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Just buy one or two broad based stock index funds, maybe a bond index to balance your portfolio out, and if you have a high risk tolerance buy an emerging markets index fund and collect the dividend gains whenever you want to. It's simple really. No 401k or IRA needed.
I remember watching this back then. I'm sure many people cashed in their 401k watching people like this.
And as usual he's pushing those insurance based annuities like most.
My 401k was around $290k at the time.
It's $1.4 million now with only 40% in oil/gas,REITs,and Dividend Achievers making around $35k/yr reinvested dividends. Since 2009 I've made over $400k in dividends alone before reinvesting/compounding.
The rest(60%) in my credit union savings,money market,and laddering CDs averaging 2% I think…….in my 401k folks.
And 1.1 million of that is in the Roth 401k.
Also $540k Roth IRA.
I'm retiring WITH my 401k in 2020 along with my other taxable savings/investments,pension,passive income,free global lifetime flight benefits,etc..and completely debt free.
This is the most idiotic video I have ever seen…People lost all this money, if your retired and are 100 percent in equity high risk you are a moron, the closer to retire the less risk and more bonds in the portfolio… I will retire SOON WITH more the $1 MILLION, THANKS 401K, I SEE A LOT OF FOLKS EATING CAT FOOD IN THE FUTURE…
401k is just the vehicle that holds the money – investments, contributions, etc. are based on individual decisions and long-term strategy. This guy is well spoken, but is way off.
And now a year later your 401k is probably up 15% as the stock market is booming. Of course it's going to correct itself but at this moment it's doing very well.
Building up and knocking down straw men arguments. Nothing he says is supported by evidence… Insurance salesman trying to take 7-10% commissions on people's nest egg. Brutal scare tactics for the uninformed.
it's sad that this man is being taken seriously.
I think people are dumb and just listen to what they are told. I invest in rental properties. This way I have a hard asset that pays me throughout my entire life and I can cash out anytime I want.
None of his points actually support his argument that we should "retire the 401k"; they support an argument that people shouldn't stupidly imagine that socking away 6% of your salary, putting most of it in stocks, and then assuming it will magically generate enough income to cover retirement. If, instead, you simply treat it for what it is– a tax-deferral strategy for some of your savings– then the 401k is very useful. It's NOT the 401k's fault that a lot of people expect too much from it.
What an idiot! Stay away from 401k? He's definitely selling something!
LIRP plan using Indexing Universal Life policies.
There are only 6 companies that are lean on fees that I work with. Pre pay for the estate your are trying to build. It's cheaper. You have a mortgage on your house don't you?
(Mort -Gage). Engaged in debt till death.
All those fees folks moan about are returned to your beneficiaries + loads more. You ain't taking anything with you when your clock out of life.
Hard to get this concept across to middle class folks who are working hard at their jobs pumping loads of their hard earned $$$ into their 401K again, again.
The LIRP strategy is commonly used by executives and business owners and very high net worth estates. Golden Handcuffs, Golden Parachutes. Executive Bonus Plans, Key Person.
Simple folk talk trash about Insurance companies don't realize it's what props up and protects countries, banks, the very businesses they are employed by and families.
nice rack
This message never gets old! Once people are shown and they can understand the sequence of returns and how it works, they will have their matrix momento.
The "401k is like a vaccine that hasn't even been tested yet." Its less than 30 years old and people don't know the outcome.
GREAT IDEA!!
GIVE YOUR MONEY TO AN INSURANCE COMPANY WHICH TURNS AROUND INVESTS IN THE MARKET AND THEN CHARGES YOU FEES IN ADDITION TO YOUR LOSES. IDIOT
A 401(k) is an excellent tool for sheltering income tax deferred! It depend on who your service provider is and I recommend all Plan Sponsors have an ERISA consultant who will actively benchmark the fees and services. A sobering statistic is that retired couples age 65 and older will spend approximately $250,000.00 on medical bills alone. Plan Sponsors should be getting their participants to be putting away 10% of their salary.
Avoid any investment that involves an insurance company. An "insurance pension plan" is just a repackaged variation of an index annuity. With insurance companies you are always gonna get a really expensive product and a broker earning a huge sales commission that you indirectly pay dearly for.
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They make a great point about how the 401K was never intended to replace pensions, but they have in many instances.
We are pretty close in age and just to put things in perspective if you maxed out your 401k(not even counting employer matching) and an IRA every year going forward you could be a millionaire by 40 by just investing in index tracking mutual funds… That's in today's dollars! Don't let those that didn't save enough or plan for their future trick you into sabotaging yours.
There's nothing wrong with 401k's in my opinion. They should only be one of many streams of income in retirement. If you want to almost guarentee a comfortable retirement you need to fully utilize tax advantaged accounts(401k's,IRA'a), taxable accounts, invest in real estate and maybe even a small buisness. A company pention wouldn't hurt as well. The main thing is that you have to SAVE!
I think the 401k is absolutely the worst financial product. Tax-deferred now then taxed later??? Worst concept ever!!! The tax bracket will certainly be higher in the future so you will get less for our withdrawals. 33% ax bracket now is probably the best case scenario…..
LOL – Now THAT is funny! Treasury bills? Really? Why do so many people make comments about a product that they know nothing about? Do your homework… research…. learn… then make comments. It's called EDUCATION! LOL.
Just my two cents- the problem with 401k is just what you stated- "tax deferred". You can either pay % taxes on the smaller amount going in or the larger amount coming out. 401k are a good deal up to the company match, but not beyond that- there are MUCH better places to put those extra dollars that grow tax free.
AWESOME
Don't fall for this! The fed govt is desperate is money (Every year it has to borrow because it spends more than it takes in in taxes.) The govt will eventually confiscate 401k's and CD's but first they'll try to get people to convert their retirement savings into these "insurance policies" which I'm betting will turn out to be govt debt (Treasury bills). The fed govt cannot operate without going deeper into debt, and if other countries don't buy our debt, then you'll be made to buy the debt.
How much in hidden fees ???? Liar Liar pants on fire
This guy looks like an idiot now. I am 44 and have $873k in my 401k. Tripled my portfolio in 4 yrs.
Lets give it to the government and let obama and the liberal loons use our retirement money.
I on federal pension and thrift plan. Retired and living great. Not lose any money because in Gov. securities. People lost because stupid.