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401K Speculation
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<blockquote data-quote="upandcomer" data-source="post: 663640" data-attributes="member: 13387"><p>You either have to be the dumbest person on the planet or this is a complete giant level. </p><p></p><p>Really! Honestly! Mods that was the nicest way I could put it!</p><p></p><p>Lets do some math.</p><p></p><p>Your scenario:</p><p></p><p>Company - $0</p><p>You - $16,000 </p><p></p><p>Taxes - $0</p><p></p><p>Investing for your future retirement - $16,000</p><p></p><p>Future - Doubles every 7 years. 35 years has doubled 5 times to $512,000. </p><p></p><p>End with $512,000</p><p></p><p>Rest of all humanity and all intelligent peoples scenario:</p><p></p><p>Company - $8000</p><p>You 401k - $8000</p><p>You None 401k Retirement Savings - $8000</p><p></p><p>Taxes (Lets use your 35% figure) - 8,000 * 35% = $2800</p><p></p><p>Investment for future retirement - 8,000+8,000+8,000-2,800 = $21,200</p><p></p><p>Future - Doubles every 7 years. 35 years has doubled 5 times to $678,400.</p><p></p><p>So your unwillingness to not pay $2800 in taxes up front because you refuse to take the company match has cost you....</p><p></p><p>$166,400- $2800 (taxes) = $163,600 </p><p></p><p>Congratulations!</p></blockquote><p></p>
[QUOTE="upandcomer, post: 663640, member: 13387"] You either have to be the dumbest person on the planet or this is a complete giant level. Really! Honestly! Mods that was the nicest way I could put it! Lets do some math. Your scenario: Company - $0 You - $16,000 Taxes - $0 Investing for your future retirement - $16,000 Future - Doubles every 7 years. 35 years has doubled 5 times to $512,000. End with $512,000 Rest of all humanity and all intelligent peoples scenario: Company - $8000 You 401k - $8000 You None 401k Retirement Savings - $8000 Taxes (Lets use your 35% figure) - 8,000 * 35% = $2800 Investment for future retirement - 8,000+8,000+8,000-2,800 = $21,200 Future - Doubles every 7 years. 35 years has doubled 5 times to $678,400. So your unwillingness to not pay $2800 in taxes up front because you refuse to take the company match has cost you.... $166,400- $2800 (taxes) = $163,600 Congratulations! [/QUOTE]
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