More investment options
Thank you cares act!!!! 401k is mine
- Thread starter Faceplanted
- Start date
Also contribution limits and fees. I think some of the rules are different regarding withdrawals as well, pretty sure the rule of 55 doesn't apply to IRA's for instance.
You can put 6000 dollars into a Roth IRA on top of the 19,000 you can put into your 401k
And if you are 50 or older you can put 25,000 into your 401k and 7,000 in your IRA
Faceplanted
Well-Known Member
It’s not yours. But you should not have more than a few thousand in the bank. People have hundreds of thousands in their 401k. I would feel more secure holding a stable coin crypto currency in hardware wallets than have 10s of thousands in Bank of America.
as for banks, after seeing how quick
changes for a coof, I no longer hold more than a couple grand in the bank. I withdrew almost everything and have it in a secure location I can access fairly quickly.That's what I meant by contribution limits. You can put 3 times as much into a 401k as you can an IRA.
But you can still do both. I put my pre-tax money into the 401k and my ROTH contributions go into my IRA.
I like having a ROTH IRA because my investment choices are pretty much unlimited.
I also like to buy some individual stocks
Out 401k fees are a little expensive for trading stocks my IRA has zero commissions on buy and selling stocks.
I'm cut off from the 401k now, so it's just 7k/year in a Roth IRA here. I have zero interest in trading stocks so that's a non issue for me, the fund choices are nice at Vanguard though.
I've been very pleased with Vanguard and know many others on here use them.
Just remember if you contribute to your IRA next year you or your spouse need to have earned income
Nah, this my last year of contributing unless I get a job, which I have no plans to do.
You can be my Christmas helper.
Maybe next year..
Overpaid Union Thug
Well-Known Member
Over70irregs
Well-Known Member
Get maybe 50k from 401k and invest somewhere else to gain profit. Then use profits for taxes owed over 3 years? Since the window closes Dec 31. Probably once in lifetime opportunity.
Can you guarantee what the market will do over next 3 years?
It's not called retirement savings plan for nothing
Not to mention the fees that are taken out are a little much.
Are you freaking kidding me? Those fees are almost nothing
Anytime you have a prolonged bull market a lot of get rich quick schemes start popping up. Remember Day Trading?
Beanie babies?
Invest in precious metals
Well worked way too hard for her money and we aren't it can afford to blow it away full of sleep
And there's somebody thinks 50 $0.60 a month on $100,000 investment is too much of a fee they are completely stupid
I think this right here sums things up pretty well.
It’s not yours. But you should not have more than a few thousand in the bank. People have hundreds of thousands in their 401k. I would feel more secure holding a stable coin crypto currency in hardware wallets than have 10s of thousands in Bank of America.
as for banks, after seeing how quick
I'm a crypto investor, and have been since 2016. And this is some of the most asinine advice I've ever heard.
Stablecoins?
Lol.
First off, platform risk. Let's say you invest in USDC. Any potential future ERC20 security flaws will take your holdings down to zero.
Then you have ports of entry to factor in. You can spend stablecoins in even far fewer places than the "big 3" of crypto. So you have to trust an exchange when you want to exit your position for other assets. And if you don't trust banks, but do trust anonymous KYC absent exchanges based in overseas countries, you're a maroon.
Finally you have to consider the method of keeping the stablecoin pegged. I know that some stablecoins have had a lot of issues with this in the past. I used to trade on Bitshares quite a bit. They had a devil of a time keeping their stables pegged to a dollar. So if something actually volatile happens in the world, that peg may end up meaning absolutely zero.
I'm not saying I put a lot of trust in the banks.
But if you put all your trust in crypto, you'll end up just as burned, or worse.
I'm not going to get into details. But there are hidden fees that are being taken out.
