It is entirely possible to have over $1 Million invested in your 401(k). So why don't many people have a million dollars? It's all about your savings rate. This video will have a complete breakdown of how much you should save each year based on your income. 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨🏫 Free Financial Coaching 👩🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - ⏰ Table of Contents ⏰ 0:00 Introduction to 401K 2:58 401K Investing in your 20s 5:56 401K Investing in your 30s 8:32 401K Investing in your 40s 11:12 401K Investing in your 50s 14:20 Why Invest in 401K #FIREPsyChat #FinancialIndependence #401k 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 Disclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons....(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Building wealth through a 401k plan is a popular route for many. Becoming a 401k millionaire is an achievable goal, but requires proper investment planning and discipline. This guide will give you a framework for investing in your 401k by age, so you can set yourself up for a million dollar retirement. In Your 20s: Start Contributing Early The earlier you start, the more time your money has to grow. In your 20s, you should aim to contribute at least 10% of your income to your 401k. If your employer offers a match, don’t leave free money on the table, always contribute enough to get the full match. In Your 30s: Increase Your Contributions In your 30s, you should aim to contribute 15% of your income to your 401k. This is the time in your career where your salary may increase, so it’s important to take advantage of that by increasing your contributions. In Your 40s: Take On More Risk As you enter your 40s, you should focus on taking more investment risk. This means investing in equities which have higher potential returns but come with higher risk. By taking on more risk, you’ll have a better chance of achieving higher returns and reaching your million dollar retirement goal. In Your 50s: Catch Up Contributions In your 50s, you have the opportunity to catch up on contributions if you haven’t saved enough. The catch-up contribution limit for 401k plans in 2021 is $6,500 for those over the age of 50. This means you can contribute a total of $26,000. It’s important to take advantage of this opportunity if you need to make up for lost time. In Your 60s: Focus on Preservation As retirement nears, it’s important to focus on preserving what you’ve saved. Shift your investments to a more conservative portfolio with a mix of stocks and bonds. This will help protect your savings from market volatility and preserve what you’ve worked hard to save. Additional Tips Here are some additional tips to help you become a 401k millionaire: - Keep fees low: Choose low cost index funds and avoid high fee actively managed funds. - Rebalance annually: Keep your portfolio balanced by rebalancing your investments at least once a year. - Avoid borrowing: While many 401k plans allow loans, it’s best to avoid borrowing from your retirement savings. - Increase your contributions: If you get a raise, increase your 401k contributions to keep pushing towards your millionaire goal. In Conclusion Becoming a 401k millionaire isn’t easy, but it’s achievable with proper investment planning and discipline. By investing early and contributing consistently, managing risk, taking advantage of catch-up contributions, and staying disciplined, you can set yourself up for a financially secure retirement. https://inflationprotection.org/achieving-401k-millionaire-status-a-comprehensive-investment-guide-for-different-age-ranges/?feed_id=84799&_unique_id=642d704be461e #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #401kbalancebyage2023 #401kforbeginners #401kinvestmentguide #401kinvestmentguidebyage #401kmillionaire #401kmillionaireguideforage20 #401kmillionaireguideforage30 #401kmillionaireguideforage40 #401kstrategybyage #becomea401kmillionairebyage #FinancialIndependenceRetireEarly #howmuchtoinvestin401k #howtobecomea401kmillionaire #howtobecomea401kmillionairewithnothing #howtoretirewith1milliondollars #invest #millionaire #401k #401k #401kbalancebyage2023 #401kforbeginners #401kinvestmentguide #401kinvestmentguidebyage #401kmillionaire #401kmillionaireguideforage20 #401kmillionaireguideforage30 #401kmillionaireguideforage40 #401kstrategybyage #becomea401kmillionairebyage #FinancialIndependenceRetireEarly #howmuchtoinvestin401k #howtobecomea401kmillionaire #howtobecomea401kmillionairewithnothing #howtoretirewith1milliondollars #invest #millionaire
Comments
Post a Comment