/biz/ - Business & Finance

>>51727557
If you already have $401k then you can try buying a house you retarded faggot

>>51727557
Most companies match so it’s a free money hack you pencil dick

>>51727557
It is a scam. You buy any shitcoins.

>>51727606
kek. wow.

>>51727557
>BUT MR.ANON DON'T YOU WANT THE 50% COMPANY MATCH

It's good if you're a normie that wants the tax deduction plus free employer match

You're a frogposter so you will not outperform the market

>>51727557
ITS FREE HECKIN MONEY

>>51727614
yeah but with crypto you could literally 3-5x that money retard. who cares about a $5k match, the cost is you can't touch that money when you could be investing it.

>>51727557
yeah, it's a bad idea to save for retirement. just yolo shitcoins.

>>51727665
kys normie

>>51727606
I already have a house retard.

>>51727647
Okay retard you probably don’t even know what a HSA account is. Good luck with your finances not collecting a dollar for dollar match

>>51727557
I don't know about you, but I like knowing I'll have food and other essentials when I'm 80. A 401k is probably a safer bet that gambling on some PeePeePooPooInu pajeet coin. Do what you want though, that's just my personal opinion.

1) you pay less taxes (especially good now while democrats are wiring half your income to Greta thuneberg)
2) you build equity without having to sell your soul to a bank for 30 years (home mortgage route)
3) you can take out loans against your retirement fund (and use it to do other shit)
4) you can withdraw it whenever and pay a penalty that is basically the same as a capital gains tax
5) you can roll it over into a Roth IRA

Basically, if your a wagie and can afford to max your 401k every year and you don’t, you’re a fucking idiot

>>51727774
You're not gonna live to 80 dude lol

>>51727647
>who cares about a $5k match
>what is free, zero risk money
>what is compounding
There's a reason even the most seasoned and experienced people in trading still can rarely out perform the market. Betting on shitcoins to 5x your money for the next 30 years seems like a bit of a gamble.

>>51727795
Im already in my 30s and am unironically in the best shape I've ever been in. My family on bith sides have lived well into their 90s.Your level of projecting tells me everything I need to know about you though. Just because you're an obese basement dweller with a life expectancy of 52 doesn't mean everyone here is.

>>51727606

>>51727777
checked

>>51727557
it is a scam but you arent the one being scammed (assuming you put it in a low cost etf not a scam mutual fund with high fees), you and your boss are scamming society by reducing your tax burden through special programs lobbied into place by wall street. If they are matching you, it makes sense to do it. It will have to drop more than 50% for you to lose money. Just dont do it if you make so little that you need all the money

>>51727557
You can daytrade from a 401k just like any brokerage account so the benefit of it is that since your company matches it you basically start up 100% and can take set up high beta trades in your 401k without stressing about the volatility and use a separate account for indexing and low-risk allocation.

>>51727647
Retarded kid

its free money retard

It's a scam but what else are you going to do? It's still one of the easiest and more importantly least time consuming ways to make money in the market. Most people don't have the time or stomach to gamble their retirement on penny stocks and shitcoins.

no you're right OP
it's a jewish scam for goyim don't do it

My company doesn't even match

>>51727777
blessed 7s for the only non-retard here.

401ks are tools. Obviously you want the company match. What makes it really useful is if you have excess income. You can deduct $20,500 from your salary and put it in a pretax account. Say you make $112,550 a year. After standard deduction it's $100k. With a $20.5k deferral into your 401k, you only have $79,500 income tax liability. So that $20.5k would normally be at the 24% tax bracket, which means you just save $4,920 in taxes for the year, and get to invest that extra $4,920 pretax.

Ideally by the time you retire, should the US not collapse or anything, then you can withdraw from that 401k after 10-20 years of inflation, which as you know will dramatically bolster your savings should you toss it into the index or more likely a growth mutual fund.

So, can the system keep chugging along another 20-30 yrs? Who the fuck knows. If you have a 401k at the average age here you're betting on yes. It's a nice pile of down feathers to add to your nest and a smart move for you high income wagies.

For most of the plebeians, they'll never be able to use it to it's full potential. It's just extra incentives for high income earners to continue performing.

More money comes to those with money you know.

>>51728407
Also you can borrow against a 401k but can't borrow against an Ira, so you can use the value of your 401k to secure extra margin inside if your 401k and make leveraged trades as well. Think of it as making your company pay for your margin fees.

>>51727557
Duh, It’s a retirement account. The only reason they exist is so the government doesn’t steal your cheddar

>>51727557
You sequester money away and maybe get 5% while the government continues to dump 20% of the value of the dollar yoy. Scammy

If your employer matches, it's quite literally free money.

>>51728817
when are you going to be able to spend it?

>>51727557
You will have more money than if you didn't.

>>51728830
As soon as you want? Withdrawing is a 10% penalty off the top and the rest is treated as normal income.

I mean I make degenerate crypto trades with some of my money just like everyone on this board, but especially if your company offers you a match you'd be stupid not to take advantage of it at the very least. Let's be real, 99% of us aren't going to make it big in crypto, your 401k is what's going to keep you from having to live on dog food when you get old. And if you croak before you retire, just set your wife or kids or a sibling or someone else as the beneficiary and they'll benefit from the money.

>>51728830
Whenever you want

>>51727647
Yeah but crypto is a pyramid scheme
You never know when it'll crash

>>51727777
1) Wrong. You don't just pay less in taxes. You defer taxes to a time when you should have a higher income than you do now, which means you'll end up paying more in taxes then what you would pay today. Money going into a 401k is usually not going to Bitcoin cold storage. Saved money in your custody can always become a deductible business expense at the time of your choosing. Also, the tax code is a distraction. The vast majority of government spending is paid for by printing fiat. The biggest tax advantage you can get is from simply not holding fiat.
2) Both the home mortgage and stock investments are speculative leveraged positions.
3) This is borrowing from your 401, not against it. Meaning while that money is withdrawn, it's not invested in the stock market anymore, so for this to be worthwhile, you need a better return than the stock market plus the interest you're paying. Compare that to a bitcoin backed loan, or a home loan, where you still own the asset.
4) It's not the same as a capital gains tax. You pay capital gains tax when you sell at a profit. Early withdrawal incurs a penalty for simply withdrawing your investment back into your custody.
5) Another government scam.

I haven't even covered the risk of government being able to do absolutely whatever the fuck they want with this legal arrangement, because you don't have custody of the money.

>>51727557
now that the stocks are crashing it is just a scam

>>51728995
>You defer taxes to a time when you should have a higher income than you do now
what the fuck are you talking about? you intend to have a higher income bracket in your mid 60s?

>>51727557
Putting in the minimum to get the employer match is a great way to not be eating cat food when you're a senior citizen.

>>51728973
I'm disgusting with how many people here have basically zero knowledge of how bitcoin works. If 5% of Tucker Carlson viewers think, hey this looks like a good idea, why not bet 500 bucks on it, and the supply growth rate is fixed at less than 2% no matter how many people buy it, that is very easily a 100% increase in price in two years or less. It is impossible to find a better risk reward ratio in any other asset class.

>>51729019
Yes I do. The older you get the more money you should have coming in. Why are you planning to be broke?

>>51727768
>>51727808
>>51728478
get a load of these boomers, compound these nuts kek

>>51728995
>you should have a higher income than you do now
no you shouldn't you absolute niggerbrain

>>51729335
jump off a cliff or head back to plebbit either one works