'SERIOUS STUFF': Why 401Ks are under tremendous scrutiny
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- Опубліковано 1 жов 2024
- Wealth Enhancement Group Senior Vice President Nicole Webb discusses whether Americans are saving enough to retire on 'Making Money.'
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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.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
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?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I lost 30% of my retirement portfolio because the company I worked for convinced its employees to invest heavily in company stock, claiming it was a bargain with a high employer match. When the stock lost half its value in 2021, I knew my retirement was going to be difficult. At my age, recovering from such a significant loss is impossible
I'm getting close to retirement and having a financial advisor has really paid off. I started investing later than most, so I couldn't just rely on compound interest from index funds. Even so, I've done quite well, earning more than some long-term investors. I'm set to retire with at least $6 million
Your financial advisor must be excellent. Could you share how I might get in touch with them? I'm worried about my retirement portfolio, I could really use some help
I usually avoid giving specific recommendations since everyone's situation is unique. However, having worked closely with Emily Ava Milligan for years, her service has been outstanding. You might want to see if she meets your criteria
I looked up her name online and found her page. I emailed and made enquiries. Thanks for the help
Live on less. $500,000 in good dividend stocks should net you $5000 to $8000 a month. If your house is paid off it is easy to live off that.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
Vivian Jean Wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
@@maryHenokNftImpressive can you share more info?
*Gertrude Margaret Quinto* 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.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
How can i reach this adviser?
Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
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.
My wife and I were on different routes. 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.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, I believe that is the most effective way to enter the business at the moment.
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?
Vivian Jean Wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Rachel Sarah Parrish is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
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.
Carol Vivian Constable 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.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
100% agreed, my so called target retirement fund in 401k had absolutely terrible return compared to sp500. I moved all to sp500 but biggest regret of my life I didn't do it sooner..What else is best way for me to invest $100k in a non-retirement account?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of 5%.
you need a certified financial planner straight up! personally, I invest in ETF's and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. During the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my portfolio has grown by 25% every quarter since Q3 2020.
Considering our economy runs on a boom and bust cycle, you set yourself for failure when you gamble on your retirement. It is not just Wall street that is a gamble, as you are one hospital stay away from losing it all, when you are retired an on a fixed income.
Scam thread
Thank you for expanding my understanding of personal finance and investment. I recently subscribed to your channel. I'd like to express my appreciation to everyone working diligently to earn a living and accumulate wealth during this recession. My husband and I are both retired and debt-free, and we're being prudent and frugal with our finances. Despite the recession, we continue to generate passive income through our savings and investments in the financial market. This investment-focused lifestyle has allowed us to receive a consistent monthly income through passive means, for which we are truly grateful
Congratulations on your early retirement! That's fascinating news. I'm currently in urgent need of investment advice or tips. Earlier this year, I hesitated and didn't take any action until now. However, I'm determined to try something new and am very open to various investment ideas.
@@SophiaDuellman Absolutely, making informed and thoughtful decisions when it comes to finances is crucial. Whether it's budgeting, investing, or managing debt, having a plan and taking the right steps can lead to financial security and success.
@@Denice-bn2ij If you aim to achieve significant profits from your investments, I recommend defining your investment horizon and establishing a long-term plan. I collaborated with NICOLE ANASTASIA PLUMLEE to develop a long-term investment strategy, and she helped us manage our investments while we concentrated on other things without any worrying
@@CleopatraHartup-zw4io It's great to read this comment. Having a skilled financial planner is like having a mentor in the finance field. I used to struggle with investing on my own and ended up losing money. However, everything changed once I started working with the same individual, NICOLE ANASTASIA PLUMLEE.She played a crucial role in improving my financial situation. In the past, I relied solely on my job and salary for income. Now, I've discovered ways to easily generate additional income, allowing me to transition away from traditional employment, all thanks to Nicole. I now firmly believe that investing isn't a choice but a necessity for anyone seeking financial independence and a high quality of life.
Scam thread
The math doesn't lie if you invest into the 401k regularly. People are just bad savers. It's not the vehicle that's bad it's the driver.
My coworker will retire at 66 with $2.1 Million in her 401K account.
Exactly correct. This has all the trappings of another democrat scheme to "level the playing field" to increase dependency and crush independence. Create a problem that needs to be "fixed". Start first with a lie.
Yeah I don’t understand this guest poo-pooing 401ks after they literally just showed people aren’t saving at all. Don’t blame poor output when you have poor input.
Exactly! Once pensions mostly disappeared all of the risk transferred over to the employee and it is each workers responsibility to fund his or her own retirement plan. The 401K is still the best way to accumulate wealth if the employer provides a match.
So you spend all that time saving, only for that 1.5M you plan to retire on now being worth ~150,000?
And that's a dependable plan, in your mind???
The "Math" doesn't lie, but the GOVERNMENT does. Grow up, dude.
BTC can disregard techincals when in a bull, did that in 2020 when it crossed previous ATH... stayed there a few weeks and continued pumping like crazy to 60k. Also, there is one constant... when around 90 on monthly RSI, the end is near. And don't expect crazy price targets of 500k... expect around 100k at most and be happy if there's more after that. If you believe big boys and CEO's of big invesment firms saying targets like 1M this cycle.. you deserve to be their exit liquidity..It's not about guessing the market's next move; it's about playing it smart and steady during trading...managed to grow a nest egg of around 2.3B'tc to a decent 21B'tc in the space of a few months... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
Linda Wilburn program is widely available online.
I appreciate the professionalism and dedication of the team behind Linda’s trade signal service.
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
Absolutely. With so many choices like banks, bonds, and IRAs, it's hard to know which ones will provide the best returns.
And we mustn't overlook the constantly shifting market situations and financial insecurities. It's ample to cause anxiety regarding one's retirement savings .
That's where a knowledgeable financial advisor like DESIREE RUTH HOFFMAN can make a big difference.
She can help navigate the complexities of retirement planning and recommend tailored strategies based on individual goals and risk tolerance.
I've been thinking about my retirement choices, but I'm a bit lost on where to begin. It feels like there are numerous traps to steer clear of.
401Ks aren't failing anyone. People are failing to utilize their 401K's.
100% correct. I've administered our company's 401k plan for 25 years. Those that have continued to contribute at least 6% of their check and pick growth funds have a nice chunk of change after 20+ years. Those that are constantly borrowing from their account, contribute sporadically, or choose money market funds haven't done as well.
People don’t plan to fail, they fail to plan.
@cockyhemi-123 you seriously believe that?
@@pduke6819 Can you give an example?
Employers and hackers steal and sell 401ks of those who get mental health problems from workplace abuse. So no, I don't think that's entirely correct.
This is BS, 401k's were designed to replace pensions! And a lot of employers don't do any kind of 401k match, either. And they cap your contribution if you're considered a "highly compensated employee" as well! The whole system is total crap!
YES IT IS. IF YOU'RE INTO GAMBLING THEN PUT YOUR MONEY IN A 401-K. IT'S A CRAPSHOOT.
Not quite. Pensions were going away when 401Ks started, and many pensioners were losing their pensions when the company they worked for went belly-up.
They also force you into limited options. A total joke. Can move it and can’t do anything but mutual funds etc. it’s a total scam.
@@gmanblue2026 Unions have always had pension plans. Most companies now are hard pressed to stay competitive and pay the employees retiement
take off the cap and cap on SS contribution.
Some people are Buying homes, cars, Having children going to Starbucks Others are prioritizing saving and investing.
Exactly!
Yeah lord forbid you start a family and need a house to put them in and a car to get to work
@@ozhunter6708 I think the issue is people buying more than they can actually afford. Bigger/more expensive houses and cars than they should get based on their income and having a lot of kids when you can't afford it.
@Jason-33W some truth to that. Also inflation has forced many to stop investing
Exactly! I'm self employed for 20 years. No ONE in America even NEEDS a 401K. INVEST! SAVE!
Get rid of the IRS income tax on 401K's and IRA's !!
That doesn't make any sense because those contributions are already tax deductable. If you don't want to pay taxes, just use a Roth account lol. Roth 401ks have been around for years.
@@damemethiefyou pay tax on Roth contributions up front. HSAs are the only account entirely untaxed
Japanese mother family rule #5 - Save one-half your paycheck. There is no retirement, unemployment, welfare, food stamps, workman's comp, disability, etc. There is only you. Thanks, mom!
That was my mother's strategy as well. Words to live by. Kudos to your mother.
America where people live in slavery and don't even know it ... your tax fight wars around the world, they tell you you have freedom and you believe. Yet you live in stress...
is that minimum wage?
@@supernunez69 My mother's family rule applies to whatever wage one makes.
Some people including myself can not afford to save HALF of their paycheck.
Not all of us are fortunate enough to be able to do that.
Don’t know if you’ve heard or noticed but things are extremely overpriced and expensive these days.
Also, you need to have discretionary money to save.
If you're living on a prayer because of the cost of living, just chewed up your 30% margin if you were lucky enough to even have that.
Facts.
Yeah most are financially stupid.
People complain about the cost of eggs, then go out and buy a new car and whatnot.
Every single person I know personally who said they never have money to save for retirement I tell them all the nonsense they waste money on.
It’s a truly strange mindset to observe.
I maxed out on my investments when I was 23... I lived extremely frugal. Today at 50 yrs I am completely financially retired...been retired since I was 48.
Congrats. Not everyone lives to be your age. It's a balance.
I was an average earner over my career. The 401k is what allowed us to retire. It is an excellent investing tool for the average person, couple, or family. If you start off small and contribute from each check you will thank yourself when you are old. People don’t plan to fail they fail to plan. Most people today nearing retirement age had 40 years to plan, save, and invest.
Major companies pay big money to figure out just how little money they can pay you relative to where you live to keep you hovering just above drowning and just below being able to improve yourself. Keeps you locked in and lowers their costs.
Yep
She says take the tax now to avoid taxes in the future with a Roth account. Yea, until in 30-40 years and you go to retire the government needs your money to prop itself up and then suddenly they tax it. There is no guarantee they won't tax Roth earnings later.
This is a really good point. They're already talking about limitations on Roth balances (mostly because of the Peter thiels of the world). But agree with your sentiment.
If you only contribute to a Roth, you are going to be in trouble when it comes time to retire. Contribute to both a 401(k) and a Roth IRA.
I agree with this idea because there's no way to know how high taxes will be later! Taxes have increased a lot since I started working, including state and federal taxes on purchased goods.
This is what kept me from investing in a Roth for the longest time, thankfully I’m at a point where I can invest in both and just pray the rules don’t change.
@@beckinfidelis3916 Yeah taxes will probably go up in the future but even if that is true it depends on many other factors, for example if you're in a high tax bracket then the money you contribute to a traditional ira will save you money based on your marginal tax bracket (your highest bracket that year) but when you withdraw if it's your main or only source then you're paying it at basically you're effective tax rate which is always lower than your marginal tax rate. Don't blindly put in Roth or Traditional without planning it out as best you can.
biggest problem is 401k providers charge .5-2% per year in administrative fees called a daily asset charge. My 401k provider(voya) charges .8 which is $800 per $100k you have invested. I'm at a pretty small company with a total of about $4m in our 401k collectively, thats $320k per year in fees we are paying as the EMPLOYEES! Sorry but that is an outrageous amount of $. Imagine if we, the employees, only paid $100k/yr that would be an additional $200k that could be going towards our investing. This is something people don't talk enough about and most don't even know of these charges as they are well hidden.
$320K in fees/year? Something is off hear
@@mizan1030yes, there is an extra 0
That's true. This fees are insane. That's why we see financial people driving insane cars and having huge houses. Lol. I always think about this. The people with the important jobs, that society needs, make nothing. And the people with the jobs that we don't need make a ton (social media influencers, actors, musicians, athletes, financial advisors).
Most employees don't ask the tough questions though. The fees can eat up a good portion of any employer match. I talked with our plan administrator and uncovered 7 different fees, just for investing into target date funds. Total ripoff
@@stonersgym8120mine doesn’t. Actually I’m pretty sure my company pays all the fees. I have never seen fees taken out of my 401k with both my past and current employer.
People are the problem and not 401k. 😂 we always try to blame everything else but never look at overselves. We are the problem.
Yup.
People complain but at the same time show their ignorance and impatience with their 401k as well.
Also the dumb things they have done like borrowing to buy material things they don’t need, having it managed without knowing there’s a fee, and only contributing up to company match among other things.
Regardless, excess government spending has to stop, or inflation won't drop.
This nation would already be completely in the toilet if the government cuts back. A nice balanced budget got you deregulated commercial banking and finance. We were screwed a long time ago. Just study finance history of globalizing through debt, squarely on American’s backs. You want to see our debt, just watch a video of the Top 20 skylines in China. That’s our debt in concrete and steel.
Pensions are the 3rd leg? Cool. Please call my company and let them know that they need to pay me a pension because it is the 3rd leg of retirement.
We sadly regret to inform you that your third leg has been amputated…..
I got a pension but I didn’t include pension or social security in my retirement planning.
Retired before 50 as planned in 2020. Didn’t want pension or social security to dictate when I retired.
My pension was also cut and frozen so instead of $6k-$8k a month I get $2600/mo..
But I have zero debt,homes paid off ,and low expenses. Travel the world cheap because I can fly free for life any class.
Also planned well and have plenty of cash,savings,investments,passive,annuity,$300k emergency fund,etc. if needed. For now pension is enough.
My 401k and IRAs are 2.1 million currently and growing untouched.
People are
Spending much more than they make and really don’t plan for the future, they mostly care about today and impressing friends and neighbors
I love how we just blindly believe what institutions like Vanguard, Blackrock, etc., tell us. They are always going to say people do not have enough in their 401k's, because they rip you apart on the fees.
They use tricks going back years
I'd argue you can believe vanguard more than most since it is owned by it's customers. There is no "owner"
I read an article that said Vanguard is the biggest investor in Black Rock and vice versa.
And dems will still vote for Biden 😂
Biden actually did some good things for 401ks. It’s true what they say about broken clocks.
Of course. They have to look out for all those poor transsexuals and keep racism stoked.
So the Republicans do a good job? No. Democrats and Republicans are both terrible. They are just great at keeping civilians arguing with each other. Think about this... California and New York are terribly run states. But guess what? Mississippi is too. They went from the richest state in the union to the poorest with bad education and no jobs. Republicans aren't helping there. The only thing they care about is keeping their office. Once we start voting them out, they will finally start acting like public servants, not like they are our bosses
Voting for Biden again is like the Titanic reversing back into the iceberg. FJB
Because they are stupid
I remember when 401K was a supplement to pensions (80's & 90's), then suddenly after 2000 election the political talk changed to 401k being replacement for pensions. The Pension Reform Act of 2006 set forth the requirements necessary to end pension plans, this was intentional.
Defined benefit pension plans are completely unsustainable in the US.
The whole thing is just bait and switch. When it comes down to taking your “savings” your 401K will suddenly be filled with the junk that loses 50% +++ of its value. Just watch, because finance is just playing, you are the commodity.
@@gregeardley5601 Get a government job. Government people should not have better benefits than the people they supposedly serve.
@@vickijohnson9367
My money is in stocks,REITs,ETFs,HYSA,CDs,credit union savings account,etc. in my 401k at 2.1 million currently.
My 401k is Pretax,aftertax,and Roth with brokerage account. Also 6% company match and additional 3% without match.
We can also contribute over $40k/yr. in ours.
It’s not bait and switch. You just took risks and impatient. It’s a retirement account for long term growth not savings and loan.
If you have “junk” in your 401k you better talk to your employer because that’s the type of 401k they created for you.
Well pensions have mostly gone away so how tf is a 401k not intended to be a retirement account now? Unreal.
What’s unreal to me is that people think everybody had a pension.
The majority of people in the U.S. never had a pension to begin with.
Most folks cant afford to put "more " in retirement!!!!
Because most folks are lazy. Most.
Folks do not want to get higher education or go to trade school. Most folks are just comfortable doing just the minimum. Most folks go into debt and buy things they cannot afford. Yes, you're right.Most folks are a bunch of idiots
Work 12 hrs a day... I did for 7 years
That's because most folks live above their means.
When employers don’t pay employees enough to live how in the hell are we expecting people to put extra money in their 401’k’s?
Not only have wages stagnated, but pensions have disappeared. So now we have to take these low wages to live today, for short term savings, and retirement savings.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
401k works for us, it’s better than zero. We also max out our Roth’s. Don’t put all your eggs in one basket.
I did, half of my 401k is in NVDA. Best decision ever.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@Gallo-firestone That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" 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
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
We have “dual income households” in large part BECAUSE of governmental interventions of all sorts that created its necessity. The solution to problems is never going to be more government interventions causes the problems.
Market manipulation doesn't create inflation, the government printing excess currency does.
True. I modified my post. Thanks. G
We have dual incomes because of feminism and this debt driven economic system that keeps incomes low while inflating everything else.
The only solution is to stop ✋🏻 banks from loaning. Double digital interest rates is what will enable that. 😳
Who was dreaming this 3 legged stool, after all many jobs have no pension. And those golden years??? Now they force u 2 take some out at an age.
Social Security isn’t looking real strong either
@@bucknut947577% payout in 2031 if no changes are made. I’ve always planned as if it would be zero
Maybe because the top earners are better educated and active participants of their own personal finance; also, you start to care about retirement as you get older when you’re near the peak of your earning potential. I honestly did not care about retirement when I was younger, earning a lot less. Now I care tremendously and contribute as much as I can.
Wrong. 401ks aren't intended for high earners. Highly compensated employees (HCEs) are already capped by how much they can contribute to a 401k.
It's all designed to keep you poor and working (paying taxes) until you're 70. The only way to win is to invest no less than 50% of your income. You'll never get ahead until then.
Well said.
WRONG! A 23 year old could simply max out their 401k(preferably roth) from the age of 23-26, 4 years, and at the age of 60 would have over $3m. You just need to start early and be smart about investing.
The employer’s contributions don’t count towards the limit.
My husband and I maxed out our 401Ks every year and saved additional money with other investments. Living below your means pays off big time by your 40s. My own 401K has mushroomed since I started it in the early 80s. Start investing the day you hit the job market or it will be too late.
@@yeahnawnawdon’t forget about inflation. 3 million won’t be enough in 40 years.
Saving money is too complicated for the average person. One tax preferenced retirement plan is enough.
What’s with these stupid “3 legged stool” analogies? I have not sat on a 3 legged stool, nor can I remember when I’ve ever seen one. Anyway, just another nonsensical analogy to confuse you rather than tell you to your face, that the system most of you love so much has nothing for the elderly; in fact, this is the fastest growing segment of the homeless population.
The problem with 401Ks is simply that it requires people to make sacrifices today for a better future. A lot of people are not cut out for making such a decision.
Problem is these 401k companies are setting portfolios to these "target" funds which perform horrible compared to the markets
Don’t elect them. Simple.
@blackworldtraveler3711 sure, most people are not aware they can change there elections though. They need to have financial literally classes in high school
Sure they tend to perform worse over the long term but they are design to hedge against economic downturns because most people don't know how to invest/balance their portfolio or what they're doing so this is automatically giving them a glide path. We saw this happen a lot in 2008 when retirees saw their 401k drop 40-50% due to heavy weighting into stocks and if they're pulling from it to live there is a big sequence of return risk where if it's balanced between stocks and bonds you get less volatility and would have done better
@@whasian2007 I agree, you should taper risk off as you get older.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Play song by the soul children crumbs on the table song and women's to Women's song lyrics by the soul children and the other women's song by the soul children
My wife is a mechanical engineer and works for company that is contracted by the Feds. I work management for a small family run business of less than 50 people. My wife not only makes significantly more than I do but her company offers 9 percent company match to her 401k and a bunch of different health benefits ie: vision, dental, prescription etc. While my work doesn't even have a 401k plan for it's employees so I have to contribute to my own Roth in order to save for retirement. Which is fine but I'd be great to get an additional 9 percent of my salary each year in free money to go towards my retirement. That's the difference between working for a company that has a Federal government kind of a budget and one that is a private, family business. Only the big companies now can offer these kinds of company matches and resources while everyone else is left to figure it out for themselves.
@Goodchicken_lameducks What’s wrong with depending on yourself to invest? You’re complaining that small businesses don’t give you free money? Want an extra 9% to invest, get a side hustle, and invest that.
@@wbexteriors9808 nothing wrong with doing that. And that’s exactly what I do. But as stated earlier, my wife makes much more than I do. So 9 percent of her salary is much more than 9 percent of mine. And here’s the kicker. Hers all goes to her 401k. Which means she’s getting much more money contributed each year. After all Roths have a limit of how much you can contribute each year. So I have to invest my 9 percent elsewhere. And we all know that compounding interest is what makes your portfolio grow substantially. So more additional money in the same account is going to go significantly further towards creating a better portfolio than just investing like I am. I’m simply saying that company match is great, but it can really only be done by companies with huge budgets.
You can invest in an HSA. If your work doesnt offer that either you can open one up for yourself and invest in that. The only main requirement is that you are enrolled in a high deductible health plan
@@LAZERZ-OP isn’t there an income limit on the HSA? I’m pretty sure I’ve looked into those but I think my wife and I make too money to use one. We are almost to the point where we have to use a back door Roth just so I can contribute to my retirement.
No income limit to contribute to hsa but there is contribution limit. As of 2024, it's $8300 for family. $1000 catch-up for 55 and older.
They are saying 401 are not for retirement so people will cash them out to boost the economy and then have nothing! Always do your own research on which investment vehicle is right for you!
The dollar is literally being destroyed / debased / devalued. The best performing asset in the history of the world is BITCOIN. It is by far the best store of value. 10 years from now you’ll be thankful for every dollar you put into it.. My two cents.
Regretting missing out on earlier Bitcoin investments, I kept funds in a HYSA. Now, with $200k to invest, I aim to avoid FOMO and buying at the peak. What's the best approach for a newbie to navigate the market?
I do agree, Investing has gotten difficult especially after pandemic, hence why I decided to use the expertise of an advisor, my spouse kicked against the idea initially, but oh well guess who's best buddies with our advisor now hehehe.
Hello, I'm curious to give this a try. Please who is your advisor and how do I get in touch?
The popular lady Melissa Jean Talingdan comes to mind. You'd find her basic info. on the web to set up appointment as she offers free consultations.
Thank you for sharing, I must say, Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
Why is it the employer’s responsibility to correct people’s short-sightedness? People, you need to put at least 15% of your income into retirement. Think ahead, you can learn to live on less now but you can’t work after you lose your health.
Pathetic... you're wasting your life saving money so when you're old and useless you can pay for Healthcare to clean up your sh**
Too many people just can’t see the long term commitment necessary to save for retirement until it’s too late.
Employers took away pensions, so 401k has taken its place,
She is a fool. Cutting rates at this point in time is the wrong action. Cut rates and watch hyper inflation take off.
She's not a fool she's just saying what would be best for her own benefit and not what's best for the country as a whole. Since she is part of a wealth management firm they usually make money off of percentage AUM (assets under management) so if they cut interest rates stocks will go up and they collect more from the AUM fees
The government is not your friend. The government is the root of all your problems. Little talk, and action, about Social Security going into insolvency within a decade. FJB.
In many companies, high earners have both a 401k plan plus a pension. Only 401k for employees.
the 401k is a crap shoot!! i pulled all my money out 2 years ago!! .... id rather have perhaps less money than not know how much i have!!
It’s long term not two years.
@@blackworldtraveler3711 I've had I in there since 1992
Rates are fine. It’s the pricing that needs to come down. For some odd reason, companies are still experiencing record profits in this “down economy”
To all these people crapping on 401k’s: what are YOU doing wrong? Did you save a good amount? What did you invest in? You know you can save in an IRA instead and pay less fees and have more control right? If you’re irrational about money, save it in a high interest savings account. I saved 10% when I made $12 an hour. Educate yourself. Be responsible for yourself.
It unfortunately makes sense. When I didn't make much money I only put the amount that gave me my full match and as I got raises I put in more and more. I have friends that don't put anything in it at all because they need that money to pay their bills. So people who make lower incomes have it harder to save.
a lot of ''hope for change''
Lower rates , hell no. Raise them higher
The problem is when 401ks were designed they assumed that your income would rise over time. Yeah that hasn’t worked out so well.
I think the real problem is we gave people a choice with the 401k. For social security they force you to pay it from your paycheck. For a pension they force you to contribute to it from your paycheck. For 401k it's basically up to the employee and when most people have the choice of more money in my paycheck vs have money grow for retirement, a majority of them will take the first option.
The problem with Roth ira is that it doesn’t decrease your current year taxable income; some people rely on that to decrease their yearly taxable income in order to decrease the income tax they pay yearly
That’s not a problem with me. I just did the math and figured out what worked better for me.
I just maxed out Roth IRA every year since it started in 1997.
Also maxed out my 401k contributing up to over $40k a year into aftertax and Roth.
Not many people can say they have over 1.6 million in Roth and retired debt free at 51.
Buckets!
Roth, traditional, and HSA.
Those are also my buckets, but my HSA is my favorite one. I hear that they are trying to work some legislation through where everyone regardless of health plan will be able to open an HSA.
i do Roth and Traditional but not HSA because my health plan is really good and wouldn't rather not change to a HDHP and the limit is pretty small compared to what i'm investing in my other account but i agree those are all good places to invest.
@@whasian2007 The good thing about an HSA is that money is with you forever for old age health expenses, but your "really good" health plan that you have now won't be there when your health starts causing issues as you may have to dip into your retirement accounts to cover health costs. Currently my HSA is invested and growing at about $1500 to $2000 a month and I will have a 6 figure HSA account when I retire. Maybe it benefits me more than it would you as I turn 55 this year and I can put in $9,300 a year for the family plan so I perfectly understand your line of thinking if you can only put in $4,000 a year.
@@michaelb.8953 yeah I understand the benefits but that's assuming that the amount of money I'm saving from my companies PPO plan vs the HDHP plan when comparing what my personal cost are are not being invested. If i'm investing my savings in my megabackdoor roth it pretty much comes out the same if not better. I am single so my cap is the $4k which isn't much but I also have plenty of other investment vehicles and for my age, my financial knowledge and what I'm making I'm very fortunate that I probably won't have to worry about it. For context I'm 35 at about 450K in investment assets (retirement and brokerage) and investing about a little under 100K a year between my different account types (traditional roth and brokerage). I could still be wrong though and maybe it would be beneficial for me to switch.
I never purchased a new car.. I never had credit card debt. I only went out to eat one time permanent as a treat. I had.
Three kids all of them are adults. I was a pipe welder for a major oil company. No college degree. I worked for thirty five years. I managed to save 1.7 million In my 401k
Great work congrats!
Good work
now tell me about your union pension
@@AnonYmous-mw5lc I don't have a union pension..
@@AnonYmous-mw5lc I worked for piping companies. None of them are union. So your sarcasm is just that. You don't know what you're talking about. I saved up the money myself and went into a personal 401K plan.
Under this BIDEN economy my 401k is soaring high! Thanks for the Tremendous growth Mr. President
thats from all the money printing… the bidenflation will ensure its not “relatively high”
Bwahahahahaha! BS
Private sector businesses that offer pensions are rare, most states that offer them are bankrupt, and Social Security probably won't exist 20 years from now. Additionally, Inflation is squeezing every drop of disposable income out of middle income wage earners, leaving little room to contribute. What then, do economists expect?
If people actually put enough in their 401k for retirement (20% +/-) they would definitely require a higher salary.
many employers already make mandatory contributions to 401K on behalf of the workers
defined benefit vs defined contribution. and why are you ignoring our massive, unpayable national debt? you think inflation is foing down to 4%? you're smoking something.
My last 401k lost money year after year. It only existed as a tax shelter for the CEO.
I’m calling your bluff that’s a lie.
My 401k is based 100% on the SP and has significantly changed my wealth since I started contributing to it 9 years ago.
@@Gmac_Greg_M like I said it was a pretty shity plan. The business owner was able to contribute half a million every year pre-tax. It's only existed to shelter his money. But no I guess I'm just a f****** liar.
@@seanholmes8290 that’s a flat out lie. The cap for 2024 401k contributions is $23,000 ($30,500 if you’re over 50). There is no possible way someone put $500k in their own 401k each year. The brokerage would instantly deny the payments after the cap is reached.
If you were smart you’d get out of traditional finance before you lose every cent in the collapse
Seeing as I pay income tax and then I get taxed on the money I take out of my 401? Retirement accounts should be %100 tax exempt period. And you can't pay blue colar people lower than the average cost of living. If you do they can't afford to put in for retirement..
You don’t pay income tax on the money that you contribute to a traditional 401k until you withdraw it after you retire. It can grow tax free for years until you begin to withdraw it. That’s the whole idea of a traditional 401k.
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How Stupid are we!
We do not focus ANY of our Education on Compounding and the 401K!
This should be a Semester in your Senior Year in High School!
I had a govt teacher in high school that did his own stock market education module during the semester. It got me interested and here I am 42 years later, after a blue collar and middle management career, retired early and a multi millionaire. Thanks Mr. Kilmartin!
They’ve got themselves into a Catch-22 and I don’t think she’s really as bright as she’s made out to be because lowering the rates they push up prices even more for both goods and property and the rest of the world won’t be able to afford what they need including Housing
Buy Bitcoin 🎉😅
The investment companies are using people’s money in 401k as a piggy bank. Companies do need to stand up and take care of their employees better.
It's not the 401k failing people. It's the lack of input into it failing people.
Yup I had coworkers who were borrowing and withdrawing from their 401k buying cars,boats,and whatnot. Some did not contribute for ten years because the company didn’t match yet. Many only contributed enough for the company match.
Fast forward 30 years and many are at my company annual retirement seminar/workshop angry and wondering why they have $50k-$300k while others like myself have 2 million or more
Wow, great comment, Karen! Will I see you and Ted at the barbeque on Sunday?!
Miss you!!!!
Okay, you probably expect to live off the government and blame others for your problems am I right?
I shouldn't need to contribute to a 401k to get a contribution from my employer. Employer should contribute regardless if I am or not. 401k is just a company cost saving scam.
@@weezem
There are different types of 401ks.
Your employer created the 401k you have.
My 401k has 6% with company match and additional 3% without a match.
We have pretax,aftertax,and Roth.
Brokerage account
CDs,ETFs,money market,credit union savings,target dated,etc..
Our maximum contribution is over $45k a year.
My third leg is paying into socialized programs I will never qualify for. Also foriegn wars. I find these to be most beneficial to me.
SPEAK NORMALLY at approx. 0:44 mark you're supposed to be a PROFESSIONAL SPEAKER
If you make less money you can afford to put less away..
Level the playing field by working your way up YOURSELF. Stop begging for a free lunch. You’re embarrassing yourself.
Some really crap information here. This Roth 401k crap is especially bad advice.
If you die before you retire, you got a tax break on 401k.
Dave Ramsey compared ages ago and guess what? 401k ands Roth came out about the same.
Although inflation, the current administration, printing money are horrible. Stopping buying SUV’s new I phones and 10 dollar Starbucks every day. The line is 20 cars deep every minute. Saving Should be the priority.
401K's are like a firearm. They don't make themselves useful. It takes a person to use it effectively. If you don't use an available 401K don't whine & complain it doesn't work. YOU didn't DO the work.
My son has his 1st job after college. Doesn't make much, but puts 3% into his 403b . . . It will get matched his 2nd year. Putting $1,000k in when one is
She did a great job explaining that the 401K was NOT supposed to be the ONLY account for retirement. It was originally designed to be supplemental to a Pension. Corporate America took away pensions, and Many give minimal contributions to the employee 401K so entire generations will Never retire.
Here we go again. Get the govt to help. What leveling of playing field. U make less u most likely contribute less. U make more u most likely contribute more.
Stop living above your means and then when u raise up, u are 60 or 70 yrs of age. And start crying g to Uncle Sam.
See what happens to California workers forcing fast food to give $20 and Major pay offs. Franchising closing doors.
What I’ve never understood is why the IRA limits aren’t the same as the 401k limits. If you do not have access to a 401k through an employer, you are basically penalized by only being able to contribute 7k where as someone with a 401k can contribute 23k. I’m lucky in the fact that I am employed by a company that has a 401k and the fact that I’m able to contribute 30k as I’m over 50. My employer also matches 10 percent, so able to put away quite a bit. Government should at least sync up the limits on both though in my opinion.
Max out your ROTH IRA every year while you can... Its $7k, so its small enough that most people could afford that every year if they cared enough and it will compound its self many times over 30+ years.
Employers helping their employees? Ya right. I dont even know what profit is for at a company. Who is getting the excess? Just the people at the top. People who have excess, getting excess. Matching is bs.
It's clearly not working. Employers are back to getting away with the minimum. Pensions? What are those. A millennial such as myself have never seen employers offer a pension that wasn't as pitiful as a 401k. They offer very little, almost the same or less return than a 401k.
Boomers got GREAT pensions... my aunt is one of them, and she doesn't seem to understand that i still worry about my future. She bought 4 or 5 new cars (sold the last one for the next after a couple of years of owning them). She's always sending me links to go traveling, credit card offers l, and incentives for things i can't access. She is so out of touch with my situation and those of people my age. Its not her fault, but boomers simply have more security than people 2 generations below them.
The Match is a great thing to have. But the Match by itself should not make or break your retirement. Most major employers who participate will match 5 or so percent dollar for dollar. But realisitically people should be putting at least 15% and when they are in their prime earning years be able to put up to 25%. But 401k's arent part of the YOLO experience which is why they are grossly underfunded.
Companies could match way more of their employees contribution....more of a scam than minimum wage, shifting benefits costs, and abuse of salary based employment.
What about individual responsibility and a little foresight? Because people don’t contribute and decide they want happiness with new cars isn’t the fault of a 401k. Level the paying field? What?
My employer stopped offering a company match in 2008 during the financial crisis and never added it back. I started contributing when I was making 25k and now, as a highly compensated employee, I'm limited on how much I can contribute. To government needs to incentive employors and remove or raise some limitations.
I have about $111,000 value in my Roth IRA at age 40 and have about $25,000 in my 401ks
401k's are guaranteed customers for money managers. I'm so tired of having to learn the same lessons over, and over, and over again when it comes to industry that has guaranteed customers. What does this lead to? Mediocrity via no competition (DMV etc.).
What incentive does the manager of your 401k portfolio have to produce a well balanced portfolio? None.
Invest on your own, allocate more into crypto if your time horizon is over 5 years you will be in the positive. Don't listen at your peril, what do I care.
My wife and I can contribute to personal Roths so we max out our Roth IRAs and then we contribute to workplace retirement accounts. The fees are lower in our Roths with more investment options. We can't max out the workplace retirement accounts thanks to inflation from excessive government spending. The interest to pay the national debt just exceeded the national defense budget. Annual federal have averaged about 17% for decades, but this year's federal spending has grown and is now 34%, double of what we take in. The Trump tax cuts expire in 2025 so in 2026 the standard deduction will revert back to 2017 levels and each tax bracket will add back about 2% and this hurts the poor and middle class as well as the rich and also retirees.
So Americans are paying the hidden tax of inflation and will soon be paying more in income taxes because those in the District of Corruption want to "tax the rich". This government is making it harder for Americans to save or preserve their hard earned dollars for retirement and savings. Government is the problem and their government programs need to be cut instead of growing 2% every year.
For Democrats, you not being able to save on your own is a feature not a bug. The more dependent you are, the more likely you'll vote for them.
Pensions are going away or already gone and social security might not be around in 30 years. 401ks are the main way to save for retirement. The problem is people don't save so we have Americans with little to nothing in their accounts and don't take advantage of the benefits. Other accounts people should save in are Roth IRA, HSA and just a brokerage account.