After maxing out my Roth IRA I’m lucky to contribute 10% to my Roth 403b and that’s after a required pension contribution. Because I’m contributing to multiple accounts my percentage in each would be considered low.
Right, just looking at a 401k wouldn't necessarily be a good indicator of someone's total savings rate. However, you and I both know that as an On Cash Flow viewer, you are an anomaly in this world (high saver/investor) ;)
If someone leaves a company they likely rolling their 401k into an IRA, hopefully... It would be interesting to see how long the median person was a participant in the 401k plan.
Yes, I would hope that most people are doing that as well, but I honestly don't think that a lot of people know about rolling over, only people who are interested in personal finance would know to do that.
Yes, because that means they have so many years of potential for more growth! Roth is a great option for many Americans, but seldom are taking advantage of them according to the study.
That's not sad, you are taking control of your financial life and making progress. You are in a very good spot with 20k, and you can grow it exponentially and have a healthy retirement!
Watch this video next on why maxing out your 401k is not the best strategy:
ua-cam.com/video/Hd_NXKXKLjY/v-deo.html
After maxing out my Roth IRA I’m lucky to contribute 10% to my Roth 403b and that’s after a required pension contribution. Because I’m contributing to multiple accounts my percentage in each would be considered low.
Right, just looking at a 401k wouldn't necessarily be a good indicator of someone's total savings rate. However, you and I both know that as an On Cash Flow viewer, you are an anomaly in this world (high saver/investor) ;)
If someone leaves a company they likely rolling their 401k into an IRA, hopefully... It would be interesting to see how long the median person was a participant in the 401k plan.
Yes, I would hope that most people are doing that as well, but I honestly don't think that a lot of people know about rolling over, only people who are interested in personal finance would know to do that.
Roth accounts grow tax free and are even more valuable the younger you are. 😉
Yes, because that means they have so many years of potential for more growth! Roth is a great option for many Americans, but seldom are taking advantage of them according to the study.
😢 41 yo and just reached 20 g’s pretty sad
That's not sad, you are taking control of your financial life and making progress. You are in a very good spot with 20k, and you can grow it exponentially and have a healthy retirement!
@@OnCashFlow just got a late start. Wish I would’ve started when i was 20 instead of 40
Better late than never. Some people wait until 45, 50, 55, 60, etc. Be glad you are starting now and not then :)@@InvestersEdge-lm6zl