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@lapprentice7 ай бұрын
Sorry man, these aren't leaks. We can't expect the big daddy goverment to "fix" everything. Sure, our public school system fails to even teach a thing about family finance & budget. Hence, it is a personal responsibility to educate oneself and become financial literate to make the right life decision.
@cityofbrologna7 ай бұрын
Agreed. Tired of ppl being lazy and not putting in the effort to educate themselves on what resources are available. We live in the age of the internet with unlimited information in 2024. There’s no excuse anymore.
@chetanjilhewar16697 ай бұрын
@@cityofbrolognatrue but there is analysis paralysis for a lot people when it comes to retirement.
@Marlinreiblkguy7 ай бұрын
Im going through this with my brother right now. He has two 401ks from previous employers. Good to know only one roll over per year.
@Scimu7 ай бұрын
No limit on direct rollovers
@FIREPsyChat7 ай бұрын
No limit on direct 401K rollovers. The IRA to IRA rollovers are limited. Here’s the IRS website that shows you the restrictions: www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions#:~:text=You%20generally%20cannot%20make%20more,the%20distribution%20was%20rolled%20over.
@jasonwilliam_797 ай бұрын
Save more... it is not the 401k... it is the humans.
@Zorlig7 ай бұрын
It's not very complicated, people should be able to keep their 401k from employer to employer. Payroll direct deposits into any bank, they can do it with 401k too. Add one step transfers between plans that don't miss time in the market and everything is a lot better. Make thinks like the current "mega" contributions easy, effectively greatly increasing the limit. Get rid of vesting for match. Have brokerage accounts. Have asset backed loans rather than the current withdrawal type loans. Eliminate all leakage.
@als2cents6797 ай бұрын
Why is the Roth IRA conversion irreversible? i.e. Why can I not move money from a Roth IRA into a Roth 401(K)?
@Bagsn867 ай бұрын
In ny the first $20000 you take out of 401k is not taxed. I am married so $40000. Does it still make sense to have Roth if an only need $40000 out of savings to cover expenses in retirement . Is federal tax savings worth it?
@FIREPsyChat7 ай бұрын
Taking out your 401K early results in a federal income tax plus the 10% penalty. If you’re asking me if it’s worth it, no. It is not worth it at all. You’re taking out the future dollars to cover today’s expenses.