I just got an adult job starting at the modest yet comfortable salary of 50k/yr. It includes full coverage health and dental. And a 401k where the employer matches up to a small percentage of what I put in.
Now the boomers (my parents) have obviously advised me to do this. But I suspect that Sup Forums might have a different take.
What do you think? 401k or not 401k?Should I invest the money somewhere else? Gold/silver? Bitcoin?
Depending on where you are living, you should be able to max your 401k contributions and still save otherwise -- whether in just a savings account or something more involved.
Yes, our generation will likely see 401k's lose their luster, but it is still the smart choice.
401k is the "safe" investment meaning you are content living day to day and never really care to go beyond the means your job will allow.
If you want to improve your financial situation you need to learn about investment options and pursue these instead.
how old are you numbnuts? it makes a difference
if you get matched it's free money. you would be stupid not to max it out.
The only way it would be bad is if you pull it out early or the dollar goes to complete shit. Can't go wrong investing in guns honestly
>401k
top kek, enjoy working until you're 74 when they raise retirement age, you probably won't even live to see a dime of it - most of the population won't. not to mention by the time you're 74 the dollar won't be worth shit.
401k mostly depends on the stock market so unless that crashes you're set.
Hard to beat a match. Put in the max amount they'll match.
mid-30s. i'm a late bloomer (manchild). worked low wage jobs for a long time and then wormed my way into the corporate world around the age of 30. finally landed a real job just now
nigger what?
this is what i'm worried about. it's like i'm throwing money to the wind. and i'm going to die anyway, so why am i worried about when i'm going to be 75 or whatever when we're living in a dystopian hellhole
Hard to be the tax free gains of a 401(k).
That's why congress has been plotting to take it away for decades.... talk now of limiting contributions to just 2k$/yr. That's better than when they were going commie and gonna seize it.
>tfw 34 and still work at walmart
>tfw $0 in savings and 401k
hopefully I'll be dead in my 40s.
you should get all the "free" money possible from your employer. then you should have your own rothIRA or standard IRA that you max out every year (vanguard has some low-cost and easy to get into funds). once that is done, send the rest of your retirement savings to your 401k.
speculate on crypto and other shit with your entertainment money.
Contribute up to what they match at the very least. It's quite literally free money.
as someone already said if the company is matching do not hesitate to contribute max amount possible.
i'm 34 and i worked at walmart when i was like 31 bro. it's not too late.
ok i guess i will but i'm only doing it because Sup Forums seems to approve
You gotta do what you gotta do
I worked at home depot when I was 28
401s got wiped out in the Great Recession 10 years ago. And many in their 70s now still can't retire because of it. And the next economic downturn is already overdue. Your call.
But if your intent is to save for retirement and not see it go up in smoke because of market faggots taking it all in fees, Roth IRA is the way to go.
I want to see this girl getting BLACKED hehe :)) so sexy... ahahaha i'm in love i want to stick my muslim dick in her
just cash it out early and eat the penalty if things go south
Nigger it's free money, anyone would approve. Just don't be an idiot and DO NOT RAID YOUR 401K FOR ANYTHING. That's how people end up never being able to retire. You have to let it compound.
Unless Trump is a total failure, the stawk market should be useful for the next 3 years at least. I say earn the fuck out of that employer matching in the stawk market. Also, bitcoin, gold and silver are also worth it. You can move your funds around in your 401k to different funds if you feel the need, even transfer it out, without penalty if you keep it in a retirement account.
The stawk market is dependent on inflation of the dollar...that's why it's so high right now. But with this, you need to be aware of the valuation of dollars in the world scene...i.e. it is backed by our military might and oil right now (petrodollar). This could change to gold/silver in the future...or it might not...
Bitcoin is truely the best 'new' financial instrument at the moment with the best returns...I would advise you to own at least ONE bitcoin...if you have the money, try to get at least TEN bitcoin.
Gold/silver is a hedge against the dollar losing value. If the dollar loses too much value (inflation), the price of precious metals will rise in dollars...thus, good bet. If Trump decides to peg the dollar to precious metals...the price of gold/silver will go up dramatically to match our debt and/or value of the dollar...in this sense, bitcoin also makes a good option.
Contribute to your 401k and try to get the maximum match from your employer. That's free money. Bitcoin, yes...buy them. Gold/silver, yes...buy them...but don't tell anyone you own them or where they are.
>P.S. Buying a rental property can be profitable too.
Don't fall for people blackpilling, because you'll look back still wageslaving at 80, cursing an anonymous mongolian basketweaving forum.
don't worry, op. once republicans eliminate the 401k you won't have to decide.
a roth ira has nothing to do with fees, and since a roth ira can invest in the same funds as a 401k it's no more immune to market fluctuations.
A 401k is just a container. You could buy gold, real estate, or other property inside of it if you really wanted as long as you abide by certain rules. It's just that ownership of companies (stocks) and debt owed (bonds) are the most common.
If you're worried about not being able to take the cash out, see if your 401k program has a Roth option. A Roth 401k is like a Roth IRA: you pay taxes up front instead of at withdraw time. As a nice side effect, you can pull out the principal penalty free whenever you want. (The gains are still off-limits unless you like eating the 10% penalty.)
>then you should have your own rothIRA
i think the max contribution is $5,500/yr right now but you should do that every year. you have better control over your own investments this way. 401k's usually have high fees that make them a less attractive investment opportunity... but you should look and compare. i have seen some good ones (chance to get in on admiral shares for not much more in fees) offered to medical providers.
time for you to grow up and learn how to future.
a jew friend once told me to put 5k a year in a roth IRA. so if all goes well I'll have around a million in it when I turn 65 and around 80k with my pension when I retire.
the world has always been a dystopian hell hole. You've just put the pieces together now. The US stock market has always thrived despite this fact.
money ain't shit, but exponentially growing money is pretty cool.
everything was wiped out in the great recession...and then it went right back up.
fuck off breakroom
right before your old enough to claim it they move the age, rinse and repeat, knowing that some portion of people will die before claiming it.
This, also don't knock up some chick, at the very least if you do, have a nice chunk of change hidden away from her just in case she shit cans you. Also if its an alimony state, then move.
Jesus mid thirties?
I have a 401k at 22
don't listen to these idiots, it's obvious the West is going to shit - especially the US.
cash out your 401k as soon as you can and use the money to pay for your property cash. at this point, I'm scared to even buy property in the USA seeing the direction things are headed with all these brown commies. who knows, they might seize people's property in 40 years. you should buy property where there is also an extremely low property tax rate, if any at all (Europe). buying property in America is moronic because even if you pay it off, in 20 years time you will still owe a rent payment each month in the form of property tax. in some other countries, property tax is like $30 a year.
Didn't read post, just came here for god tier South African tits.
Leaving now OP.
moneychimp.com
mess around with this a bit sp500 for past 100 years has average 7% real returns. Fuck giving the government extra money.
This
Investing in a 401k is a way of investing into your future. Do it, it's smart. You don't want to rely on government SS funds entirely. Sooner or later, that's going to lose steam and probably run out of funds all together. Doing this, will ensure that you at least have SOME funds.
>contribute to 401k for maximum match from employer
>contribute $5500 yearly to Roth IRA
>contribute ~25% of after-tax income to brokerage account
do in that order and you'll be set for life. yeah, it's not perfect, but for the average joe, that's the best and safest option.
Invest whatever they'll match. It's free money. Can still make good money in stock market. We're due for a correction but still a good bet over the last 100 years.
Your Jew friend is right in this case. There are only two way to go if you have moderate means and are unwilling to grind your heal into the poor or stupid to take what little they have and make it your own.
Day trading. Basically gambling. And Roth IRA.
But those are basically your 3 choices.
> Do this, if not already
All your shit is not diversified. Fuck outta here.
don't buy property, buy land.
You should invest at least enough in the company 401k to get the the full employer matching contribution. It’s free money and you should consider it part of your pay. 401k is usually a pretty painless way to put money away for retirement and you should start retirement investing as early as you can.
I'd go with bitcoin, every time I thought it couldn't go higher it did and here I am thinking it can't go higher
^^^Jesus Christ, this. It's like watching a bunch of retards dry humping a door knob. How many fucking times do you have to get fucked over before you get in your fucking head that it's a ponzi scheme.
Use your money to purchase hard assets, including PMs. Surprised at how many retards are still falling for this scam.
This, always maximize company matching, free money
If they've been doing that at an unobtainable rate and not just, you know, along with the ever increasing amount of labor years we get to have nowadays thanks to modern nutrition and medicine, then explain how the age limit hasn't reached well beyond the hundreds yet?
A 401k where the employer is matching is always a good choice. You are turning down free money if you don't.
#retarded
I have put some money into Amazon stocks, and some into Foxxconn when rumors of the WI Factory first started circulating. I am pinning on the Foxxconn stock to do me good in the long run.
I went for Amazon at first because I am more than certain that they are going big with there superstore initiative.
>Match your 401k
>Have enough in your checking account for monthly expenses only
>Keep a safety net of 3-6 months of expenses in a savings account or PM
>Have some cash hidden in your house (a few hundred/thousand depending on your lifestyle) in case your accounts get frozen for any reason (identity theft, etc...)
>Every penny after that goes to investments
>Bitcoin is God-tier
>Use a Credit Union
>Don’t spend money like a nigger
Nice facts to back up that cool statement.
The thing about buying stawks outside of some managed fund is, you're late to the party. If you are adamant about putting all of your money in to the stawk market, then you should diversify your portfolio to include multiple financial custodians...i.e. have an account with retirement mutual fund brand #1 (meryll lynch, etc), have an account with retirement mutual fund brand #2 (edward jones), have an account with retirement mutual fund brand #3 (another brand), etc...
The downside to this, is ALL of your money is tied in to ONE financial instrument...the stawk market.
HELP
I'm more or less in the exact same boat as OP (just a bit younger). Difference is, my parents were poor people who know very little about finance, and thus I know very little as well.
Can you recommend me ANY kind of books, websites, resources or materials I could use to get a crash course on this topic so I too can make sound decisions?
Tits for guidance
Do 401ks not have investment options or is it a problem of not being able to use it until retirement or something?
>doesn't put his entire savings into rick's cabaret stocks
what's your problem??
how much debt?
>proposes no alternative option
What exactly is your question, mutant?
SAUCE PLZ
seekingalpha.com
zerohedge.com
gloomboomdoom.com
>Read Austrian Economics authors...
>mises.org
>mises.org
Learn about forex, comex, spdr...
Learn what inflation means, deflation means...
Learn what makes a currency a currency (mainly...enough people decide it's valuable to trade for other things)
he's a banker (surprise) now. I'm a teachfag in Chicago making 80k with a master's and 10 years experience. the pension is good 80% of your 5 highest earning years. but who knows if that will be there.
a jew didn't lead me a stray WTF>?
401k is basically you giving a bunch of Jews your money to gamble with.
Take the money yourself, stash it away, and then when you save up a good amount go to the casino and play the roulette wheel.
Max your employer contribution. Usually it’s 5%
No need to max 401k limit. You can, if you want. Remember you WILL eventually be taxed on this.
Roth 401k you pay taxes NOW. it’s a good idea, considering taxes may increase in the future and you can eventually pull it all out tax free.
Save up your other income to buy a house. Best thing I ever did. Great way to build wealth, and who likes living in an apartment with shared walls?
After the House and 401k match, stocks, bitcoin, etc whatever you like. But remember don’t forget to have some fun, spend on self improvement like gym or MBA or a wholesome hobby. You may never live to see your retirement (auto crash, disease) and you don’t want to live like a monk for no reason.
A few years ago I put like 20k in mutual funds with the company American funds working with one of these middleman financial advisors. He moved away and my account went to the financial firm he was working with. I had the account set up to just take the dividends and put it back into each fund to buy more shares. Since I have that, is this firm taking a cut each time this happens for their fees?
Match 401k. Save liquid cash for "rainy days" or large purchases. Set aside money you would not miss every paycheck and invest in random dividend stocks, metals and crypto. Set aside money to buy land, buy land as soon as you can. Buy ammo, food, and if you have a kid set aside something for their future. Dynastic wealth is the key here, its statistically impossible to become rich in a single generation, but wealth built over several generations is where the "elite" come from.
...
Read the fucking fine print. You deserve to be stripped of your wealth with this kind of attitude. Do you even read the nutrition labels on food?
I am going to set up an eoptions account. That is going to be my long term money maker along with my 401k. Any one have experience with trading stocks/options that they would like to share?
Emplyer match is the way to go -- 100%
Think about it -- if you can put in 5K per year, that turns into 10K per year with their match. Thats literally free money.
Once your salary goes up over time, you can start saving more and utilize 401K as well as investment options.
Start saving at your age and you will be a millionaire by 55.
So how do I cut them out? Close my account with them?
Financial adviser here. 401(k) is a useful tool, especially when you're still young. At the very least you should max out your employer's match. If you don't you're essentially just leaving money on the table. You should try your best given your income to diversify your retirement savings tax and asset wise too. Having a 401(k) that probably invested in a relatively safe domestic fund and a Roth with some balanced equity exposure is the probably a good way to go
find a reputable financial adviser, get a referral from someone you trust
the new adviser will know how to get your money transferred over to something else
OP, whatever else you do with your money (as many have said) max out the matching employer contributions. It's literally free money and you're a god damn fool if you pass it up
btw...congrats.
do roth contributions its better when ur young
i was doing pre tax for almost 2 years before i knew i could switch to just roth for my 401k
i already had a roth ira
Match is free money, take that shit.
You can borrow against your 401k without a penalty.
More than likely, yes. AmFunds charges something like a 5% purchase fee on every transaction. Five percent. After inflation, and assuming a statistically average 7% gain per year, you'd need a little over a year to get back to where you were when you started. Now factor in annual account maintenance fees.
Go to a broker of some sort and open up a regular taxable brokerage account. I like Vanguard for low fees. TD Ameritrade and Etrade have cool research tools and fancy charts. Have AmFunds sell your holdings and put everything in cash / money market funds so that your numbers stay relatively stable. Have your new broker transfer that over and close the previous account. You will be signing about half a dozen documents before it's all over. Go through Sup Forums neurosis for a few days over what to buy with the money and when (((they))) will crash the market. Have your broker buy a target date fund.
>All your shit is not diversified. Fuck outta here.
You can't tell jack shit about his diversification from what he said. He stated tax advantaged vehicles, not the investments themselves.
You need to refer to the 'sign-up' documents. Other than that, if you want to move your shit...make sure you move it in to a new retirement account. If you withdraw your retirement money before 55~65+ in to a non-retirement account, you will be penalized.
I agree with...
But at the same time, you will need to know the same shit you are asking now. When you decide which firm/brand you want to handle your account, ask these questions. Your financial advisor is literally a customer service representative. Ask them the questions.
What's the vesting period, OP?
My bad, I thought you were talking to OP. OP mentioned BTC and precious metals.
do what the company matches
They don't tax it up to a certain amount, either. 401ks are wonderful.
Jc currency is nothing but a commodity
If you're young and not paying much tax just ask if there's the option for a Roth 401k
You're an idiot
401k
IRA
Roth IRA
Roth 401k
All have the same options to invest in, litterally just the IRS coding on how it's taxed
Put in the employer match amount and do more research. You won't notice that much gone from your check anyway, and you'll pay slightly less tax. It's free money and even if it loses half it's value, you'll have what you put in. As far as things like gold, you shouldn't invest more than 15% of your portfolio there because it's not a perfect hedge against currency. I'm sure everyone here will tell you to convert all of your salary to bitcoin, but that's as stupid as it sounds. Cryptos are only good for extremely short term pump and dump strategies and are basically a ponzi scheme, which is why people get so passionate about making you buy it.
Assuming the same as Aus. The moment you put money into that 401k, It's gone. You don't control it anymore. The gov can change the law around it tomorrow. They can change when you're allowed to withdraw money, at what age, how much and even tax you on it. So the question is are they going to change the laws at all in the next 50 years? Rather than give your money away set up a basic blue-chip stock account. You will make more money but also be able to withdraw at any time for emergencies.
Would it be accurate to say that your retirement system is like:
> Have to pay into social security
> Will get it in retirement
> Optional to pay into 401k
> Will get it in addition to soc. sec?
Because I think hours is more:
> Mandatory taxes
> Means tested pension
> Mandatory Superannuation
> Will get with part or no pension
So you can use it as an asset to borrow for a mortgage or something? Do you guys get to choose the investments with whatever mutual fund/asset mix/pre-mixed options with all 401k providers or is there like a scale of how fully featured they are...or is it basically just like a bank account you purchase assets with, with no management on the provider end?
Super makes me so angry. Government treating you like some sort of child.
Yeah I would say you're right. The idea is that anyone who works is paying into social security and is entitled to it. A 401k or IRA would be in addition to that.
It's likely no one here will get social security by the they're eligible. Think of it as a tax. Saving outside SS for retirement is mandatory in the US.
But also yeah social security simply isn't enough to retire in the US. You would have to prepare with additional savings to be prudent. The social security program in general is somewhat precarious at this point. The retirement age keeps getting pushed up, eventually shits gonna hit the fan
You've probably seen my rant on here a few times but what makes me angry the most is that Marxists and Unions have near total control over it, including funnelling money to Unions & Labor, while the only opposition is a weak and placative banking sector set on cutting a little corporate slice for themselves both colluding to crush consumer choice & independent voices. $2trillion gravy train for those with the connections.
Right but even if you have a 401k you "can" get full social security payments yeah? It's not means tested on assets/income?
I getcha, thanks. I like that you guys at least in theory get out what you put into both, whereas we have to put into both and get out only what the state allows us. Ie. at age 60 you get 4-10% of your super, at age 67 you get an aged pension as long as you are poor enough but then get the full super if you want. And I guess you guys can use it pre-retirement for somethings, ours is locked away unless you can plead to Centrelink that you're going to die or go bankrupt if you don't get a bit of it out.
For anyone relatively young and not making an obscene amount money, you need to be going roth 401k. Time is on our side and sub 25% tax on investment money now is much better than 35%+ on a nice chunk of usbux in the future.
There are some valid reasons to go traditional, like it dropping you into a lower tax bracket, but roth is where it's at normally.
max out the 401k 2 reduce ur taxable incum
then when ur 65 (probs increased to 75) n can withdraw
u hav no incum except 401k n social security
so u pay like no tax
other poster say 2 only employer match and shove n2 roth ira
thats alrite but i doubt u will be making bank when u r retirement age
instead i just buy stawks in my own brokerage account
merril lunch givs u 30 free trades when u have 50k in ur account
n u get a sweet credit card, so do waaaat i do