GGNHL Posted July 26, 2016 Share Posted July 26, 2016 11 minutes ago, Mainecat said: There are much better investments. YOU will find out in 20 years and hopefully its not too late. Definitely going to get better than a guaranteed 8% return on investment EVERY YEAR til I retire. Please start a poll and see who'd give up a company match on their 401k, it'll be a bloodbath. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 I would love 8%. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 26, 2016 Author Share Posted July 26, 2016 1 hour ago, GGNHL said: Definitely going to get better than a guaranteed 8% return on investment EVERY YEAR til I retire. Please start a poll and see who'd give up a company match on their 401k, it'll be a bloodbath. Your age is showing now. Call me old but I have experience. Its not the best vehicle for your future. Yes take the whatever your employer tosses at you BUT do not put everything in your 401K Quote Link to comment Share on other sites More sharing options...
Edmo Posted July 26, 2016 Share Posted July 26, 2016 1 minute ago, GGNHL said: Definitely going to get better than a guaranteed 8% return on investment EVERY YEAR til I retire. Please start a poll and see who'd give up a company match on their 401k, it'll be a bloodbath. The only thing he's right about is you should have other investments and not count on your 401 only for retirement. His disdain for 401 is just pathetic, for most it's the best option to save. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 Just now, Mainecat said: Your age is showing now. Call me old but I have experience. Its not the best vehicle for your future. Yes take the whatever your employer tosses at you BUT do not put everything in your 401K I kinda agree with you but there are safe investments within 401's. Remember most people need to have their money taken out of their checks for investments. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 26, 2016 Platinum Contributing Member Share Posted July 26, 2016 (edited) 5 minutes ago, Mainecat said: Your age is showing now. Call me old but I have experience. Its not the best vehicle for your future. Yes take the whatever your employer tosses at you BUT do not put everything in your 401K I agree. If you want to retire early you should have a separate investment vehicle to provide funds until the 401K can kick in without penalty. Withdrawing prior to 59.5 is a 10% penalty. Edited July 26, 2016 by Highmark Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 if you're young do ROTH's! Quote Link to comment Share on other sites More sharing options...
Edmo Posted July 26, 2016 Share Posted July 26, 2016 1 minute ago, Highmark said: I agree. If you want to retire early you should have a separate investment vehicle to provide funds until the 401K can kick in without penalty. Never put all your eggs in one basket. I will have many sources of income on retirement. 401 is just one of them. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 (edited) 13 minutes ago, Highmark said: I agree. If you want to retire early you should have a separate investment vehicle to provide funds until the 401K can kick in without penalty. Withdrawing prior to 59.5 is a 10% penalty. You can take the principle out of a roth ira at any time with no penalty's. Edited July 26, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 26, 2016 Author Share Posted July 26, 2016 1 hour ago, GGNHL said: Definitely going to get better than a guaranteed 8% return on investment EVERY YEAR til I retire. Please start a poll and see who'd give up a company match on their 401k, it'll be a bloodbath. Do you know what your tax rate will be in 30 years? Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted July 26, 2016 Share Posted July 26, 2016 Quote Link to comment Share on other sites More sharing options...
GGNHL Posted July 26, 2016 Share Posted July 26, 2016 Obviously I'm not putting all my eggs in one basket, I put enough in my 401k to get the full match, then I have a Roth Ira in addition to that and eventually will have some investment real estate. I just think it's idiotic to argue against a 401k that offers employer matching, I mean christ it's literally free money! Quote Link to comment Share on other sites More sharing options...
Snake Posted July 26, 2016 Share Posted July 26, 2016 15 minutes ago, GGNHL said: Obviously I'm not putting all my eggs in one basket, I put enough in my 401k to get the full match, then I have a Roth Ira in addition to that and eventually will have some investment real estate. I just think it's idiotic to argue against a 401k that offers employer matching, I mean christ it's literally free money! *MC is on the side doing the (hypothetical) matching* Quote Link to comment Share on other sites More sharing options...
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