Why Investing In Your 401(k) is Like Getting a Raise
ฝัง
- เผยแพร่เมื่อ 3 ต.ค. 2024
- Make your money go $350,000 farther by literally putting it in the right buckets. I love tax savings. 🪣
🎬 You can catch a deeper dive of this strategy on my TH-cam channel today.
🎙 Listen to The Money with Katie Show every Wednesday, wherever you get your podcasts.
This episode was brought to you by Vin Social
#personalfinance #moneywithkatie #moneyadvice #401k #rothira #retirement
![This Loophole Makes Traditional 401(K) Better Than Roth [2023 Update]](http://i.ytimg.com/vi/qY3JY0Tj8xw/mqdefault.jpg)
I do not agree with you saved 4400 in taxes. You do not have those 4400 in taxes available to invest.
I'm 55, semi-retired with IRA sitting in cash, but not impressed with growth so far. How can I take advantage of the current market to make gross profits and retire comfortably rich? Heard of folks that turned millionaires in shaky times like this
depends how much is 'comfortably rich' if you pinpoint a particular amount to retire with, then it's ideal to plan with a trusted advisor
Agreed, investing is plain-sailing with the help of a reputable advisor, and at first-hand experience, I've seen my investment portfolio of initial $500k yield into a 7 figure amount in a space of 2 years. I and my advisor intend reallocating into gold, recalling the 1929 crash.
I see no other way to maneuver steady profit and steer off losses in this current market except by expertise assistance, would you mind connecting mw with your advisr please? i'm in dire need of proper asset allocation
I've shuffled through a few advisors in the past, but settled with Katherine Nance Dietz, she's well-qualified and very easy to work with, her profile is noticeable on the internet.
thanks for the hint, just inputted Katherine Nance Dietz on my browser and found her consulting page, no sweat.. she seems valid
How is that a hack?
Sure... today... But how much tax will they pay 25+ years from now in taxes? We alllll know taxes are certainly going up. Never invest past a 401k comp match.
You can’t just deposit money in a 401k
Living off about 36-37k a year for 25 years sounds nuts
white people stuff, not at all realistic
No, no no. Pay the taxes now. Rates could be higher later and pay them while you are currently employed.
Katie putting off taxes to a later date sounds good. However, there is no telling what the future tax rates will be (much higher) with a government 34 trillion in debt.
Why the hell are we paying taxes in the first place? Isn’t it savings from our paycheck?
Every time money moves, Govt wants a piece
It’s pretax
Because when you put your money into your 401k you are pretty much saying "IRS please tax me later on". Your taxable income for that year is lower because you contributed into the 401k. For the money you just contributed to the 401k will later get tax when you retire at whatever rate the future might be. The consensus is that tax will always go up so you really need to figure out what works best for you.
Come on man you know you get taxed on interest. 😂😂😂😂😂
@@ebbss4not the Roth
the tax you saved today, needs to be paid tomorrow when you get the money out, the taxes have been going up for years now, so yes you get more investable income today, but it doesnt mean your investment is safe of taxes, infact the investment is taxable at a rate that is not known, hence a little risky
Depends if it's a Traditional 401k contribution or a Roth 401k contribution.
It doesn't matter, you'll still pay 60%+ in taxes on your harvest and you have a limit of how much you can have in it. There's WAY better accounts then that, than roth ira, 401k etc
@@shadowkillgaming2898 No one pay 60% in taxes on income or capital gains. Not in the U.S.
How do people manage in retirement since 401ks are nothing to write home about? My 800k turned to 250k in no time. Im 61, will I work till God calls me?
I worked until 72, I was at the top of my income game, liked my work, and we could both go on Medicare. I ALMOST fell into the “only one more year” trap.
Finances: 35% in 5.25% secure, 40% stocks, 5% cash, 10% gold/silver, 5% Series I Savings Bonds, 5% “play” stocks (TSLA, HD, CCL). Key: NO debt. I don’t need my RMDs, thus, take as QCDs. This is a unique portfolio as apportioned by my fa
Loren Lena Walker. Research her. not aum, a one time fee on upon taking out of the portfolio to your bank.
Each portfolio is peculiarly apportioned according to your taste and sentiments, but Loren will straighten you out if you work with her in particular. I have a portfolio of almost a million and her aum exceeds 500 million, you will be charged a negotiable fee in form of commission
@@irenatruloveYou fell into the 10 more years trap ☠️
But once you take out that difference your paying taxes on that. And you can only invest up to $7500 in your Roth per year. You better have a great Roth Portfolio waiting to be funded
Someone understands the catch the IRS set up with these accounts if you are interested in working with a great financial company let me know
Good sound advice. You should always do the match you double your money right away and then contribute the rest into a Roth 401k because tax rates are slowly increasing so you should pay the taxes now instead of waiting until the tax rates much higher. I do the 6% match and 14% into my Roth 401k and never borrow from it due you lose interest. Compound interest is your absolute best friend and the sooner you start the better. It’s clear to me that I am leaving the average person contributing the bare minimum in the dust millionaire future here I come…
There are many better ways to invest 20k a year. And if your company doesnt invest in good stocks you risk putting your money into stocks in someone elses control. No thank you ill do it myself
🤬 taxes
For 25 years ! 😩
Salmon hair
Hopefully, you don't die before you can benefit from 401k
You won't enjoy much because you'll lose half in taxes
Pretty teeth
The bigger difference is in the returns, especially with a long time horizon
This is just… not how that works😂😂😂
Pretty teeth
Why only $4,500 in roth ira? How old is this video?
The limit is 7500
@@shadowkillgaming2898 $6,500 in 2023 and $7,000 in 2024 if you under 50. If over 50 then +$1,000