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When it comes to planning for retirement, many financial experts tout the importance of having a strong 401k plan or taking advantage of an employer match. While these benefits can certainly help to grow your retirement savings, they are not the be-all and end-all of retirement planning. In fact, there are several reasons why the 401k or employer match may not matter as much as you think.
One reason why the 401k or employer match may not be as important as you think is because they are not guaranteed sources of income. While it is true that contributing to a 401k can help to grow your savings over time, there is no guarantee that your investments will perform well or that you will be able to rely on those funds for your retirement. Similarly, an employer match may be a nice added bonus, but it is not something that you can count on indefinitely. Relying solely on these sources of income for your retirement could leave you in a precarious financial situation if they do not pan out as expected.
Another reason why the 401k or employer match may not matter as much is because they are not the only options available for saving for retirement. There are a variety of other investment options, such as individual retirement accounts (IRAs) or brokerage accounts, that can also help you to grow your savings over time. By diversifying your investments and exploring different savings strategies, you may be able to build a stronger financial foundation for your retirement than you would by relying solely on a 401k or employer match.
Additionally, it is important to consider your overall financial situation when planning for retirement. While a 401k or employer match may be a helpful component of your retirement savings plan, they should not be the only factor that you consider. It is important to take into account your other sources of income, such as Social Security benefits or pension plans, as well as your overall expenses and financial goals. By taking a holistic approach to retirement planning, you can ensure that you are prepared for any unexpected financial challenges that may arise.
In conclusion, while the 401k and employer match can be valuable tools for saving for retirement, they are not the only factors that should be considered when planning for your golden years. By diversifying your investments, exploring alternative savings strategies, and taking a holistic approach to your financial planning, you can build a strong financial foundation for your retirement that does not rely solely on these benefits. Ultimately, the key to a successful retirement is careful planning and a thoughtful approach to managing your finances.
Excellent breakdown.
Fractal banking is the issue. Banks do not have the liquid cash, just a fraction of the deposits are actually available to withdraw.
I've been contributing to a TSP (Government Version of 401k). I put it all in the ROTH TSP and the match I get is tax deferred and will convert it to ROTH in the future. My total contributions to date have been a little over $234,000 and my total balance with match and returns is at $478,573. Most of it is tax free as it is in Roth portion. I additionally have a ROTH IRA with about $200,000 balance, HSA with $80,000, and a brokerage account invested in dividend etfs. There are multiple ways of accessing this money without accruing a penalty and well before age 59 1/1. The rule of 55 or rule 72t allows access to retirement accounts before the age of 59 1/2. I would never buy an insurance product for retirement. High fees way more complicated to understand. I have nearly 700k in tax free money (ROTH Account) additionally depending on income I can have nearly 80k in dividend income and pay no taxes on it.
You are providing a lot of good information, but I disagree with your analysis of retirement accounts especially Roth accounts.
If everyone was on the right side of money, what would they look like?
Trust the insurance company with your future income. Check
I’m in the new camp, the entire conversation in regards to “retirement” is completely flipped. Where is the logic in being “wealthy” but completely illiquid until you’re 60+.
We’re building forever income streams and leaning into that.
The IUL does look interesting, I’ve never heard of that, will definitely be tapping into that, I’m at that point that life insurance needs to be added into the strategy.
I am 69 years old and getting pension from ssa, I would like to know if the 401k from my former employer can be changed to a Roth IRA if my income is ssa benefits. Thank you.