Current Events > Make sure you are contributing to your 401k or Roth IRA

(+) Yeah! (+)

You don't want to end up dying in poverty

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Yes

As someone who works in the industry, ask me anything.

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I have a 401k but I'm not aggressively contributing. I hate the idea cause I don't have a lot of faith that the state of the world in 30-40 years is going to be all that worth living in. Or that if I contribute absolutely as much as I can squeeze out of my budget, I'll still have to work til I'm 85 or something. Would rather just enjoy life now

Unless 401k converts to bitcoin it gon be worthless.

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my job forces me to contribute 10% of my paycheck.

but the good thing is they match it completely! easy money!

when im 65... <_<

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CoorsLight posted...

I have a 401k but I'm not aggressively contributing. I hate the idea cause I don't have a lot of faith that the state of the world in 30-40 years is going to be all that worth living in

My struggle everyday.

Dakimakura posted...

Unless 401k converts to bitcoin it gon be worthless.

Shhhhhh....

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MixedRaceBaby posted...

my job forces me to contribute 10% of my paycheck.

but the good thing is they match it completely! easy money!

when im 65... <_<

Your employer can't legally do that. If they really are matching you up to 10% then you should be doing that either way.

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Crypto people are always like "stop letting the government's fake money screw us over, fight back!"

"Oh by the way you'll get screwed over someday if you don't invest in our fake money"

You're throwing away money if you don't. Roth let's you invest tax free, and companies flat out pay you more with 401k matches if you contribute to it.

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CoorsLight posted...

"Oh by the way you'll get screwed over someday if you don't invest in our fake money"

Kek. It's not fake, not anymore than dollars anyway. There is a set amount of Bitcoin, and it cannot be created once it's all found. That is the BIG difference between them, and Bitcoin's advantage.

I'm kicking myself for not buying a bunch when it was less than a dollar. I was going to do it but back then trying to do all that was shady and was too much work to figure out.

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The value of bitcoin currently is backed by the "real" money though. Maybe that would change but that's one issue I have. The other issue I have is that it's not this open market that people act like it is, you have to have money to invest in it or purchase fancy rigs. It's this weird libertarian anti capitalism shit, which sounds like an oxymoron. It's just a rearrangement of income inequality with less government

CoorsLight posted...

The value of bitcoin currently is backed by the "real" money though.

What do you mean?

CoorsLight posted...

The other issue I have is that it's not this open market that people act like it is, you have to have money to invest in it or purchase fancy rigs. It's this weird libertarian anti capitalism shit, which sounds like an oxymoron. It's just a rearrangement of income inequality with less government

How is it not an open market? You trade something for dollars, do you not? How is that not the same with Bitcoin?

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Can I just open up a Roth at a bank and start dumping money into it like any old savings account?
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lilORANG posted...

Can I just open up a Roth at a bank and start dumping money into it like any old savings account?

Up to a certain amount ever year yes.

CruelBuffalo posted...

Up to a certain amount ever year yes.

Can I do a joint account with my wife or do we each get one?
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Mr Sandbag posted...

What do you mean?

I mean that people value bitcoin based on its value in USD (or whatever their local currency). It's like an extra layer on top of government currency, not an alternative

Mr Sandbag posted...

How is it not an open market? You trade something for dollars, do you not? How is that not the same with Bitcoin?

I couldn't think of a good way to put it, but I meant that it's bullshit that people tout bitcoin as a way to more "freedom" financially. I think that a lot of stuff about real money is horrible but there are a lot of different ways to earn it. Investing in bitcoin requires you to already have some capital to invest in it.

I just get driven up the wall by people getting excited about crypto like it's some more equitable financial system when it's actually just tech bros trying to become the new elites while many people still lose

Mr Sandbag posted...

Your employer can't legally do that.

all their fine print says they're federally required to have us contribute to a retirement plant. i can't even change the contribution amount. its mandatory.

i work for the state, btw.

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lilORANG posted...

Can I do a joint account with my wife or do we each get one?

I think its each person can contribute up to $5k. So a married couple would be $10k. Im no tax person tho lol

What's a good percentage to put in? And don't give me that "as much as you can!" bullshit. Like whats a solid number not taking into account any employer matching

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CoorsLight posted...

I mean that people value bitcoin based on its value in USD (or whatever their local currency). It's like an extra layer on top of government currency, not an alternative

But you can do that with any currency or good. It's not unique to Bitcoin.

I suggest you study some basic economics, specifically monetary policy.

CruelBuffalo posted...

I think its each person can contribute up to $5k. So a married couple would be $10k. Im no tax person tho lol

6k, but 1k age 50 catch up. Individual, but you can select your wife as the main beneficiary. If you don't it will default to her anyway.

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Jiek_Fafn posted...

What's a good percentage to put in? And don't give me that "as much as you can!" bullshit. Like whats a solid number not taking into account any employer matching

15% total. Take 15% of what you make a year, and then have that go into retirement investements, whatever they may be. If you contribute 10% of your income, and your employer contributes 5% then that gives you 15%.

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If your Roth and/or 401K let's you select specific funds/stocks, there's an added reason to make your 2021 contribution now as tech stocks/funds are still recovering and (generally) a pretty solid bet for growth larger than average stocks over five years.

Jiek_Fafn posted...

What's a good percentage to put in? And don't give me that "as much as you can!" bullshit. Like whats a solid number not taking into account any employer matching

It depends on how far you are from retirement, if you're going to retire at all, or switch to working part time or whatever.

But for example, if you are going to retire in 30 years and you want a million dollars in your account (a pretty common benchmark), you'd need to contribute something like 6000-7000 a year, assuming 10% annual gains, which I think is what the S&P 500 averages.

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Mr Sandbag posted...

But you can do that with any currency or good. It's not unique to Bitcoin.

I suggest you study some basic economics, specifically monetary policy.

Okay so as someone who is a non-investor in bitcoin, and at best a late investor if I choose to do it, what is the point? Like it's great if you got in it at a good time but how is that supposed to help everyone else?

I just don't understand what the end goal is other than to remake capitalism but now "ordinary" people are rich instead of the "elites", as if having a ton of money isn't what turns people into elites

CoorsLight posted...

what is the point?

Bitcoin will continue to go up. I predict it will hit several hundred thousand, if not higher.

Bitcoin, unlike USD cannot be made out of thin air, and thus cannot be diluted and made worthless, unlike what happens to all fiat currencies.

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Mr Sandbag posted...

Bitcoin will continue to go up. I predict it will hit several hundred thousand, if not higher.

Bitcoin, unlike USD cannot be made out of thin air, and thus cannot be diluted and made worthless, unlike what happens to all fiat currencies.

Being limited doesn't gurantee value. There's a limited quantity of pokemon the first movie new cards, but they're not going to be worth a million dollars all of a sudden.

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Mr Sandbag posted...

Yes

As someone who works in the industry, ask me anything.

Why are you lying?

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Look, I just don't want my retirement fund to become worthless so that a different small group of people can be super wealthy. I'm not terribly worried about that happening, but it seems to be the future that a lot of crypto nerds want

If you want to give me (and everyone) guaranteed housing, food, etc., then sure, take my retirement fund and let me just have a bit of fun spending money please

Squall28 posted...

Being limited doesn't gurantee value. There's a limited quantity of pokemon the first movie new cards, but they're not going to be worth a million dollars all of a sudden.

It's certainly part of it, along with fungibillity, durability, divisibility, cognizability and portability - attributes it also has.

Will_VIIII posted...

Why are you lying?

I'm not.


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