Can you delay social security but still retire using 401k, and take social security later? I’m still in my 20s but starting to get financially literate and I have a question about retirement. I know that if you delay taking social security, then your payments are higher. Do you have to keep working during all the time before you take social security? Ie, could you retire at say 60, live solely off 401k/savings for 10 years, and then t…

About to lose my job, struggling to figure out moves in advance (touch 401k?) I (30, single) am about to lose my job which pays about $85k a year. The position is being terminated and I am about to be unemployed. 401k: about 70k in it right now Savings account: 5k in there CC balance: around 10k rent, car, other fixed payments: about 2500/month I am really scared about the next few months. I have long considered my 401k t…

Should I increase my 401k contribution? im contributing 10% salary(120k) into my 401k. I understand the ideal amount is 15-20%. Im eligible for a pension that takes 6% of my salary already. I was counting this 6% into my total so I left my 401k at 10% I can contribute more but I also like having cash build up (which I put into an HYSA) am I okay with the 10% in 401k? I plan to retire …

Should I try to max my 401k with my savings, if I started my new job late in the year? I started my new job late in the year (November). I have enough savings to be able to max out my 401k, but of course it would hurt my emergency fund. My employer gives me 0 match. Should I put it in for this year and max it? Or should I just put a percentage in and max it next year and keep my savings intact submitted by /u/cookiesandmil…

Is there ever a reason not to max a 401k (if possible)? TLDR: Does it ever make sense not to max a 401k if you can (for early-career individuals)? ​ Situation I’m currently deciding how much to put into my 401k, and I’m wondering if there are any reasons not to max it. A quick breakdown of my situation: Late 20s, full time employee Yearly income of 176,000 USD (salary + bonus) in a stable job About…

Should I max out 401k/IRA before the end of the year? 25, got a new job in June. I have plenty in a savings account with 4.5%ish interest, enough that I can take out a hefty chunk and not feel any financial strain. Started saving into a 401k (25% match up to 6%) at the new company, currently at 5kish. Should I push all of my income (3 more paychecks this year) to my 401k? I can’t fully max it out a…

No employer offered 401K- how do I save for retirement?? I was laid off recently from a job that offered a 401k (but no employer match). I was maxing out my contributions to it (22.5k a year). Recently got a new job that is basically a start up, and as a result they basically don’t offer benefits… no 401k or any retirement fund. I was reading that I could open an IRA but only contribute 6k a year- how…

keep paying auto loan or use 401k? 50 yrs old with a wife & 2 kids. Salary is ~179k + annual bonus of 20% = approx 216k. I am sole provider. College(undergrad for both kids) is already paid for through 529 & Coverdell plans + scholarships. We currently have about 1.2MM in retirement saved (split between 401k/ IRA/RothIRA/investment account) + about 4k per month in pension program…

Is it normal to withdraw your whole 401K? This question isn’t about me, but I just saw that my parents withdrew 100% of their 401K (nearly $200000) from the bank well before retirement age and this confused me. Is this normal or is there something urgent they need money for? submitted by /u/morthalguards

Would it make sense to take a 401k loan to pay off CC debt? My wife and I are working on clearing out our credit card debt to be able to actually save money rather than guess if we have enough money for gas to get to work. Now that my wife is working again part time we aren’t THAT bad anymore, but in the 5 years that she wasn’t working (she was a stay at home mother for our little girl for 5 years) ​ Bu…

Been passively investing in 401k but want to be more serious about my finances. Hey everyone, I’m 25 y/o living/working in the US making a $97k salary. Up until this point, my only two “investment vehicles” have been my regular checking/savings (fluctuates between $15k-$20k) and my 401k (currently at $43k). Besides my terrible spending habits, I pay $1500/mo rent in a L/MCOL area and can spend probably another $1000/mo on …

Help me settle this: 401k vs Traditional IRA vs Roth IRA for someone just starting out with retirement planning I’m currently navigating retirement account options and have been told I should open a ROTH IRA for the following reasons: No penalty for early withdrawals of contributions Tax advantages No RMD’s More investment options I’m in my early 20 (self-employed), I have a small amount saved up (sub $50k) and a similarly sized Stock/ETF portfolio. As…

My job accidentally didn’t do my 401K contributions for 3 months but I think it saved me money… should I make a big deal or nah? So I was a “rehire” at my job and despite filling out the 401K paperwork for an 8% contribution, I found out today that only my first check was deducted from and the rest have been 0%. I didn’t make this change so they are looking into if a problem happened. I would have missed out on their 3% match and I feel dumb for not noticing. But also, th…

Got a new job, is their 401k plan competitive or average? This is will be my 2nd job at what is considered a big boy job. I’m in the early 20’s, I want to take advantage of my early age and work on retirement. Here is the program “Employer Match is 100% up to $8,000 per plan year for the first 0-3 years, then 100% match up to $11,000 per plan year after 49 months.” submitted by /u/LenzoQ

IRS released 401k and IRA contribution limits for 2024 https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000 ” The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000…

Company getting rid of 401k match My company is getting rid of their 6% 401k match and now will provide a “retirement account” that the company will contribute 5% of my salary, and give 6% interest till 2027 when it will than equal 10 year us Treasury yield with a floor of 3% (floor protection lasts till 2033) How badly did my company fuck me over? submitted by /u/DumbStu…

$76k in CC + Personal Debt. Am reaching critical levels of depression and anxiety. Considering 401k Withdrawal (25% of total retirement portfolio). What am I missing? As title states, am $44k in CC debt + $31k in personal loan debt. Poor financial decisions and living beyond my means is what landed me here. I have humbled my spending dramatically, but am barely making ends meet with the high interest CC payments and personal loan payments (that was supposed to subsidize failed CC bill payment budgeting earlie…

I need 4K now and all the money I have is in my 401K As the title says, I need to pay off a loan today of 4k. I have about 9k in a 401k that I opened up with Starbucks about four years ago. I no longer work there and I stopped contributing to it since. I also have about 2K in an individual investment account with fidelity. I have no financial experience. How should I go about pulling money out? Be…

Rollover 401k bonus offers I am looking to roll over my 401(k) plan. I know Chase has up to $3000 bonus if you roll your 401(k) into their account and deposit up to $300,000. Since I am doing this, I’m might as well look at other bonus offers that other institutions may have. Does anyone have any idea who else offers cash bonuses for rolling over 401(k)? submitted by …

Why was my 401K in Fidelity forfeited? I just logged into Fidelity and I found that one of my accounts (worth roughly $260) was forfeited. I’m super confused. I worked this job/fellowship for 1 year from August 2017 to August 2018. It was invested to the best of my knowledge because it would go up and down in value. I never got a letter in the mail or email stating that my account wa…