It is entirely possible to have over $1 Million invested in your 401(k). So why don’t many people have a million dollars? It’s all about your savings rate. This video will have a complete breakdown of how much you should save each year based on your income.

🤳 Psy on TikTok, Facebook, Instagram 🤳

📖 Get Your Free Financial Spreadsheets and Resources 📖
➡️

👨‍🏫 Free Financial Coaching 👩‍🏫
Schedule a free 20-minute Individual Coaching Session
Schedule a free 30-minute Couple’s Coaching Session
➡️
📧 Email: hello@firepsychat.com

📖 What’s on my display shelf? 📖
➡️

For sponsorships and business inquiries
➡️ media@firepsychat.com

📷 Additional FIRE Videos Mentioned In this Video 📷
Our $3.7 Mil Fat FIRE Plan –
How We’re Saving 70% of Income (2023) –
My $1.1 Mil Fat FIRE Progress (Sep 2022) –
How to Become an Ordinary Millionaire –
How to Start F.I.R.E –
The Ultimate F.I.R.E Guide –
How to Invest in an HSA –
Become a TSP Millionaire –
Financial Independence Calculator –

#IRA #401k

🎵 Music and Sound Effects Provided by Epidemic Sound 🎵

Disclaimer: I am not a financial advisor. 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: 401k Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Investing for retirement can seem like a daunting task, but it’s essential to ensure that you have enough money saved up to live comfortably in your golden years. Two popular retirement savings options are the 401k and Roth IRA. With the right strategies, it’s possible to become a 401k and Roth IRA millionaire!

First, let’s break down these two retirement savings plans. A 401k is an employer-sponsored retirement account that allows you to contribute pre-tax dollars from your paycheck. Employers often match a portion of your contributions. This money grows tax-free until you withdraw it in retirement. A Roth IRA, on the other hand, is an individual retirement account that allows you to contribute post-tax dollars. The money in a Roth IRA grows tax-free, and withdrawals in retirement are also tax-free.

Now, here are some tips on how to become a 401k and Roth IRA millionaire:

1. Start early – The earlier you start saving for retirement, the better. The power of compounding interest can significantly increase your retirement savings over time. Start contributing to your 401k and Roth IRA as soon as possible, even if it’s just a small amount at first.

2. Maximize contributions – The annual contribution limit for a 401k is $19,500, and for a Roth IRA, it’s $6,000. Try to max out these contributions each year to make the most of these tax-advantaged accounts.

3. Invest in low-cost index funds – Instead of picking individual stocks, consider investing in low-cost index funds that track the performance of the overall stock market. These funds have lower fees and historically have performed better than actively managed funds.

4. Avoid taking early withdrawals – If you withdraw money from your 401k or Roth IRA before age 59 1/2, you may face penalties and taxes. Avoid taking early withdrawals, even in emergencies, as this can significantly impact your retirement savings.

5. Review and rebalance your portfolio regularly – It’s important to regularly review and rebalance your portfolio to ensure you’re on track to meet your retirement goals. As you get closer to retirement, consider adjusting your portfolio to be more conservative to protect your savings.

Becoming a 401k and Roth IRA millionaire takes discipline and long-term planning. By starting early, maximizing contributions, investing in low-cost index funds, avoiding early withdrawals, and regularly reviewing your portfolio, you can set yourself up for a comfortable retirement. Remember, it’s never too late to start saving for retirement, so take action today!