New 401k updates with the possibility of your 401k being eliminated soon. In this video I got over the 3 fund portfolio, dividend investing, and retirement planning to retire rich and on time!
#etfinvesting #dividendinvesting #retirementplanning
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Many Americans rely on their 401k plans as a key component of their retirement savings. However, recent projections suggest that the typical 401k account may be depleted within 10 years, if not sooner. This is a serious concern that all individuals should take into consideration when planning for their financial future.
One major factor contributing to this alarming trend is the rising cost of living and healthcare expenses. As individuals live longer, they are also faced with increased healthcare costs that can quickly deplete their retirement savings. In addition, inflation can erode the value of one’s 401k over time, making it more difficult to maintain a comfortable standard of living in retirement.
Another issue that is leading to the decline of 401k accounts is the lack of savings discipline among many Americans. A recent study found that nearly half of Americans have less than $10,000 saved for retirement, and many individuals are not contributing enough to their 401k plans to support them in their later years.
Furthermore, market volatility and economic uncertainty can also impact the value of one’s 401k account. The stock market can experience significant fluctuations, causing individuals to lose a substantial portion of their retirement savings in a short period of time.
So what can individuals do to prevent their 401k from being depleted in 10 years or less? It is important to start saving for retirement as early as possible and to contribute regularly to your 401k plan. Additionally, individuals should consider diversifying their investments to protect against market volatility and inflation.
Consulting with a financial advisor can also be beneficial in helping individuals develop a comprehensive retirement savings strategy. By taking proactive steps now, individuals can potentially avoid the risk of running out of money in their 401k accounts in the future.
In conclusion, it is crucial for individuals to take the necessary steps to safeguard their retirement savings and ensure that their 401k accounts will last throughout their retirement years. By being proactive and diligent in managing their finances, individuals can potentially avoid the risk of their 401k accounts being depleted within a decade.
What question can I help answer for the next video like this?
This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
Finance and investing should be required teaching in middle to high school.
The government is not going to get rid of the Roth 401(k) or the Roth IRA
It's just a proposal. If the government does take away the tax deductions for the 401(k) or IRA that will not phase me. With the Roth I pay the taxes up front and withdraw the money tax free in retirement.
Very nice shirts! What brand do you wear?
If the 401k really goes away, then a deferred annuity may be a better option for companies to offer employees. If they leave the company, the annuity should go with the employee so they can keep on contributing to it over time. When they retire then they have income for life plus Social Security. I say this when I actually hate annuities and insurance companies. The Roth 401k is amazing but so many people don't realize the benefit and don't take advantage of it. As crazy as that is. They just don't understand. Amazing channel. Thank you for posting.
Regarding Q.3 and eliminating the 401k, I kind of think this is all bluster. I work for the single biggest employer in the country, the US Government. While they do not have a 401k, they do have a Thrift Savings Plan (TSP) which is essentially the same thing. I think the various unions that represent federal and state workers would pressure Congress to prevent them from eliminating 401k's, TSP's, and 403b plans. Too many federal, state and local government employees (including public school teachers) are in these plans. There are many in the plans who have accumulated over $1 million as well. These plans are often run by large investment companies such as BlackRock (manages the TSP), T. Row Price, Fidelity, Vanguard, et al. These companies would be affected and they have lobbyists in Congress. I think the biggest problem with the 401k and other defined contribution plans is education. Not enough people are educated about investing for their future so many people may not take advantage of the opportunity. Quite frankly, I think life skill courses should be mandated in high school where they teach you investing (including retirement savings), banking and paying taxes. If this can be implemented then I think defined contribution plans would be safe for the foreseeable future and savings rates would most-likely increase, especially among early 20 somethings just out of college or trade school.
Another youtuber with a course. Unsubbed.
There are a lot of different articles talking about the average 401K by age. The average tenure with the same company has also gone down. When I change jobs I roll my 401K into my Roth IRA. So the data taken from me for my 401K is less than my Roth IRA. Doesn’t this data screw the results?
Can someone working in two different jobs with no overlap in employment periods contribute to both a 401(k) plan and an IRA for each job in 2024? I am single, under 30, and earned income well below income limitations for IRA contribution limits. I will work six months in one job and 2nd six in another. I follow three fund strategies: VTI, QQQM, and DGRO. Thanks for your youtube contribution.
Great content as always
Given S&p 500 been high or at all time high for some time and every day is a new high. Should the amount invested in index fund be reduced for now given if buy now and then fall into lost decade? Hesitant of individual stocks as news changes daily for them given what is happening to some of non so magnificent 7 anymore. Appreciate your work and details.
Hi professor G, in a lot of your videos I see you talking about SCHD and VYM a lot. I was wondering what your thoughts on VIG. Thanks for your videos!
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024…
Another click bait advertisement to sell your dividend series. Come on. That is NOT why I subscribed to your channel. One more chance and I am signing off.
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