ACCOUNTANT EXPLAINS: Path to Prosperity | Unlocking the Magic of a 401k aarp.org/work/retirement-planning/401k_calculator.html 00:00 Intro 01:57 Ingredients to a 401k plan 03:06 Early withdrawal penalties 04:03 Let your money grow 07:57 How much should you contribute? 11:42 Real examples of investments and their outcome 12:06 401k calculator 12:20 Assumptions 12:40 $35k salary, 1% contribution, start at age 26 14:45 $35k salary, 4% contribution, start at age 26 15:43 $55k salary, 1% contribution, start at age 26 16:06 $55k salary, 4% contribution, start at age 26 17:13 $100k salary, 4% contribution, start at age 26 MILLIONAIRE STATUS 18:05 Investing in your 30s. It's not too late. 19:28 $55k salary, 4% contribution, start at age 35 20:06 $100k salary, 4% contribution, start at age 35 20:27 $100k salary, 4% contribution, start at age 40 21:00 $100k salary, 22.5% contribution ($22,500 max for 2023), start at age 40 MILLIONAIRE STATUS... ( read more )
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)