How IRAs Work And Why They Are More Popular Than 401(k)s

[@MagdaleneM-f3q]

I retired at 60 with $750K in my 401K and IRA's. My wife and I did just fine in expensive Bergen County, NJ by living within our means. Home was paid off. No car loans. By withdrawing bare minimum, our health insurance costs were almost non-existant due to Affordable Care Act subsidy. SS kicked in at 62. Medicare at 65. Six years later, my IRA balances have grown to $850K and now my wife is turning 60 and her IRA's are now available. Anything is possible if you live within your means. Merry Christmas!!

[@Lemariecooper]

I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report

[@AngellLevey]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings.

[@Erikkurilla01]

Julianne Iwersen Niemann is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Erikkurilla01]

The advisor am currently working with is Julianne Iwersen Niemann. i came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.

[@AngellLevey]

Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.

[@Beatricegove733]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

[@NicholasHarmon-ow3jl]

Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k

[@brucemichelle5689.]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.

[@foden700]

I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@brucemichelle5689.]

I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@foden700]

Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info

[@NicholasBall130]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars

[@EleanorBaker474]

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

[@StacieBMui]

On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then

[@StocksWolf752]

Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?

[@StacieBMui]

Sonya lee Mitchell is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@grego6278]

I searched her full name online and found her webpage. I emailed to make an appointment to talk with her; hopefully, she gets back to me.

[@mulattodavid]

Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.

[@coryDeshawn]

If you lack knowledge about market investing tactics, get advice from a financial counselor.

[@HettieClausenTl]

Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.

[@SolemnBankingplc]

Pls who is this coach that guides you? I’m in dire need of one, my stock portfolio is declining rapidly

[@HettieClausenTl]

Her name is ‘Celia Kathleen Martel’ Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@SolemnBankingplc]

I'm pleased with the advisor's prompt and knowledgeable assistance. Their professionalism instils confidence. Looking forward to further discussions.

[@anthonyrussell5718]

Explanatory video, one that folks really need to watch. I’m 50, retired a while at 45. I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts, in cumulative of over $1M. I receive income from my rental properties too. Zero debt and all is going accordingly. My financial consultant has been patient and has done a wonderful job for me throughout the years.

[@roseroland1998]

Living below ones means & investing before retirement especially can be difficult but it's necessary. I've made lots of money mistakes in the past but I don’t regret it as I've learnt from them. Now I’m just focusing on the s&p 500 and waiting for a few years.

[@caseybills5517]

I'm recently retired and uncertain if my 401(k) and IRA will be enough for a stable future. I've set aside $1 million to help secure my financial goals and align with my risk tolerance. Should I consider investing in stocks or buying a rental property?

[@JamesLongman-v5r]

Research dividend aristocrats-companies with a proven track record of paying dividends for over 25 years. Select six to ten of these companies for your portfolio. It's also wise to consult with a financial advisor to help you set up a well-structured investment strategy.

[@cowell621]

I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

[@LiaStrings]

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@cowell621]

I work with Rebecca Nassar Dunne as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

[@PennyBernadette]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@ClementRusso2]

Choosing a Roth IRA is advantageous as it uses after-tax funds and allows tax-free growth. When I retired, I had $3M million saved, and I won't be taxed on my withdrawals.

[@VickyAlvy]

Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?

[@DanielAdolf]

I've personally invested my own money in Bridgestow, and I must say, their investment approach is both fair and rewarding. The returns have been impressive, and I appreciate the security they provide. Their track record and commitment to excellence make me confident in my investment. If you're looking for a reliable option, Bridgestow is certainly worth considering.

[@ChristopherLavender]

That sounds intriguing! I'm curious to know more about your experience with Bridgestow. How has your investment journey been so far? Any specific aspects that stood out to you? I'm considering options and would love to hear more about your firsthand experience.@@DanielAdolf

[@samuel.andermatt]

Sadly it mathematically is not really a difference. If you lose 30% to taxes initially or at the end ends up the same. Even if 30% at the end are more, the 30% removed initially would have grown otherwise. What makes a difference is if your tax rate is different paying in and taking out.

[@DanielAdolf]

David Marvin Willis, a knowledgeable financial advisor, suggests allocating a minimum of 15% of your income to a 401(k). Utilize online calculators to estimate the ideal savings based on your age and income. Saving at least 15% in a 401(k) ensures a comfortable retirement, leveraging compound interest for potential growth over time.

[@SlParkerlee]

The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.

[@Emily-le2op]

My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. Haha

[@marcorocci-ct7kw]

@harrietlancaster44 Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@marcorocci-ct7kw]

@harrietlancaster44 Thank you for this information. I kinda have an existing portfolio I want to transfer, and I want to build a portfolio for my wife. Do you suppose she offers that service?

[@NikolasMartine01]

"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."

[@OscarBarnaby3k]

Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.

[@AgnesHarperq3x]

Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.

[@TeddyAlexanderv6]

That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.

[@AgnesHarperq3x]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

[@TeddyAlexanderv6]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@treesnmoguls]

Why are IRA contribution limits kept so LOW ($6K/$7K)? They should be made the SAME as 401k limits so that folks without a 401K can be on equal footing!

[@kathleenstoner.n7499]

Why I always advise people to make 401k and all these contingency plans, and never to forget the diversification principle, no matter how much you are making from a particular investment, make sure to diversify your investments so that when another is down, the other will be up. You can do so by getting an experienced specialist whose platform has diverse investment choices to choose from. By doing this, you give little room for regrets and perhaps gain more.

[@patriciacleveland2588]

@@kathleenstoner.n7499 Great advice. Generally, diversification is a key factor in investing. Don't put all your eggs in one basket. Pragmatically, I have been into all of these for some time, though I won't say I have made or lost a fortune. Do you mind recommending a specialist whose platform has diverse investing choices? Quite rare! I anticipate your response.

[@kathleenstoner.n7499]

@@patriciacleveland2588 Funny enough, I can honestly relate. I don't know if I am permitted to drop this here, but do run a check on Sandra Yvonne Webster or Sandra .Y. Webster Finance. Was in the news alot in 2020.

[@denisebycapricorn]

you can have more than one ira

[@einsteinboricua]

Probably because IRAs are meant for the non-salaried worker who likely cannot afford to put bigger amounts of their retirement. It sucks for salaried employees already getting their 401(k) match and trying to max out other accounts. But for the clerk working for $20 an hour, it’s likely that they’re not even thinking about putting money away.

[@rickmcdonald23j5]

I've been reconsidering my retirement strategy, questioning if my 401(k) and IRA are enough for a secure future. I’ve also invested $300K in the stock market, but the returns have been inconsistent and modest. I'm looking for an investment approach that better aligns with my risk tolerance and financial objectives.

[@JeffreyTuck-x4f]

Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a year now. Starting with less than $200k and being just $19,000 away from making half a million in profit.

[@roarodneal3390]

I've stuck with "Graham David Fullerton" for 4 years now, and his performance has been consistently impressive. He’s quite known in his field, you can confirm him on the internet.

[@letrat7021]

good job CNBC for taking steps to educate the public on retirement

[@samuelthompson8080]

I disagree.....yes take advantage of 401K and IRA, but also look into ETF, real estate, and purchasing of other physical assets that increase in value! DO NOT depend on your job for your financial future! With inflation occuring overtime of several decades your money will decrease in value! So let's say you max out 401k every for 20-30 years which is 19,400 and that's 582,000 USD in your lifestyle! Things natural increase in price because of inflation overtime so just because you will 582,000 USD when you retire doesn't mean it will have the same value of today then it will have you retire!

[@samuelthompson8080]

That's the trap everyone falls for! Work as a slave your whole life and come to find out you do not have enough to retire or live comfortably!

[@qizhang5749]

@@samuelthompson8080 what do you do with your 401ks? That money typically is invested and not just sitting around collecting some miniscule interest

[@samuelthompson8080]

@@qizhang5749 I am waiting for housing market to crash to buy a duplex, leverage it buy another rental, I own some crytocurrency! I save about 20% of check in put into ETFs!

[@qizhang5749]

@@samuelthompson8080 oh man that might take a while. I keep hearing that it'll happen soon in china though. I just like the employer contributions from 401k thats free money

[@kaylawood9053]

Earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to invest $400k on my stock portfolio. what’s the best way to take advantage of the market?

[@ericmendels]

Find st0cks with market-beating yields and shares that at least keep pace with the market long term. For a successful long-term strategy you have to seek guidance from a financial advis0r.

[@AddilynTuffin]

Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time

[@AddilynTuffin]

My advisor's name is *Sharon Louise Count* and she has years of experience in the financial market. You can simply search her name on the web

[@baklava6138]

Get both if you can. No reason one can’t have an IRA in addition to their 401k. You don’t have to put in the max if you can’t. Put as much as you can, trust me you will be glad you did.

[@H2Ojellyfish]

What’s the difference between a Roth IRA and a 401k??

[@threemountainsrealty]

@@H2Ojellyfish 401k is pre-tax, and you pay taxes when you take out the money down the line versus right now. Roth IRAs are post tax, so you deposit money in after you paid taxes on it (think after you get your paycheck), and at retirement you don't pay taxes so all the growth was tax-free.

[@audimaga4504]

Problem is IRAs & 401k are at high Risk since they are in stock market! There is better ways to invest your money in a tax shelter vehicle than this, props to this channel for getting some information out there however this is not all good

[@danielsundstrom7145]

Some employers offer a roth 401k. Pretty sweet as there are no income limits and you can put in a fair bit more than a Roth ira, they also aren't subject to "highly compensated employee" regulations. Know your financial vehicles and invest for the entire trip through retirement. Save early and save often. You will be fine 🙂

[@tachyontee3877]

@@audimaga4504 What are those better alternatives to IRAs and 401(K)s?

[@KTC88]

I'm about to graduate college and go out into the professional world. This information will definitely come in handy!

[@izdabombz]

Always do the max contribution for your 401 and HSA, assuming you’re single and have no dependents

[@audimaga4504]

Problem is IRAs & 401k are at high Risk since they are in stock market! There is better ways to invest your money in a tax shelter vehicle than this, props to this channel for getting some information out there however this is not all good

[@E7R1I6C]

@@audimaga4504 no, if you're young, then take on risky assets for ultimate benefit. Be smart with your investment choices and reap the benefits.

[@joshh4720]

I love my HSA. I have it on top of my 401K and only keep enough cash to cover my maximum out of pocket expenses, the rest is invested and I've made a ton within a year just investing in same blue chip companies and broad ETFs. Starting now in my 20s I hope that by retirement I'll have enough to cover every type of medical expense including premium in-home care if I ever need it. Start early my friends with every tool you got!

[@AkweliParker]

Smart man! Folks can also defer withdrawal for medical expenses as long as they want. I.e., pay cash for a medical procedure, let the HSA money keep growing, and claim the original expense years later (tax free) to, for example, pay for a vacation. Just be sure to keep ALL those medical receipts as proof of the original, qualified expense!

[@EveLaRiccia]

If it would just let you pay for direct primary care, it would be perfect...

[@ProctorsGamble]

Stay the course but don’t freak out when the market collapses. It’ll come back. You’re young and have time on your side.

[@travis1240]

I wish the HSA route would have been available years ago. Now I'm kinda stuck on the HMO. My advice is that if you are young and healthy, go for the HSA.

[@fitybux4664]

Weird. Why wouldn't you max out your HSA? (After maxing the employer matched part of 401k and maxing Roth IRA, of course.) Live on beans and rice today, to live much nicer in the future.

[@Riggsnic_co]

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

[@bob.weaver72]

For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.

[@martingiavarini]

I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

[@TheJackCain-84]

I agree, that's the more reason I prefer my day to day invt decisions being guided by a init-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a init-coach for over 2years+ and I've netted over 2.8million.

[@bob.weaver72]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@martingiavarini]

When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.

[@ReidCoffman1]

When the stock market rebounds, many investors may come to regret not investing in the red today. It's possible that this pricing will never be seen again. If you have a fantastic vision for it, there is always opportunity in the midst of chaos

[@MariusNatt]

The 2008-09 crash saw markets fall, wiping out trillions of dollars around the world, but savvy investors recognized a once-in-a-lifetime buying power, with companies' stocks on the market at deep discounts. With markets recovering from the Great Recession, these investors realized tremendous gains from their assertive maneuvers. I'm no savvy-investor, but the one method I've relied on to gain rapidly during times like this is having an asset-coach guide me. It may sound cliche, but I've been able to pull off over $750k this year alone using just this single method.

[@AshtonGrace]

@@MariusNatt How can I contact your Asset-coach as my portfolio is dwindling? That's fascinating.

[@MariusNatt]

@@AshtonGrace Credits to "Autumn Lynzi Smith" she has a web presence, so you can simply just search her.

[@Rachelschneider03]

@@MariusNatt i just looked up online and i found her page ... i also schedule a time to call her.

[@AlexMint]

@@MariusNatt of course a lot of people are "savvy", just not in a position to actually take advantage of these benefits.

[@judynewsom1902]

I want to diversify my portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions, how do I achieve this?

[@AddilynTuffin]

Remember that investing in the stock market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.

[@Redwood4040]

Please can you leave the info of your investment advisor here? I’m in dire need for one.

[@Redwood4040]

I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.

[@barttfisher]

I’m 38 and I have about ($190k) liquid in savings which I plan to put towards becoming a homeowner, but based on the current high prices on real estate, do you suggest I hold from buying and look at stocks instead?

[@HildaBennet]

Yes, a housing crash is happening. If you're thinking about investments to earn huge income while maintaining the ability to access your money and safety, so you don't get caught in a market decline, a financial planner can come in handy

[@JosephineKenney]

I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@PennyBergeron-os4ch]

Mind if I ask you to recommend this particular manager?

[@JosephineKenney]

Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.

[@PennyBergeron-os4ch]

I'm pleased with the advisor's prompt and knowledgeable assistance. Her professionalism instills confidence. Looking forward to further discussions.

[@FinancialShinanigan]

Always check the expense ratio of the funds your employers offer.

[@OneNewHope]

Yep, pretty insulting that my employer's S&P 500 fund has an expense ratio of ~.35% .... insanely expensive considering there's probably at least a dozen funds 5 times cheaper than that

[@franwex]

@@OneNewHope i would provide feedback to the plan provider or to HR. I would still invest in it though. Good luck!

[@CSARVA]

@@OneNewHope 35 basis points isn't all that bad, definitely not insulting.

[@OneNewHope]

@@CSARVA It's pretty terrible. VOO is .03%, or ten times cheaper. I would only choose a fund with that kind of expense ratio if it was a "specialty fund" and relatively unique.

[@Feeltheh8]

@@OneNewHope mine does .75 on freaking SPY!

[@anibalty]

IRA & Roths are particularly advantageous for younger individuals, allowing for reduced taxes on income in the early stages of one's career. HSAs become especially beneficial if you're currently dealing with high medical expenses. Personally, I, plan to increase my investment in HSA as I age, prioritizing it for health-related needs. Right after college, David Marvin Willis a legal advisor helped prioritized establishing a 401K, which I later transferred to an IRA upon leaving that employer. While losing employer contributions stings, the current economic landscape doesn't always favor long-term employment stability.

[@r4ym1n13]

I went with the Roth 401k & HSA path with my employer.

[@kingzeus36]

My family came to America in 1799 from France. I am truly grateful and thankful that my family were all financially minded individuals and because of this we now live a much easier life as in terms of not needing to worry about money anymore. This still dose not prevent us from continuing the management of it, for the up and coming generations of my family. We simply repeat the cycle over and over again to insure a financially stable future for generations to come.

[@fitybux4664]

In 99% of cases they are going to be around the same. A 401k will allow you to invest more. Assuming you've already matched 100% of what your employer will match in a 401k ("free" money), then yes IRAs are better. You can have a self directed IRA. You can't have a self directed 401k. (Assuming you aren't your own boss.)

[@Geor_000]

I'm 48,retired a net-worth of $2 million and currently travelling the world with my partner.I've loved the FIRE movement,planned for it and I did it!Anyone can do that too,perhaps with accurate financial planning 🔥

[@angelinajames239]

Whats fire movement?

[@Geor_000]

@@angelinajames239 FIRE means - Financially Independence and Retirement Early... It's a movement that guides people on a favourable early retirement.

[@angelinajames239]

@Bur GA Thanks for the response,I'll do more research and read up about this.

[@Geor_000]

@@henryjason3044 These are the t ips that helped me 1.Plan towards it 2. Save money towards retirement (Roth IRA/401k) 3. Be frugal on spending(Don't spend on what you don't need) 4. Grow a solid investment. I made alot from 3 (Investment) it is very important to financial independence.

[@Geor_000]

@@henryjason3044 There are a whole lot of investment opportunities out there (C rypto,s tocks,NFT's and real estates)but my best advise is to get the services of a professional to guide you

[@MMDX70]

I can't stress enough the importance of HSA in planning retirement and trifecta tax advantages it offers. I am baffled as to why so many employers do not offer this option.

[@jesse_-]

My employer does not offer it, and I am going to see if they will.

[@beowulf555]

Isn’t HSA use it or loose it within that year?

[@hb2998]

@@beowulf555 no, that’s FSA. Very different. Some employers actually allow both an FSA and an HSA. For instance you might have expected dental expense because you need lots of work, you might be able to get an FSA account on top of your HSA.

[@jesse_-]

@@beowulf555 that’s FSA

[@DesentryD]

My question is I have Roth 401k account, which the limit is 19,500. I figured instead of splitting my accounts I just bumped up my contribution a few percentages of what I would’ve paid anyway into a HSA. I can always pull principal, and worst case I can always borrow against it. Is there a reason outside of this to open an HSA? Only one I can think of is if I hit my $19,500 limits I can contribute above and beyond into a HSA. Which I don’t ever reach the 19.5k limit.

[@alikaostermiller]

bro i opened a roth with schwab over a year ago, contributed 3500, and never realized that i was supposed to choose where to invest it.

[@fitybux4664]

Cash is an investment of sorts. (Although not a very good one, inflation will eat you alive.)

[@danielakasmart2891]

Maybe something that is always needed and pays dividends

[@BrokeInvestor]

This reminds me of a story Ramit shared in his book I Will Teach to be Rich about his friend contributing for years and not actually choosing/investing the money. It must be a common thing that ppl do.

[@H2Ojellyfish]

What do you mean by “where to invest it”? I’m new to this IRA thing

[@alikaostermiller]

@@H2Ojellyfish I had to select the ETFs, stocks, or mutual funds to invest in.

[@MoonLiteNite]

Why not use both? One generally has a match And the other you can actually invest in good things, like an investment home.

[@UCCYQaunfn4d4H-kIkEq0DsQ]

In the video they claim IRAs were made to accommodate those that had no access to 401ks yet a quick Google search says that IRAs were created 4 years before 401ks...

[@calvin2042]

Yea, so for those 4 years people didn't have access to 401k. They are right.

[@chrislords_dpt]

They actually stated that IRAs were meant for those without a pension initially.

[@googiegress]

@@calvin2042 Hahaha you cad, I was about to comment the same thing :P

[@hb2998]

The younger you are when you start your HSA, the more likely you are to have a stress free retirement. Don’t ignore the HSA. It’s worth it! Even if you have expected surgery or minor chronic condition, it is likely still worth it.

[@hb2998]

@@PaulGoins I think you are correct. The other trick is that, if you can afford it, to just pay your healthcare expenses but keep your recipes. From what I understand, there is no limit on when you can submit your eligible healthcare expenses. So you can be 70 and take out the money tax free for what you have receipts.

[@hb2998]

@@PaulGoins Hi Paul, maybe I am wrong, but this is my understanding. If I have $10,000 in my HSA, with a receipt for $10,000 surgery, I could hold on to that receipt and allow my $10,000 in my HSA to grow. Let’s say in 20 years the $10,000 is now $19,000. I can now turn in that receipt and remove my $10,000 tax free, and still have $9,000 in my HSA for future expenses. I will also read your reply on Mad Fientist’s to see if there is something I’m missing. Thanks Paul. There are no rules so we are all reading btw the lines here.

[@hhwin2198]

@@PaulGoins I thought they gains are also tax free with HSA.

[@fitybux4664]

@@hb2998 I always keep my recipes. (Receipts? Heh.)

[@fitybux4664]

@@hb2998 Also, you are correct about the funds growing larger if you don't rob the piggy bank early. They don't grow once you reconcile the medical expenses. I'd stop contributing to the HSA after medicare kicks in (usually age 65), but if I had an available balance, I'd keep racking up expenses. (Medicare premiums (yes you have to pay for medicare) counts as an expense against HSAs.) Depending on your life expectancy at that point, I'd start drawing out amounts in the hopes of 100% withdrawal by the age you expect to live until.

[@NursesToRiches]

HSAs were made popular by those interested in the FIRE movement who want to retire early and want to have tax-free money that can be used for healthcare costs.

[@the_jean_mum]

Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode

[@dr.karidouglas1312]

There's no need to panic. Best way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made my first million this year only through something as casual as Stocks and with less than 5 years left to retire, I don't have much to fear. Goodluck!

[@stayhappy1161]

@@dr.karidouglas1312 ...Very sound and realistic... You mentioned investing and using pros, if its not a problem. do you mind telling if you used one or recommending a good one? I could definitely use external help right now... I look forward to you replying...

[@onieodelia5840]

youll get through it. stressing wont help

[@dr.karidouglas1312]

@@stayhappy1161 Funny enough, I can honestly relate. Yes, I used one, I literally know next to nothing on the subject. For the professional, I don't know if I am permitted to go into details here, but you could look up "Stephen Joseph Kohlhofer". Not so sure he takes on new people right now, but you could try.

[@timwest9123]

@@dr.karidouglas1312 casually strolled into this thread and boom, I know this smallish man. Once attended a fundraiser he was also in attendance here in Vancouver,, Great speaker with a funny accent,, He's in the States though, I doubt he works with non residents,,,

[@NPAMike]

I do a roth 401k with my employer because i don't see how taxes will be cheaper in the future.

[@fitybux4664]

Roth 401k is the best option. It is nice to not worry about taxes in the future, and when you finally roll over your Roth 401k into a Roth IRA when you leave your job, you don't want a conversion tax bill to ruin your day.

[@tonyaguilar2151]

@@fitybux4664 I have a traditional 401k at work.. I need to figure out how I can switch it over to the roth 401k

[@tienzomby93]

Why Roth 401k better than traditional 401k

[@NPAMike]

@@tienzomby93 because its putting after tax income you earn now versus paying taxes in the future. Which with the way the US is looking is to increase taxes in the future to pay off debt. So when you retire with a traditional 401k you risk getting taxed at a higher rate. Plus its nice to know how much i really have in my 401k versus what i might have after i get taxed at whatever rate i retire at.

[@Plenty_for_Twenty]

@@fitybux4664 It can be a double edge sword. Obviously no tax at time of extraction is best but if you are putting untaxed income (more money) into your account it could be just as fruitful.

[@alexsteven.m6414]

Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals

[@MarcyLoccy]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[@belobelonce35]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@PennyBernadette]

That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?

[@belobelonce35]

Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@firefighter-i6q]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@benjamindavidson22]

It is recommended to save at least 15% of your income in a 401k account. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) account can help ensure you have enough money to retire comfortably. By saving this much, you can benefit from compound interest and potentially increase your retirement savings over time. I don't think I could retire with less than $3 million in income-producing investments, and I'm not talking about a 401k, but maybe at least $2 million. I plan to work until I'm at least 50. I have already achieved 60% of my goal.

[@emiliabucks33]

Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.

[@Johnlarry12]

Exactly, that’s all you need: “A good process”. I turned to a fiduciary financial advisor when I needed a good boost to help my business stay afloat. So I looked for financial advisors and came across someone with due diligence who really helped me increase my reserve from $75,000 to about $850,000 so far despite inflation.

[@MarkGrimm8]

I'm glad I came across this discussion. If you don't mind, could you tell me how I can contact the financial advisor who helps you with your investments?

[@Johnlarry12]

The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Carol Vivian Constable‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@MarkGrimm8]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@harrylui309]

Do both RothIRA and 401K if you can afford it.

[@MeneTekelUpharsin]

I want to do them both, now I just need to afford it.

[@johnmeraz7348]

Can you still do both even if you don’t get paid alot like say 60K or less annually. Isn’t diversity better right so having both is good?

[@chowsquid]

@@johnmeraz7348 ask your wallet

[@usa91191]

Increase wage for us workers, we suffer in a super high inflation!!

[@abercrombie4lyfe]

I want to be Peter Thiel and have a Roth IRA with $3 billion in it. Which, may I add, is non-taxable.

[@Hedgeflexlfz]

You won't

[@newtiger007]

Let a few more Thiels happen, guaranteed Unlce Sam will figure a way to tax Roth accounts.

[@teegee126]

Ez. Start a company that you know will 10000x and put your founders shares in your roth ira when they're still $0.001 per share.

[@stephanemujomba5148]

he had access to private equity because he was a paypal co-founder, so it’s unlikely very many are gonna be able to do the same.

[@teegee126]

@@stephanemujomba5148 yeah I was being a bit sarcastic. Def not a position not many people have access to

[@emilywillenbring5162]

it's a sick game but you learn to play or stay poor for life. I hate that companies only provide 401k in stock markets that crash every 5-10-15 years. This just steals so much of hardworking peoples life savings and it's disgusting. I hate it but you either understand the machine or you are just numb to it when it happens.

[@iantownsend3078]

You are right. I personally own tech ETFs , S&P 500 ETF VOO, it's cheaper than SPY and has the same portfolio, many diversified single stock positions a mix of solid proven companies and companies with growth potential diversified across different industries, I frequently add to positions.

[@christinajurado9180]

i started investing most of my stocks, the funds i earned in my 9-5 back into stocks i traded my way to a $400,000 stock portfolio and invested into TESLA 2 years later

[@albertbrian6448]

I'll buy these right away cos I made good profit from your TESLA recommendation. However, I've been reading about investors making up to $50,000 monthly profit. if anyone knows, I'd really love to know how to make such profit despite the market odds

[@loishendereven9370]

no time is ever too late to start buying and grow a very strong portfolio ahead of the major bull market. My best advice is to get a service from a professional trader to guide and help you make good decisions and profits out of your investing

[@christinajurado9180]

@@albertbrian6448 I normally trade with Karen Lynn Olsen’s concept. All I do I mirror her trades and make some gains from the process.with a 10% commission for her good works

[@akin242002]

Depends. For high income earners, $140k+per year for single adults, a 401k with Vanguard/Fidelity/Schwab are great. For those those singles earning $123k or less, the Roth IRA is far better. Also 401k plans that aren't with Vanguard/Fidelity/Schwab, just use a Traditional IRA for high income earners.

[@tshirtJeans]

Is that gross or net income?

[@akin242002]

@@tshirtJeans Gross income.

[@edwingarcia3250]

Why? Is it because of taxes?

[@akin242002]

@@edwingarcia3250 Yes and Roth IRA eligibility for 2021. It got pushed up to $129k of earned income for 2022 Roth IRA eligibility max.

[@edwingarcia3250]

@@akin242002 so let’s say I plan on having two jobs. 1 making 115k a year and 1 making 90k in the next 5 maxing out Roth 457, 401k that my job offers

[@tiffanym4202]

You really need to start your accounts as early as possible since the time element is crucial in developing that retirement nest egg. I got started saving late in the game and have committed to saving 34% of my gross income to have any hope of an adequate retirement. Currently, I contribute to my 401K to get the employer match. I max out my HSA and have it invested. I next opened a ROTH IRA and max that out as well. That pretty much maxes out my ability to save as I only earn so much. As I am able, I'll toss a bit into a ROTH 401K. What doesn't get mentioned is the advantage of having a paid off house. For those who assume they can just pay it off with their retirement savings, watch out! Unless it is coming form a ROTH account, you'll get nailed in income taxes from withdrawing such a huge sum!

[@aliali-ce3yf]

Retirement plan : marry a rich woman

[@sfcrmsa]

Better yet, don't marry a broke woman no matter how hot she looks.

[@hhwin2198]

Why not? My husband did. 😂

[@H2Ojellyfish]

Then divorced her.

[@tuanzack2]

ALWAYS max out ROTH IRA first because you can withdraw your contribution any time in case of emergency without any penalty!!

[@KhanJoltrane]

This is wrong for a couple reasons. You can take out your principle, but you can’t add it back after the tax year ends. You can’t take out any profits without a penalty. Also not sure if it was mentioned, but you can take out 10k tax free if for a first home. Also if a company matches, take up the match first, then Roth IRA. A lot of companies offer a Roth 401k so see if that’s an option. If you leave the company you transfer the Roth 401k to Roth IRA.

[@shanewillbur1325]

Don't withdrawal at all. Borrow against it. A loan isn't considered income.

[@H2Ojellyfish]

@@KhanJoltrane could you explain why you would have to transfer the Roth 401k to a Roth IRA??

[@josej-h1471]

I’m 32, I contribute 10% traditional 401k and 3% Roth 401k… currently have $92k 😋😃.

[@cheeses_fries]

Good job

[@josej-h1471]

@@cheeses_fries thanks

[@narata1541]

The fact that our Lord Jesus Christ blessed you with that money shows how much He loves you! Great job and keep up the great work!

[@AlexMint]

ABLE accounts are also a type of account that can function as a second place to put retirement savings, but they're only for disabled people, and their primary function is actually to allow us to have a bit of extra savings(up to $100k, not that most of us can realistically get that much) without compromising medicaid, SNAP, etc. eligibility.

[@PanteraRossa]

Roth earlier in life when you're in lower tax brackets. Traditional as your pay increases, more taxes and the deferral makes more sense. With a 401k you can max out your pre-tax then keep adding post tax money if I'm not mistaken. Up to 56k if you're a heavy saver and make that kind of cash. You can roll over your post tax contributions immediately into a Roth IRA to bypass the "small" IRA limits. It's how the upper middle class and ultra wealthy develop huge IRAs that are supposedly capped contributions at 6k... hahaha yeah right.

[@howellwong11]

I converted most of my traditional IRA's into Roth IRAs way back when and paid the taxes. I bought stocks and more than 20 years later the value went up by 20 times and it is all tax free.

[@hogatiwash7750]

@@howellwong11 what stocks do u recommend? That's the hard part for me.

[@shanewillbur1325]

@@howellwong11 don't withdrawal at all. You can take out a loan against it in the future. Loans are not considered income.

[@howellwong11]

@@hogatiwash7750 If I knew what stocks to buy, I would be a billionaire. I worked in high tech so I was partial to it. i retired 21 years ago.

[@howellwong11]

@@shanewillbur1325 There area lot of variables and unknowns, so you have tread carefully.

[@renet0x156]

We want our pensions back !

[@H2Ojellyfish]

How much did they pay and when did pensions not become a thing?

[@Graeberwave]

@@H2Ojellyfish when neoliberal economics became the thing starting between Carter and Reagan, ALL THE WAY to now.

[@miriamvivo4279]

You can not beat apension. You ould have all 3 back in the day. Pension, 401k and social security. Stay in one company for 40 years. Those days are gone

[@horroRomantic444]

I wish IRA limits were higher. $6,000 vs $19,500 is a huge difference.

[@karensingleton2155]

If I'm 62 work until 65-67, is there any hope for me?

[@exto10]

This clip is meant for people who have access to HSA. As I am currently working, I don’t qualify for all the retirement options listed in this video. The question asked in the title is NO given my current situation. HSA as the primary retirement account!!!! Who is the target audience for this piece of content…????

[@fitybux4664]

Weird. Nearly everyone in the US has access to an HSA qualifying insurance plan through ACA. Now if you have an employer sponsored insurance plan and that works out better for you, that's great. But technically, it's not that you didn't qualify, it's just that you're choosing a better option for you.

[@warlockman-ri2jr]

They don't tell your when you hit 59 and a half you can use HSA funds for whatever you want just like a regular retirement account and it doesn't matter whether or not it's a health expenditure or not

[@fitybux4664]

After age 65, no withdrawal penalty (usually 20% ouch), but you still have to pay taxes unless it was for a qualifying medical expense.

[@tiberianexcalibur]

I can totally see that loop hole get sealed by congress

[@autobotdiva9268]

yup

[@chowsquid]

You lose the tax benefit.

[@chowsquid]

@@tiberianexcalibur it’s not a loop hole. He’s just disregarding losing the tax benefit.

[@black4vcobra]

A set amount of retirement savings per year, say $15,000, should be tax FREE, not tax deferred. Only fair IMO since the federal government has completely screwed us with the social security program.

[@OneNewHope]

$6000 a year is tax free in a Roth IRA... $3750 for an HSA if you are offered one as well. I'm more than happy with those along with my tax deferred 401k

[@AkweliParker]

Everybody’s favorite Uncle has to get his cut!

[@black4vcobra]

@@OneNewHope Nope, Roth IRA's are paid with after tax money. I'm saying that a set amount per year should be pre-tax and never be taxed, not even the growth. HSA's are nice in that regard, triple tax advantage with them.

[@black4vcobra]

@@AkweliParker Every time money changes hands he wants his cut...

[@AkweliParker]

@@black4vcobra so true!

[@AZ-ev3vp]

If your 35 and younger… honestly you should have both … we aint gone have social securities

[@jherc12990]

I have both and a brokerage account.

[@baklava6138]

@@jherc12990 me too! And real estate too is a good way! I mean you have to live somewhere so pay a mortgage instead of rent.

[@Graeberwave]

Why because you’ll vote for the candidate that promises to use it for some corporate socialist welfare instead?

[@AZ-ev3vp]

@@Graeberwave nope dont matter … Pay taxes but u cant say where any of its going … dont depend on any government for anything all are bad none better than the next

[@narata1541]

Honestly, I wouldn't do both as that's Boomer mentality (save and not have fun). Have fun traveling and partying when you're young, and save some of the rest for retirement (I recommend when you're in your late 30's or 40's). I know many people who did this, an dthey had a really fullfilling life!

[@anpeck464]

17 with 5k invested in stocks for my retirement. Using a custodial account. Start young to maximize gains

[@CryptoDad83]

Awesome job! Keep up the hard work and I believe you will become a multi millionaire in the future! 🙏

[@RisingInTheFlesh]

Nice. Wish I started investing at your age

[@q-chan4764]

You are on the right track. I wish I had known about Roth IRA’s and compounding when I was 17 and working at McDonalds. How a little bit of money undisturbed snowballs into a fortune with just time. A one-time contribution of $6,000 in a Roth IRA -- with no additional contributions at all -- would grow to about $200,000 in 60 years (assuming a 6% investment return and monthly compounding).

[@fitybux4664]

I bet you're jealous of 10 year olds who put every dime into retirement that they got from mowing lawns. Everyone always has someone else to be jealous of. ;-)

[@fitybux4664]

@@q-chan4764 Don't forget that Roth IRA only came out in the 90s, so maybe it wasn't even available back then? :-D

[@CampsitePyro]

How about remove the cap on contributions? That would be awesome.

[@chowsquid]

Pfffff then no high income person will pay any tax.

[@lockheedload]

Do both! Always do at least employer match. 401k + backdoor Roth IRA = peace of mind

[@gabbyh6069]

Roth 401k

[@IonicTechYT]

HSA started being used this way because: 1. Taxes are so high in some stated vs people’s earning capacity 2. The healthcare system of the US is borderline a scam. 3. Some people are very smart and resourceful and discovering HSAs as a triple tax advantage is only a matter of time

[@jeffers9843]

You know, 20 years ago, I was 25 and started planning my retirement. At the time, with inflation included, I needed about $600,000 in net eggs to retire comfortably. Fast forward 20 years, guess what? The REAL inflation turned out to be a HECK OF A LOT MORE than 2, 3, even 4% annually. I now need a million dollars to retire, but I learned something...if you think you need X amount, DOUBLE it. The government is lying to you about inflation (printing money doesn't help).

[@staceystrukel1917]

Why on earth do you NEED I million? What you need is a budget and to live simple.

[@DenverPicker]

*Ukraine doesnt help inflation

[@chowsquid]

Oil, wheat, fertilizer, sunflower oil mainly come from Ukraine and Russia. And those things are used in many things.

[@wreckingopossum]

I would say (if you can) first max out your Roth 401(K)/Roth 403(B), then max out your HSA, then max out your IRA, in that order.

[@deathbyvanity1955]

why in this order?

[@wreckingopossum]

@@deathbyvanity1955 The 401(K)/403(B) has the highest contribution limit and generally the lowest fees. The HSA is contributed before tax and used without being taxed if medical used on qualified medical expenses. (HSA could be first, but it has the lowest contribution limit and the least selection, but the fees are generally in between the other two). IRAs typically have the most selection, but also the highest management fees. The 401(k)/403(B) is often (if not always) matched up to 3% (or more) of your income. The employer match is essentially free money to you. Roth, because taxes are paid up front and your growth is worth A LOT more, especially if you start investing in your twenties.

[@fitybux4664]

I'd max out employer contributed part of Roth 401k, then your Roth IRA, then your HSA, then your Roth 401k up to $19,500 (if not already maxed out). I'd say Roth IRA before HSA because it's possible if your income is low, that you might get a "Savers Credit". (Although if your income was low, you probably wouldn't have enough money to even want to think about retirement.)

[@H2Ojellyfish]

I still don’t quite understand the concept of a IRA, can someone explain?

[@Tewthpaste]

*i dont even have 401K or IRA. i took it all out into my Stock account so i can flip that money. i gain more in the Stock Market then i do in 401k.*

[@dimothy1]

Because jobs dont offer retirement plans as much as they used to

[@markeasley6149]

Another advantage of IRA is high frequency trading because no tax on cap gains. You can enter and exit investments at much higher frequency, like doing day trading, without the tax risks of going through your brokerage account.

[@H2Ojellyfish]

Could you maybe explain what “high frequency” means?

[@johnmeraz7348]

Is this for a traditional or Roth IRA

[@kimallnaturelle]

IRA & Roths ar best for younger folx. Pay less taxes on income when younger. HSAs are best if you have high medical expenses currently. I'll probably invest more in my HSA as I get older for health purpose use. Straight out of college I made sure to set a 401K which I transferred to an IRA once leaving that employer. It hurts losing employer contributions, but this economy doesn't support long-term employees.

[@jeannepearl-wright8319]

I read that after 65, anything in an HSA doesn’t have to be used for just a qualified medical expense.

[@meesacreef]

Have an individual (self-employed) 401(k) which allows complete control (no employees and can invest directly in equities, ETFs, etc. without plan or trading fees), a 401(k) from my other employer, a traditional IRA and a Roth IRA. The traditional IRA is for making backdoor Roth IRA contributions only. Wife has a 403(b), a 401(k) from a former employer (no fees), a traditional IRA (for backdoor Roth IRA contributions only) and her own Roth IRA. No HSAs here due to our good healthcare plans. In 4 years or so we will roll her 403(b) and 401(k) into her traditional IRA and eventually into her Roth IRA if it then makes sense to do so. Same time frame should see me rollover my employer 401(k) into my solo 401(k) or IRA depending upon what makes the most sense at that time. Will look at converting to Roth, in whole or in part, if and as it makes sense to do so.

[@NightRidah777]

You have the same options with a 401k if it's self directed. Fidelity Brokeragelink for instance. You have access to the entire market in your 401k

[@hisoverlorduponhigh90]

The concentration of money has created a whole new industry. This, coupled with lobbying makes this a threat to freedom.

[@nioxa5421]

I work for the state and have really good insurance. So... I can’t get the HSA but I have the FSA. My job offers a pension but I’m trying to learn about IRAs. I don’t wanna be 80 and still trying to work

[@menomisespeanut]

Stick with the job and get an Roth IRA . HOPEFULLY you can make it to the year mark where you'll be eligible for a pension (most places require 20 years - if they don't fire you) and you can retire from the company early (lets say 45 years old). That income can then count as passive income. You can get another job if you want to stay busy. Meanwhile your Roth IRA will still be growing and you can contribute money from your pension to that. When you hit retirement age you'll have more than enough to not have to work once you're 80.

[@PJVist]

I’m more confused after this video

[@warlockman-ri2jr]

What's confusing?

[@davadh]

HSA is a clear winner in investment. You can invest in stock or ETF directly unlike most 401K company packages. Plus, you can use the funds to make medical related payment anytime. EVERYONE will have to make some sort of medical payment so why not do it tax free? Plus, after retirement, the remaining funds can be use for anything.

[@chowsquid]

Depends on the HSA manager. I had 2 that had limited funds like some 401k. Then I have one where you can full blown buy stocks, but they only have a limited selection of stocks. 1000s but not every stock. Just popular ones they think people will buy

[@davadh]

@@chowsquid True. Put the funds in one that will allow you with more flexible fund is the key. Some will allow you to link it to a broker like TDAmeritrade, so you're pretty much open to buy with limited exception.

[@guardianoffire8814]

401(k), IRA,and HSA. None of these compares to my retire fund. I can't wait to retire and get matching humvees. My beanie baby collection in the vault should be worth billions when I am ready to cash out.

[@mpgleisten3]

Yep, that's now the Pokemon cards, NFT strategy

[@travis1240]

How about my Hummel collection? Must be worth billions right? Right?

[@fredcucciniello1154]

Still do not understand why there’s a different contribution limit for IRAs and 401ks?

[@carknower]

What if you die before retirement, do I get that money in the afterlife?

[@TopShot501st]

Whoever you put as your beneficiary.

[@LordTrayus]

The differences are largely irrelevant. What matters is that you save at least 15% for retirement and invest in a good index fund (like an S&P 500). Do that and you'll retire as a multimillionaire. Almost all 401ks with employers have some version of an S&P500 index fund. And in your personal IRA - you can buy an S&P 500 ETF.

[@nikanov]

good advice thank you!

[@nishantshukla7255]

I haven't started earning and you guys are talking about retirement 🤣😟

[@jesse_-]

As soon as you start earning, start saving. You you need it and you will not regret it.

[@fitybux4664]

If you barely have any income, it's the perfect time to push money into a Roth IRA. The IRS allows you to have a Roth IRA Saver's Credit if you have a low income.

[@ghost_D]

Diversify your savings. Consider three form of investments long-term, mid term, and short-term.

[@H2Ojellyfish]

@@fitybux4664 if you have low income, should you really contribute to a IRA?

[@H2Ojellyfish]

@@ghost_D what do you mean by “diverse your saving”? If your contributions are in a IRA then it’s obviously long-term.

[@larouedorllc3735]

If it’s important to understand the different options for retirement plans, why isn’t this topic taught in middle or high school?

[@beddythecorgi4269]

Defined pensions were better than both.... let's keep convincing ourselves these are good when we used to have defined pensions that were better

[@mantisman5546]

Tell the coal miners that.

[@narata1541]

I agree. People with pensions don't have to do all this confusing stuff. At the end, we will get a good retirement!

[@IndianOutlaw1870]

@@mantisman5546 And Studebaker employees

[@hblrp]

Great and informative video

[@TravelingTheWorld1993]

I am 40 years old. I rolled over a traditional 401K from a previous employer to by current employer. I am now doing the Roth 401k. Would it make any sense for me to open a Roth Ira now , to get the five year rule out of the way? Even though I am not planning to retire until I am 70? Thanks

[@theclown888]

Yes, open the Roth IRA ASAP. Max it out each year, then consider the benefits of investing in an HSA and then a taxable brokerage account (see the long term capital gains rates).

[@filipxavier1041]

no time is ever too late to start buying and grow a very strong portfolio ahead of the major bull market. My best advice is to get a service from a professional trader to guide and help you make good decisions and profits out of your investing

[@gilbertbrien2280]

I'll buy these right away cos I made good profit from your TESLA recommendation. However, I've been reading about investors making up to $130,000 monthly profit. if anyone knows, I'd really love to know how to make such profit despite the market odds

[@mariasimpson9628]

Very true. Tech stocks are now leading the stock markets who would have thought! Glad to be invested in all those companies doing well in the equities market!

[@jennpersin294]

An advice to everyone avoid trading overactivity, Create a schedule whereas you limit the checking of your stocks, This has helped me greatly cause most times I don't notice the little fall on my stocks, Stocks might drop for a minute but increase but if one constantly monitor their account they would get scared and pull out not knowing the next minute the stock moved even higher.

[@emilywillenbring5162]

it's a sick game but you learn to play or stay poor for life. I hate that companies only provide 401k in stock markets that crash every 5-10-15 years. This just steals so much of hardworking peoples life savings and it's disgusting. I hate it but you either understand the machine or you are just numb to it when it happens.

[@loishendereven9370]

l am ever confident in Karen Lynn Olsen's ability to create expeditious future benefit. I made profit withdrawals last month. A total of $570,000 for the quarter. I used all of it to buy gold and resume investment with my original $200,000 capital to start the year.

[@ConradGosling]

A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?

[@enigmathegrayman2953]

What if you get a pension that pays 75% do you still contribute to and max out a 457b plan or Roth IRA?

[@kraven4027]

General rule is max out ROTH IRA after at least matching 457b. Then what is left over increase your 457b. Instead of increasing 457b I will be saving to buy rental property. So depends on your investment choice.

[@enigmathegrayman2953]

@@kraven4027 Thanks for the response, I don’t get a match on the 457b but I have been maximizing the Roth IRA for a few years now.

[@fitybux4664]

@@kraven4027 Not everyone is good at rental property investment. Some people do better with boring index funds. (Unless you a real estate investment person.) I would never tell my grandma to run out and learn rental property investing. (Unless she was into it.)

[@kraven4027]

@@fitybux4664 Of course. That's why it depends on the persons investment choice.

[@coast_into_retirement]

Everyone should be able to open a HSA. That way you could put some money away for future medical while you are still working.

[@chowsquid]

It current,y needs a High a deductible Health plan and only that health plan. What you are thinking would probably need to be a new type of account. Probably with less generous terms.

[@jiffyb333]

So nice to have this information laid out so simply

[@LA_Home_Deals_Texas]

Nope it is because Employer cut off pension plan and only contribute if the employees match it…That is why they create 401k and 401B

[@fitybux4664]

Can create 401k plans. Not all employers have 401ks.

[@debbieframpton3857]

I did a work 401k no employer match I got a 15% of my gross profit sharing and I also had a Roth IRA after taxes.

[@VitePapa]

How hard can it be just, you want to safe whatever amount of your income and you're allowed to take it out when you reach a retirement age. If you want to pause your contribution you're allowed and allow for competition for people who like to try different holding companies. Hell let me choose to risk it all in just one or spread it. Holding companies can choose minimums etc.

[@ldstiesto]

Great video w awesome content 👍🏽

[@christophermcdermott2300]

Sacrifice today to live for tomorrow

[@H2Ojellyfish]

Cheers🥂

[@TheIvyLens]

Move your 401 into an IRA, if it’s Roth, go with Fedility. Get a limited margin account. It’s as close as you get into day trading or managing your money freely like a regular brokerage account. Advantage: fractional shares, free trades, and no set list of funds to choose from.

[@TheIvyLens]

Not ROTH? Covert it. Pay the tax or sell a stock(s) at a loss to tax harvest. Use a stock that maybe was over paid for but you plan on holding for the long term. Rebuy after window.

[@johnwilliam8366]

Unable to put money in a IRA because my employer has 457 a. And you can’t use both.

[@IndianOutlaw1870]

What is preventing you from opening an IRA at ETRADE?

[@august9050]

I don't even have a 401K or IRA account any longer and neither do I need any of those. Truth is; cash is thrash and inherently bound to fail. Storing it is the worst idea anyone can pitch. Few years back, I took it all out into my stock account and through the help of an FA, I made my first million earlier this year. I can comfortably retire today as opposed to most of my colleagues.

[@vargaskenneth8837]

You just got my attention sir!! I feel this same way too, but I don't know anyway to go about this. This Fa in context?? How accessible is he?

[@august9050]

@@vargaskenneth8837 I can understand how you feel. "Kara Kay Nixon", she was in the news when she revived Grumac in 2018. You can probably look-her up online to get more info

[@thepotter867]

@@august9050 Same Nixon? A colleague of mine said she put in 120k into her firm and she doubled it months... Been meaning to look her up cos she has to be truly amazing to do that

[@doubraperemini818]

@@thepotter867 Honestly, I think 401k is not worth it but I try to keep it to myself

[@NaturesAnomalies]

Amazing video thank you

[@jessicamoore3093]

Reason i invest in the crypto market; to make my money work for me, to prevent inflation from eroding my savings, to build generational wealth and to cultivate good habit and financial knowledge.

[@chris-pj7rk]

The trading market is constantly evolving with new features, trading opportunities, financial swings with sudden surprises around every corner. The best thing is to stay in shape and don’t let anything catch you on the wrong foot.

[@Natalieneptune469]

@@kelvinbutler7796 I've never heard of this Frances Claire Ryan before, where do I find her

[@kelvinbutler7796]

@@Natalieneptune469 just punch and look up the name on the net, all of her info are on there

[@alan5506]

For those that may not have realized, THESE ARE BOTS. The above comments ARE NOT REAL. I keep seeing these comments and it is disgusting.

[@anonsurf6640]

All good stuff to help people. Surprisingly complex for laypeople to get confused about

[@narata1541]

Thankfully no one was confused from this informative video!

[@jitendersingh4263]

401k is the only option for some because of income max out limits

[@angelh1743]

Okay. The title of this video is misleading. The title should have been "Are IRA's better than HSA's" because you barely expanded on 401k. For example: you stated in an IRA you have to pay taxes when you finally decide to withdraw that money. Is that the same with 401K's? You said 401K's have lower fees. Do IRA's have higher fees? There are 4 types of IRA accounts. How many types of 401K are there if any?

[@ResidualSelfImage]

Heath Saving Accounts principles disappear most of the time if not used within a fix time period. So they are not useful unless there is a persistent chronic health problems / cost. IRA can be a good tax shelter for the super rich .. especially the Roth IRA. but most States may tax a regular IRA but some state will not tax 401K ... you can move 401k money to another 401k or an IRA but once the money is in a IRA it cannot go back to a 401K.

[@chowsquid]

HSA money don’t expire. You are reading it wrong.

[@rogerdodger9229]

This video is a bit boring... starting to fall asleep. Look, probably 95% of companies that offer 401K plan sucks... Those mutual funds really sucks in your 401K plan. If you read a lot and know what is going on with the world... then open up a IRA and dump the max amount. Tradtional IRA max $6,000.00 plus $1,000.00 if over 50 yrs old. The max 401K contribution is $19,500.00 plus $6,500.00 over 50 yrs old. IRAs you buy anything that you read about at a fair price....Tesla, gold, silver, commodities, shorting, options and so on....401K u cannot... If your 401K plan offers matching..that matching amount might offset the chit fund your company selected....:)