400k TC - 27 years old. Imagine putting money away for when you’re 65 and can barely enjoy it. I plan on having $0 to my name when I kill over. Am I an idiot? Nah. Enjoy life while you’re young folks. F retirement! Edit: ok stop bullying me I will contribute smh fml #investments #stocks
At least contribute what you need to for the employer match
Why
Because it's literally money for nothing.
Big time idiot indeed!
Thx
Yep, definitely a financial idiot. Other than company match, tax free growth and/or tax deduction, you can withdraw early OR you can convert it to Roth then you can withdraw 5 years after conversion. Or even better just spend more money at your non-retirement account then when you retired spend from your retirement account lol
You can withdraw at 55 without penalties. Ever earlier if you don't mind the penalties. I'm on track for 55
Same here. I'll be retired by 55 at the latest. Already multimillionaire. Imagine making 400k a year, but still being too stupid to understand something as basic as compound interest like Op.
55 rule applies only if you are 55 and 401k from which you want to take money is your last job. Otherwise, rule 59.5 applies.
Every guy who did this in their 20s regretted it in their late 30s. It is not for just retirement. It is putting money away and make it grow. Employer match is a huge deal. You can withdraw when ever you want with some penalty. The growth of the money is the key. I have seen people made multi millions with their 401k before they hit 40s.
It’s also only fuckin 18k if you’re making 400 that’s like 3 weeks of work lmao if that’s making your life significantly better idk what is going on
Yep. Did not understand 401ks and did not start contributing until 30s. Kicking myself now but it is what it is.
Imagine you hit 65 and have no money, because you thought it’s a dumb idea to contribute to your 401k while you are 27.
Yes plus medical expenses shoot up after 60s
He is rich at 65, just not in a 401k account
You can be dead before 65, so this argument is valid
This guy gets me
Good, You will Have a company on the streets if you don’t die by 65
401k allows you to avoid giving 1/3 of $23k to uncle sam. You'll get only $16k less after tax.
It's even less than 16k with the employer match.
And hsa
Amazon employee once again proves that Amazon doesn't actually raise the bar
Not an idiot if you're into the habit of saving and then putting that money to good use. However with that kind of money, I'd still contribute to get employer match
How do you spend all your TC?
OF
Women