It’s time to wave goodbye to your 401k.
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Did you know that from its inception, the 401k was designed to work in conjunction with a pension plan? But now, most people don’t have pensions. This leaves the 401k standing alone, and I’m sorry to tell you that it is not a comprehensive retirement plan.
One huge problem I have with the 401k is that it’s tax-deferred. This buzzword draws people in… who doesn’t want to put off paying taxes? But here’s the thing, if you’re financially intelligent, you’ll be retiring MORE WEALTHY than you currently are. Why put off paying taxes until you’re in a higher tax bracket. Not to mention, the 401k is typically riddled with fees.
Many employers are turning away from the one saving grace that a 401k has — the match program. Without that feature, the 401k really has no redeeming qualities.
So what’s the alternative? I suggest a self-directed Roth IRA. In this video, you’re going to learn more about the faults of the 401k, and how you can pivot to build a retirement plan that works for you
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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You are picking out the worst examples of 401ks and claiming that applies to "most" 401ks. Many modern 401ks do provide matching, do allow access to low cost index funds, do provide a Roth option. IMO you are giving up part of your salary if your company offers a match and you don't get that match. Even if you hate 401ks you should still contribute enough to get the full match and just pay the penalty for taking it back out. Some other good points though.
I have a Roth and military retirement to go with a 401K. So, I'm using it as a supplement to other income. Your thoughts?
I took a loan out of my 401k and bought bitcoin last year with it.
I want to cash out $270000 from my 401k (out of a total of $800000). I'll pay off my house $148000, pay off a loan I have with my 401k also ($35000). I will have to pay $54000 in fed tax, $27000 10% since I am not 59 1/2 yrs old. Is that a bad move?
Bring back the orange man !
Is this channel a parody? If not, this is by far the absolute worst financial advice I have ever heard.
Do you have to be over the age of 59 before you can rollover your 401K funds into a SDIRA? What if you're still working for the company?
i'd book a call but damn its an expensive call.. lol
Do you guys have a list of your turnkey properties that are for sale?
Can I rollover both my Roth 401K ($84K) and Roth IRA ($45K) into SDIRA and use that SDIRA to invest in real estate with Morris Invest?