Here’s how my retirement portfolio (TSP/Roth IRA/HSA) performed in 2023 and my investment plan for 2024.

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⏰ Table of Contents ⏰
0:00 My Investing Timeline
1:51 Thrift Savings Plan (401k)
3:36 Roth IRA
6:25 HSA
8:13 Stock Market Headwinds in 2024

#FIREPsyChat #FinancialIndependence #RetireEarly

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Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.

Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons….(read more)

LEARN MORE ABOUT: Thrift Savings Plans

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The Shocking Growth of 401K & Roth IRA (What’s Coming in 2024?)

The 401k and Roth IRA have long been popular retirement savings options for Americans, but their growth in recent years has been nothing short of astounding. As we look towards 2024, it’s important to understand how these investment vehicles are evolving and what changes could be on the horizon.

The 401k, which is offered by many employers, allows individuals to contribute a portion of their pre-tax income to a retirement account, with contributions and investment gains growing tax-deferred until withdrawal. On the other hand, the Roth IRA allows individuals to contribute after-tax income, with the potential for tax-free withdrawals in retirement.

Both options have seen significant growth in recent years, in part due to a growing emphasis on personal responsibility for retirement savings, as well as the potential for employer matching contributions with 401k plans. According to a report from Fidelity Investments, the average 401k balance reached a record high of $123,900 at the end of 2021, representing a 24% increase from the previous year.

Similarly, Roth IRA accounts have also seen impressive growth, with the number of accounts increasing by 60% over the past decade, according to the Investment Company Institute. This surge in popularity can be attributed to the appealing tax advantages of Roth IRAs, as well as more individuals seeking alternative retirement savings options outside of traditional employer-sponsored plans.

Looking ahead to 2024, it’s expected that the growth of both 401k and Roth IRA accounts will continue at a rapid pace. One trend that is likely to play a key role in this growth is the increasing adoption of automatic enrollment and escalation features in 401k plans, which can help individuals save more for retirement without having to take significant action.

Another factor that could impact the growth of these retirement accounts is the potential for legislative changes. With ongoing discussions about potential changes to retirement savings laws, such as increasing the contribution limits for 401k and Roth IRA accounts, it’s possible that more individuals will be incentivized to take advantage of these accounts in the coming years.

In addition, with the growing awareness of the importance of retirement savings, it’s expected that more individuals will be proactively seeking out opportunities to save for their future. This could mean increased interest in employer-sponsored 401k plans, as well as more individuals opening and contributing to Roth IRA accounts on their own.

Overall, the shocking growth of 401k and Roth IRA accounts in recent years is a positive sign that individuals are taking their retirement savings seriously. As we look towards 2024, it’s clear that these retirement accounts will continue to be essential tools for individuals to secure their financial futures. Whether through automatic enrollment features, legislative changes, or a personal commitment to saving, the growth of these accounts is a trend worth celebrating.