfBread posted...</cite> <quote>always put in whatever your employer will match to, it's free money</quote> Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing.</quote> ... Copied to Clipboard!
WarDog2016 07/08/19 7:09:00 PM #6:	Tactical_Spork posted... Im like 60 over min wage Realistically will my generation even live to retire Go all in on the stock market tc. Dont listen to all these haters. <cite>WarDog2016 posted [p:924422811] in Should I b... [t:77849901]...</cite> <quote><cite>Tactical_Spork posted...</cite> <quote>Im like 60 over min wage Realistically will my generation even live to retire</quote> Go all in on the stock market tc. Dont listen to all these haters.</quote> ... Copied to Clipboard!
Paragon21XX 07/08/19 7:10:34 PM #7:	deupd_u posted... ConquestOfBread posted... always put in whatever your employer will match to, it's free money Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing. That's not how employer matches work. Assuming 4% match which is based on salary and not just contribution, that would be an extra $1600 per year. --- Hmm... <cite>Paragon21XX posted [p:924422871] in Should I b... [t:77849901]...</cite> <quote><cite>deupd_u posted...</cite> <quote><cite>ConquestOfBread posted...</cite> <quote> always put in whatever your employer will match to, it's free money</quote> Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing.</quote> That's not how employer matches work. Assuming 4% match which is based on salary and not just contribution, that would be an extra $1600 per year.</quote> ... Copied to Clipboard!
Compsognathus 07/08/19 7:15:29 PM #8:	deupd_u posted... ConquestOfBread posted... always put in whatever your employer will match to, it's free money Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing. Your math is very incorrect. If an employer has a match of 4%, that would be $1,600 a year. Provided you also contributed $1,600. You also ignore the tax deferred element of your contributions which would allow you to initially invest more money into your 401k than you could into your Robinhood account. I'm not saying that 401(k)s are the solution for everyone, but your explanation is very misleading. --- Gheb is my other account <cite>Compsognathus posted [p:924423065] in Should I b... [t:77849901]...</cite> <quote><cite>deupd_u posted...</cite> <quote><cite>ConquestOfBread posted...</cite> <quote>always put in whatever your employer will match to, it's free money</quote> Say you make $40k/year, and contribute 10% of your income (way more than realistic). That's $4,000. Your employer contribution will be around 4%, which is standard. Congrats, you just got a free $160, or about 1 day's pay. 401(k)s aren't worth it. The funds offered never beat the S&P, have poor risk/return ratios, and don't forget the 10% penalty for cashing out before age 59 1/2. It would just be easier to take that money, open a free Robinhood account and put it in an S&P index fund, if you're looking for simple passive investing.</quote> Your math is very incorrect. If an employer has a match of 4%, that would be $1,600 a year. Provided you also contributed $1,600. You also ignore the tax deferred element of your contributions which would allow you to initially invest more money into your 401k than you could into your Robinhood account. I'm not saying that 401(k)s are the solution for everyone, but your explanation is very misleading.</quote> ... Copied to Clipboard!
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Current Events > Should I be maxing out my 401k at slightly above minimum wage