They be da mazza nowDon't worry bout it....the govt will feed ya.
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They be da mazza nowDon't worry bout it....the govt will feed ya.
Key to 401k's are that you're income is low when you retire so that it makes taxes low on the withdrawn 401 k. Mine is all in safe fund, no longer in stocks just monies. Will roll it over soon.Another thing about 401k is that it is taxed when you withdraw. So if you have "X" amount of money in your 401K, technically you don't because you'll be owing taxes on what you withdraw.
Same thing if you thought you were leaving a bunch of money to your kids in a 401k. Uncle Sugah gone take his before your kids get theirs'.
Like some have stated, the reason for my pessimism is our failing currency and I cant help but see a Cyprus type (but much more aggressive) bail-in coming. Just weighing whether or not to take 10% penalty now vs a possible complete confiscation. Not making any rash decisions. Just mulling it over.
Got my ass kicked after planning for years in 2008 with Wall Street an my employment.I don't participate any more I just buy gold an silver.You have a better chance of seeing your own money than getting whatever scraps that Social Security might return to you (Remember both you and your employer were forced to pay into the system and if you die before retirement you forfeit it all).
There may be means testing in 10-15 years as SS becomes insolvent meaning if you were responsible and saved the government will decide you were "lucky" and don't need your confiscated money back.
The main thing is to stay the course and add as much as you can, every raise increase your contributions. Don't treat the 401k as a piggy bank and take loans or a hardship withdrawal (Normal tax and 10% penalty)
Never panic! When the market tanks like in 2008 think of it as a fire sale! Your money is buying more shares! Can't tell you how many employees try to catch a falling knife and sell low and jump back in and buy high when the market corrects. Dollar cost averaging and compound interest is your friend.
That's why hr1 is so important to them.
10%
It is clear that every economy is crashing worldwide with governments helping the collapse.
The cash you put in has already made corporations, namely Vanguard, a good profit on investing and you won't see a dime. They will keep that too.