Would you feel safer with your money in a 401k where you can't access it until a requirement is met or a high yield savings where you can access anytime?
Follow instructions please. I'm only asking about these two. A 401k vs a savings account nothing else
A 401k.. here's why.. explain below
Savings account.. here's why.. explain below
Select gender and age to cast your vote:
Please select your age
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+1 y
y'all my stalker is back😩🤣. I guess he still hurtin
Updates
+1 y
He on his 7th account that's about t get deleted again🤣
Would you feel safer with your money in a 401k where you can't access it until a requirement is met or a high yield savings where you can access anytime?
It does not matter as long as your 401K version takes taxes out now as tax rates upon retirement will be higher.
I don’t like that 💩 anyway. Give me my cash and I know what to do with it…hard assets 🏠 rather than Paper assets. Given you are my age and make 65,000-100,000 single then you should be able to accumulate 6000-10,000 month in real income by 60. Every 7 years take those 84 months of Rent and reinvest. -We’re going to have a 2008 crash by 2024. Half price rentals with quick cash-only for overextended. No new car since 2004, etc. 48 months saving (no spending besides plane ✈️ to Thailand) for bottom to fall out which happens about every 15 years….
Ask yourself this these things. —Who is trying to gain controlling interest of USA Businesses via the Stock Market? What do you think is going to happen, when China bribed Biden family, intentionally crash Stock Market? People I know do termed CDs ❓❓❓ —Americans live a lie having it so good for so long.-WE HAVE VERY FEW GLOBAL FRIENDS. Only hope for wealth is in hard assets-rentals. —Although private property right would be stripped from a Mao owned colony, such as USA, it will be the last thing to occur. —not knowing enough about digital currency, I can’t decide if it would be a way to substantiate Wealth in fallen economy or more likely a means to electronically strip wealth (USA government, World Bank/Enemy Superpowers) when Debt exceeds GDP.. —All of that is above my paygrade.❓❓❓
I’d feel safer with most money in a 401k in order to gain more interest. Keep in mind you can’t tough that money until you are 59 or so, and then, you pay federal tax on what you take out, always. Not a penalty, but a tax just the same. If you find a bank that yields high interest online, you can keep it there and take out as you need without paying tax. Money market acts with high interest from a credit union are also good.
I have 2 accts at Capitol One. Yes you can trust them. They have in service banks in certain states, and had high interest CDs and savings accts 2 years ago. Now rates are down, but I noticed that Penn Fed, a credit union in PA has higher rates. But the online banks are safe.
Yeah, I voted A, although sometimes I wonder if i'll even be able to afford to really retire completely. I've already been thinking about retirement jobs I might want.
When you realize that a "high yield" savings account has a return of 0.5% per year while average return on the S&P 500 for the last 30 years is 7% after inflation and last year I believe it was 27% then the answer becomes obvious. And this "can't access your money if its not in a savings account" is bullshit too. Yes 401K is restricted but your employer matches what you put in up to 10% of your paycheck, that is free money. And if you're worried about accessing your money in a 401K then I dont know why you wouldn't go with an IRA or a regular brokerage account. You could open an IRA and the penalty is a 10% fee if you withdraw before you turn 59.5. Or you can just open a regular brokerage account at a place like fidelity and withdraw your money whenever the hell you feel like it
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Anonymous
(36-45)
+1 y
I have my money in a 401k because it's tax-advantaged. That means that the government won't tax it until you take it out (which makes it less somehow). It's specifically designed to have you save for retirement. Also companies usually match your input so it's like free money. Out of all the retirement accounts I hear that 401k is the best.
That doesn't mean I don't also have a savings account though. I max out my 401k (which is 20,500 this year) and then the rest I keep in a savings account. Because, I like to have some money I can turn to in an emergency.
You can only contribute to 401k up to a certain amount. It's not like I put ALL of my money into it I just put as much as I'm allowed. However, my income per year supports that ability. If you can't afford to max out your 401k then it's fine to put more into your savings. Because 401k locks away your money like many retirement accounts. And when you're financially unstable that could be a bad thing.
Just split it up between both. In business you rarely want to put all your money in one venture anyway. A 401k gives good return on investment. A savings is good for emergency spending but it won’t help you in the long term. That money isn’t accruing any interest and in the long run it will lose against the rate of inflation. You want to beat inflation and retirement accounts like 401k and Roth IRA are the way to do that.
401K cause you can't see thus you won't spend it. And cause 401K's are similar to Roth IRA's they eventually end up just compounding. To a point you can retire comfortably.
I buy rental properties which is tax sheltered. I don’t believe in working your entire life to enjoy the last chapter of your life. I don’t do IRAs or 401Ks
I have a 401K that I can't touch and there are definitely times I would have dipped into it for something that I had to do without or find another way to pay. I suppose in the long run that's better.
Well, you keep a certain amount in your savings for emergencies and enough to pay rent for 8 months, and the rest you put away into a high yield interest rate savings acct or CD
@uptowngirl88 what's so wrong with just splitting up between the two? If you have a normal savings account/emergency fund it won't generate any interest and in the long run you will lose against inflation. You should have a retirement account AND a savings account.
Girl in my opinion, you dont need either account unless you wanna make bank off interest. I personally dont care about interest as long as i keep what i initially saved
I wanna make money off interest. Bur what's being offered isn't worth it in my opinion. The only thing worth while u see is a cd which I won't have access to for a couple years. Better timing than the 401k though. But u make more money off the 401k yet 401k can't be accessed until I'm 50 like wtf
Cd is really good actually going to do that. There's one for 13 months and up. So after the 13 months you can extend or put it into a regular savings so im going to do that for my ira. I have 3 accounts right now looking to grow my money. I'm thinking of moving out of state again so I know I gotta get my money right
Credit cards are good for building credit. That's why I use it then pay it off. If you establish credit which will give you a high credit score it's you get better deals on major purchases like cars and houses
@midnightmoon05 its not a scam lmao. But yea certain phone, cable, rent and utility bills can be added to your credit report and you just gotta keep payin on time
never bother with a 401k because the people who are in charge of it are complete morons and can lose all your hard earned savings and some employers won't match your 401k some will depends on how big of a bastard your employer is
and i tried getting back into the stocks today but as usual been having nothing but problems with the piece of shit corrupt brokers and trading platforms and today reminded me why i quit doing that shit in the first place
https ://www. investopedia. com/terms/1/401kplan. asp
You can choose which mutual fund to put your 401k into. Mutual funds are very reliable investments. 401k is also tax advantages and personal investment is not. You have to pay tax all along the way and that’s just dumb if you can do the same thing but without tax.
@Bourbon_ you only pay taxes on income you made that's in liquid form not nonliquid form. if the interest built up on the investment you own is still tied to that investment then you don't pay taxes on it since it's still in nonliquid form. and mutual funds suck i owned them and would never in a million years own another since those are handled by incompetent jackasses as well.
@Bourbon_ i would never in a million years own mutual funds. i used to own them and they suck. you're better off going with an etf if you plan on going that route
@Bourbon_ those mutual funds are handled by incompetent jackasses who work at brokerage firms and those are heavily taxed i would never in a million years own any again
My mistake 401k is not a mutual fund it’s an index fund. My family handles my retirement so I don’t know the details. They say that right now stock market is in a relative down but it will eventually go into a relative up. They agree that real estate is a good investment. I don’t know whichever way is up at this point cause they handle it for me.
@Bourbon_ it's not going to go up the market is going to crash this month or in the next few months and will bottom out at the end of 2023 or beginning of 2024. everybody who has money in the stock market is fucked and don't bother with crypto that is way to volitale especially bitcoin
@Bourbon_ when the market crashes either this month or in the next few months it'll take a 60% hit then after in 2023-2024 at least 70% or more up to 90% hit some speculate it'll be the biggest global disaster since inflation is at it's worst in 40 years with all the money the government kept pumping into the economy to stimulate it making money out of thin air and the federal reserve meddling once again in the economy by not raising interest rates sooner and that 70 year old bastard federal reserve chairman in boston massachusetts who has millions of dollars on the line in real estate forcing jerome powell to keep interest rates low for his own greedy ass so he won't lose his precious multi millions
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