How to Use a 401K Properly to Retire Faster (Do This Now!)
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- Опубліковано 15 чер 2024
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We did an analysis to compare the 401K vs Roth IRA: ua-cam.com/video/vF069x27pGY/v-deo.html
How schwab founded
Thank you need help
I’m 61
Thank you for the link!
My portfolio does not just cater for dividend stock, I hold $VFIAX in my Roth IRA and $VTI ( total stock market ETF) in my taxable brokerage account, two of my largest holdings. The individual dividend stock position all compliments the index holdings.
Diversifying with $VFIAX and $VTI is smart investment. It is financial independence not dependence, it truely empowers.
Diversifying portfolio can be challenging without the right guidance. If you lack market knowledge, your best bet is to seek the expertise of an investment coach. That is how I have managed to stay afloat in the market, increaseing my portfolio over 60% in the beginning of the year. It is the best way to start up investment in my opinion.
Please who is guiding you ??
@@OliviaParker-rx3ni
Jason Herman Pierce is the licensed fiduciary i am working with. His cutting edge financial strategies is top notch.
How I reach him??
Well, if you're in your 20s and looking at this topic , you're probably already on the correct financial path.
And if you're in your 50's?
No hope @@duanen2337
@@duanen2337there is still time
@@duanen2337regardless of age it is sage advice, especially if you started in your 20's and you're 50-60 now
@@duanen2337you’re probably working until you die and should develop solid coping mechanisms
I’m 29.
Been contributing 10% of my checks to 401k since I was 18 years old.
The company I work for matches 4.5%
All I can say that I’m proud of my self.
Keep increasing that amount each year. You'll be multimillionaire when you are age 65.
We are proud of you. Great job at 18. That’s amazing.
I don’t even know you and I am proud of you.
@@sunnyd4734Not true. After taxes no.
Great 👍..Don't expect Uncle sam to take care of the Old You... The young you will take care of the Old you....Keep going 💪
Just turned 40 and regret not putting more into my 401k in my 20s
I didn't begin until I was 35 and didn't get serious until my 50s. But I'm making up for lost time.
Just wondering, I'm currently investing 6% in my 401k and 2% in my Roth. I just got 3 raises in the last year. How much you believe I should be investing? I'm 32. I started when I was 26
Me toooo. I’ve always contributed to but never made sure I max it every year. I also slept on HSA. I’m 41 now so making sure I max all three as soon as I can every year, then dump all extras in brokerage. Hopefully this hyper accumulation can make up for a little bit of lost time.
@HemiLyfestyle , 15 %. Of your income.
@@HemiLyfestylethrow all raises in your investments, start with Roth IRA first after maxing match in 401k. Live on your income before all raises/bonuses, rest in investments.
I’m 29 and barely learning how to properly use my 401k. I’m proud of yall who did it since the beginning. Now it’s my turn
Early retirees at 52 and 55.
Maxed out pre-tax 401k for years. No match.
Keeping lifestyle creep in check is critical to be able to max out your investments.
We retired using the rule of 55.
Continue educating yourself to maximize your savings and investments.
Anyone can do it. We are just ordinary, everyday people.
Oh don’t worry, nobody thought you were extraordinary commenting on youtube 😆
@bb-1359 my point was anyone can do it. Maybe even you 😉
I hope your life improves and you find happiness. 🙏💛@@bb-1359
@@rhondavigil795 My point was nobody was impressed 😀
I’m impressed
I think the stock market will do well in 2024, so I'm thinking of putting $220,000 into stocks for my retirement. Any advice on doing this safely? Also, any important tips for the current financial situation?
Agreed, people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, looking for companies to make additions to boost performance
Keeping money in the bank is like paying banks and the Govemment. Here's how it works: The bank gives out your money as loan, and charge interest obviously higher than inflation rate, and then give you, the depositor, interest lower than inflation rate. That means net loss for you. That is why I prefer to invest, and on average, my advisor makes returns that always beats inflation!
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
My consultant is Svetlana Sarkisian Chowdhury She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
My consultant is Svetlana Sarkisian Chowdhury
Take the free money early and often. Put it in s&p 500 index and forget about it.
You’re saving my tons of financial advisors money straight from my pocket and i’m really blessed to live in these worlds where peoples like you still trying their best to help peoples in the most complicated topic in the world “managing money”
I started contributing to my 401k at 30. Will be 32 this year. I’m fortunate enough to be able to contribute 20% of my paycheck each pay day with an employer match of max 6% of my yearly annual income. I have it set to one of those retirement date funds where it spreads it out for you based on your age. Maybe not the best but I’m not an expert at picking funds. I do wish I started in my twenties even if it was just $100. If you’re reading this and in your twenties start now. Your older self will thank you. PLEASE.
Great video, I’m 29 I got 160K in my 401K
Here you go pal 🍪
Keep it going. 💯
That's amazing, keep going!
@@0_1_2your envy is showing. Just because you make bad decisions in life doesn’t mean you need to break others down.
Only 160k? Lame
As always, thank you so much Brian
I'm very fortunate to work for a company that actually cares about our financial future.... our owner's philosophy is that when you walk out the door, he wants you to do so as a millionaire. Not only does he match 100% up to 6%, as an incentive, he also has a progressive scale of profit sharing... the more you contribute above the match, the greater the additional amount he will contribute annually, plus the financial institution's money managers are available to us for answering questions with no additional charge to our accounts.
Nice! Are you guys hiring?!
Wow that's amazing! Bless him.
Thank you Brian, you are such a blessing to many!!!
It it really awesome that your talk is printing on the screen at the same time. Very helpful
Couldn't get any clearer than that! Thank you Brian!
I am 38 and this is 100% great financial advice, I am regretful for not being effective with my retirement savings but am working to correct this. This is an amazing channel and I fully support listening to this and all the great advice on many topics covered on this channel!
Great content, very simple and quick
Gen Z listen up. Start as early as possible with your first job. Even if it’s just a small amount, COMPOUND INTEREST will help you in the long run. When you’re older, you’re gonna start seeing all your friends dumping as much money as possible into their 401k to catch up so they have some retirement. Meanwhile, you’re not going to have to do that as long as you have consistency starting from a young age
Yes.
22 year old here - loud and clear ☺️
Young people can't even afford to house themselves, how are they going to save. I don't think the dollar has much time left.
@@scoutdixie4412 I did it and I live in Southern California, which is hard mode for a young guy that doesn’t come from money. I hate to say it, but if it’s unaffordable where you live like me, you’re going to have to downsize the lifestyle you want. No lifted trucks/luxury vehicles, no eating out all the time, no random trips out of the country. You gotta live cheaply. Times are hard, I get it. But you gotta put some money away while you work your way up to a higher income.
The value of the dollar is decreasing.I hope everyone knows that is true.
Will be turning 33 soon. And iv recently started 401k last year maxing out company max. Now i understand that alot of people dont do it sooner, because like me in my 20s i didnt have extra to put aside. But whenever you can, do it. This isnt to say live for your retirement. But it is nice to have somthing to fall back on in your later years
I didn’t start till I was 33 and I’m 43 now keep adding 1% a year till you get to 20% you will not regret it
I Always praise the day I subscribed to your channel. Thanks you
Thank you for all the support! I appreciate it so much!
Luv this guy. Provides matter-of-fact info. Follow him, it is great value.
Happy Sunday Brian! ☀️🌺
Happy Sunday Rose Bloom!
@@clearvaluetax9382he didn’t get the memo. Bwahaha
@@clearvaluetax9382 Hey what's the best retirement plan for self employed individuals?
Brian, YOU are the best! Thank you!
I worked for 16yrs. with the major airline & left to take care of my 2children & my 401K has been growing.
🙌🏽….Thank you. I need this information. I appreciate you so much.
I hope this helps Kristy!
great advice as always! Thanks Brian!
Another excellent update brother Kim. Keep up the good work!
Great content Brian! God Bless!
This 💯 Thanks Brian
Hey I really appreciated this video. I liked seeing it written out along with your voice. I really understood better!
This video is GOLD! Thanks Brian ❤
So wish i had your videos in my 20s man. Glad to have them now
Thank you for being honest.
Excellent advice, which most unfortunately will not follow. Thanks, Brian!
Always the mist informative info. Thank you
your videos are so amazing and informative!!
Thank you for telling us what you would do. This is very helpful
Very concise and informative!! Thank you for your videos
Very helpful. Cleared most of my doubts around 401K. Thank you so much.
I’m glad you found it helpful! Thank you for the support!
Thanks Brian
Happy Sunday Qdood!
All I can say is I am so grateful for people like you,
Very informative! Thanks!
The best advice for all generations! 🎉
If you have Roth 401k option, seriously consider it. I max out my 23k annual contribution as Roth contributions for tax free money in retirement. I've been in 100% stock the past 19 years and it's really paid off (S&P 500 index and some mid cap dividend staple funds). On target to hit 1M in 401k by my mid 40's
I do a little of both Roth and traditional & hubby does all traditional …trying to keep our income down so we don’t lose out on Roth IRA eligibility.
it depends on your tax bracket. If you are in high marginal tax bracket right now, roth 401k will be a bad option. There is no way you will be in 22% marginal tax bracket in retirement if you are in correct financial path.
I thought the cap on the Roth was around $7000? My company just started offering a Roth for my 457K.
Depends on your tax bracket. Roth 401k isnt best option for everyone
I lost a lot in 2008, I don't think I have fully recovered. Be careful a crush is coming.
Great explanations, it’s shocking how many people aren’t aware of these things
Thank you for your help
My pleasure David, thank you for the support!
Great sound advice!!
Grateful to know this now and better late than never. I will teach my kids these things that I neglected to learn myself earlier in life.
thank you Sir Brian!
Thank you for your help.
I started in my late 20’s and regret not starting much earlier. There’s always extra money to put aside even if it’s 1-3%. Start early and you won’t regret it.
Thank you for your videos.
Thanks Brian!
You bet! Thank you for all the support!
Awesome content dude! Please keep putting more information ❤
Thank you Eddy!
Simple and honest. I appreciate that!
Great information
Awesome info 👍👍
Thanks Brian 😊 😊
Thanks, brother!
Great advice. I appreciate you looking out for the little guy while the big guys are busy trying to pilfer the little guy's wealth.
No loans, no withdrawals, make certain you receive the full benefit of the employer match through December 31 each year, max out contributions each year, 402(g) limit and catch-up contributions, max out After-tax contributions if your employer offers After-Tax. Focus on Index funds for the low expense ratio and stay away from the boring bond funds.
Thank you for help full information
I forwarded this to my son even though he's a few years away from retirement.
I was lucky in that my credit union offered a financial advisor. He gave me the best advice and convinced me I was working for no reason at the time. In fact, I should've retired three years earlier! I've been retired for 17 years now.
Gamsahabnida! Thank you, another good one!
You are an amazing person!
The GOAT of financial advice.
Excellent video and right on. Don’t listen to the hype about future returns will not repeat the past-the same concerns were there when I was 22-now I am 55 and thankful I under-lived my means and saved. It was worth not driving the shiny new car.
Great Content
Great topic and video
Thank you! Just subscribed to your channel.
Great advice using you contribution rate each year.
You are my financial advisor thanks so much
Southwest Airlines will match dollar for dollar up to 9%.
That’s an amazing offer!
@@clearvaluetax9382 Visa has the best offer so far. 200% match.
great advice!
I just retired at 55. If planning to retire early, don't roll your 401k over to an IRA before you're IRA eligible at 59 1/2. Instead, use the Rule of 55 to withdraw from your current 401k without penalty if you're between age 55-59 1/2. Also, your 401k has creditor protection that IRAs may not have. Consider rolling over any old 401ks to your current one before retiring early so you can access those funds under Rule of 55 as well.
I'm planning on using the 55 rule, question though. I have a 457b w a county in a different state. I believe I can start drawing that at 55. I have my current 401k w match. I considered rolling the 457b into the 401k but when I did the math w compounding calculator combined and separate I will earn more overall leaving them separate. I'm I missing something? 457b ha 52k at 7.5 and 401k has 25k at 5. Thanks
@JUST_A_GUY835 - 55 rule only works with 401K or 457b of your current company. So you would be able to do it with your current 401k but would not be able touch you 457b. Unless you moved the money to your current employer.
@@JUST_A_GUY835 nitra79 below is correct. Rule of 55 only applies to your current company when you leave in the year you turn 55 or older. It does NOT apply to any previous retirement accounts from other companies. So if you wanted to access your old 457b funds at 55 you'll need to roll it over into your current 401k.
We chose option 4 in order to get out of credit card debt. Credit card debt is a hard less to learn about interest rate, but a great motivator to be more financially responsible. The gains i was making off of retirement was being over shadow by the interest of credit card debt.
Great video very informative
Thank for the info
Excellent information presented well. Oh my, yes, watch the fees!
This is an eye opener, and having a retirement plan for yourself is the best step to take knowing that after your working days you will need something to depend on.
I'm 34 this year. I absolutely advise starting as early as possible. Never underestimate the power of compounding interest.
Thank you for being simple and straightforward. Great video on taking advantage of employers matching. I'm 55, got +$700k invested in my 401k, I started saving in my mid 20s. Yes, it can be done! Looking forward to doubling in 7 to 8 years from the compounding rule of 72. Please budget early and pay yourself first. Good luck!
Amazing presentation
Awesome!!
Thanks
🎉🤩very well explained 💯‼️
Ecelente🎉 thanks for this info
Thank you!!!!
In the last 4 years we have gone through our 491k's and savings. This is really sweet of you. My kids both work and are in there 30's and they work full time, They can barely afford rent..js
The breakdown on the various 401k transfer options helped a lot! Currently looking to switch jobs and was curious if it makes that much of a difference
You made it simple to understand
Thank you 🙏🙏🙏
very well said! and yes, starting your investments in your 20's is absolutely the fastest way to financial independence.
Thank you!
About to be 40... only now learning about this stuff!! Start AS EARLY AS POSSIBLE!!
You are 100% right Brain the sooner the better
good info!
Brian please discuss physical gold and silver and why or why you should own them
Thank you.
Thank you for all the support CG!