35 Burst results for "401K"

Sebastian Asks Rep. Claudia Tenney 'Are We Winning?'

America First with Sebastian Gorka Podcast

03:45 min | 2 weeks ago

Sebastian Asks Rep. Claudia Tenney 'Are We Winning?'

"Welcome back to one on one with none other than congresswoman Claudia tenney. Claudia. Let me blow your trumpet politely. When you came in into the studio earlier today, you know, we get politicians in the studio. You know, the good guys and good girls come in here. And the remarkable thing about them, especially in your cases, you come in, I say, would you like a coffee would like anything last? And then I got out of the studio to get you a bottle of water. And I'm looking everywhere in the green room. Where's her retinue? Where's her entourage? Is a member of Congress. Where are the Strata? Where are the PR people? And there's nobody. So this just reinforces for me why you're the best example of what we need in America, not career politicians, like Nancy like charcot who have been around for decades, but people who see themselves as Americans representing their fellow Americans, I'm going to ask you the question I asked all of the good guys and gals. Are we winning? Is that side? Is it burgeoning? Is it growing? You know, the freedom caucus the people who don't want to say this way. I went to the members dining room to have lunch with a couple of supreme caucus people. And I asked them, is it as bad on the inside as I think it is from the outside? And one of them said, you know, the trouble is even in the GOP, 30, 40% of us, they just want the job. They want the chairmanship with the chauffeur driven limo and they want the office with the fireplace. You do not represent that to me. So who's winning? Who's in the driving seat? What's the power relationship between The Old Guard and the citizen politicians like you? You know, it's a tough crowd. I'll tell you it's a funny story. Look at I had to fight against the establishment in both parties just to get elected to the state assembly. I had to defeat the county chairman. Wow. And so they were all working against me. And they always have. I never got endorsed by our local party. The Republican Party, running for office ever until after I was elected to Congress. So you won without any endorsement. No, I had to run a primary had to put my own team together, so I know what it's like to be, you know, I'm also a lawyer or a business owner. I know what it's like to, but I'm trying to do, I'm trying to stand for our country and stand for our small business community and what we need to do. I don't see myself as part of a group or other than I want to represent my constituents. I'll tell you funny stories. When I first got into the state assembly, I remember this old time assembly member who had here I am coming from the private sector. I don't know what pensions are. I don't know any of this stuff. And you know, I'm all worried. I could care less if I, you know, use a folding chair and have a folding table. I mean, it doesn't really matter any of that stuff. And so this one person came up and said, oh, I can't believe, you know, we were minority members, Republicans, and the Democrats were in the majority, and they said, did you see the Democrats got all new mahogany deaths to new computers? And we should have mahogany desk. I'm like, no, you shouldn't have a haggy desk. We don't need that stuff. We need to govern. We need to understand the taxpayers. And I love the Jeffersonian idea. I mean, we are not supposed to be doing these jobs forever, which is why one of my first bills when I got into the assembly was, let's take all the politicians who are elected and appointed off of the pension system and put them in a 401k case to system because if you're going to serve and you want to you shouldn't have to leave and not be able to at least contribute to your own retirement, because I was really these non contributory pensions and then and of course that was not met with much approval. An old friend of mine, Mike Fitzpatrick, Fitzpatrick and the assembly. He was part of it, too. You know, what are we doing? How are we in a position where we're benefiting from something we're

Claudia Tenney Nancy Like Charcot Assembly GOP Claudia Congress Old Guard America Mike Fitzpatrick Fitzpatrick
Biden Admin Wants to Add Political Directives to Your Retirement Savings

Mark Levin

01:27 min | Last month

Biden Admin Wants to Add Political Directives to Your Retirement Savings

"And looking at this Department of Labor proposes roll to add political directives to retirement say to this Fox News this is how they destroy us And destroy you and everything of value They use the power of every federal office division unit administration department every corner of the vast bureaucracy Not just to push their agenda but to impose their agenda they use our tax dollars they use the law they use the regulatory power they abuse it again To impose their will on us While Democrats in Congress negotiate over trillions of dollars in new spending this is actually The Wall Street Journal the Biden administration is quietly advancing its agenda through regulation Witness a little notice proposed rule last week by the Labor Department that will add new political directives to your retirement savings They're going to add political directives to your IRA 401k whatever you have directives The administration says the rule will make it easier for retirement plans to offer 401k funds focused on environmental social and governance objectives they're doing this in our corporations In fact the rule will coerce workers and businesses into supporting these American Marxist policies Do you hear

Biden Administration Department Of Labor Fox News The Wall Street Journal Labor Department Congress
Pelosi Is Planning a Going Away Party With Your Money

The Hugh Hewitt Show: Highly Concentrated

01:42 min | 2 months ago

Pelosi Is Planning a Going Away Party With Your Money

"Big story of this week in washington. Nancy pelosi is trying to spend not only your money and your kids money. Trying to spend your grandchildren's money and your great grandchildren's money three and a half trillion dollars. And she said she intimated she'd settle for two and a half join or two trillion over. We haven't got it. It'd be the most inflationary destructive expansion of the welfare state destroying incentives of work destroying family structures. She's on a rampage because she's questioned a lame duck. She's out of here and she wants a big going away party with your money. She just wants a boy. Didn't she. get something big done. Same thing joe biden. These legacy hunters are destroying our legacy to our kids by eating up. One thing they're doing is raising stepped up basis erasing stepped up basis. So few saved your whole life. You paid off your house. You happen to live in new york or california or florida. Someplace for houses appreciated. You did it the old fashioned way you paid off your student loans you bought about house you paid it off it's appreciated value you've saved money and your 401k. Nancy pelosi wants to take your money and the long relied upon rule. That when you die your house goes to your kids and they can sell it tax. Free that rules go away. It's called stepped up basis. Shame with a small business. They want to rewrite the tax code in the united states in the dark in a committee that you have no idea about run by an old acquaintance of mine jim mcgovern the most liberal effective member of the house. You'll probably be the speaker. I think he'll jump hoyer become the speaker. And that's unless kevin mccarthy wins and we should win. But i'm well. That's the big story of the week

Nancy Pelosi Joe Biden Washington Florida California New York Jim Mcgovern United States Hoyer Kevin Mccarthy
Understanding Total Compensation for New Job Opportunities

Clark Howard Show

02:07 min | 3 months ago

Understanding Total Compensation for New Job Opportunities

"You're working from home do you know. Is the company you work for your boss spying on you. Wait till you hear how much that's going on. So i've been talking to people who've been using the advantage of the labor shortage to bid up their pay going usually to a new place to work. But there's an aspect of this. This come up twice recently in my conversations with people that i want to discuss with you and that is the pay alone is not the only thing you should be looking at when you're looking at new job opportunities that the marketplace is offering you right now so what else matters all right so you worry about what. The monthly paycheck is what the pay is per week or per hour. Whatever and that's what most of us tend to focus on because we're thinking about our bills but let's work even medium-term what other things matter so a hidden way that you get compensation is with the health benefits. You're offered by place if you're working one place this paying you less per hour but they offer you. Employer paid health coverage or overwhelmingly employer paid health coverage. That's worth a lot of money to you. If the next place you go doesn't offer health coverage or offers minimal subsidy. There's a lot of additional money you're having to lay out every month. What do they do about a retirement benefit do they offer a big match on a 401k. Do they offer good 401k plan. What's your promotion potential with that company. I mean i really want you to think about wider than just the paycheck.

"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

03:08 min | 3 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"Mayor. And if those accounts are routes the mirror for for today you can take straight to the bank if you're deciding how much to contribute to your 401k. I look at your emergency fund. You need six to nine months of emergency reserves in the bank. If you don't have a cushy emergency fund consider putting more of your endgame allocation into your emergency fund of warrior 401k. Yes he needs to save for retirement but you need liquidity. I unfortunately if your car breaks down you can't pay for repairs with a four one k. Money rehab is a production of iheartmedia media. I'm your host nicole. Lapin our producers are morgan lavoix and catherine law money. Rehab is edited an engineered by brandon decker. With help from josh fisher executive producers are manned gaffes editor and will pearson huge thanks to the. Oh gee money rehabbed supervising producer. Michelle lambs for her. Pre production and development work and as always. Thanks for finally investing in yourself so that you can get it together and get it all. Listen we all love ice cream. But there's ice cream and then there's jenny's ice cream janis as unique flavors like brown butter almond brittle a butter cream ice cream with golden pockets of caramel and crunch and bramble berry crisp ice cream. That tastes just like a fresh berry. Cobbler topped with vanilla. Ice cream all made from scratch. No synthetic flavorings are dis. Ice cream is great and jenny's makes it better find. Danny's one of a kind ice creams including gluten free dairy free flavors at scoop shops and grocery stores nationwide and online at jenny's dot com. That's j. e. n. i. s. dot com. Some kids are born book worms while others need a boost. Get your kids reading and loving it with epoch. The leading digital library for kids with epoch kids can access over forty thousand popular and bestselling books plus fun videos and audio books anytime anywhere from deep sea. Adventures to magical unicorns to outer space. Journeys whatever they love. Epic has it. All plus epoch grows with your child they'll get personalized recommendations that evolved with their interests and skills over time visit debt. Epic dot com slash. Iheart today for one. Free month of epic unlimited. That's get epic dot com slash. Iheart careerbuilder is made for people. Who have that thing you know those superpowers that make you good at your job. The skills you bring to work and careerbuilder knows those skills make you write for other jobs to higher paying jobs with benefits jobs. You never thought of trying. Are you a people. Burson work from home as a customer service rep. Are you organized and like driving. Become a delivery driver. You have the skills it takes and careerbuilder dot com has the jobs to get you hired fast. Visit careerbuilder dot com..

"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

07:27 min | 3 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"Learn more jaguar. Usa dot com. Hey guys are you ready for some money. Rehab wall street has been completely upended by player. Game stop man. Should i have a cake. How i whole world on your money will charge for wasting our time. I will take a check. You recognize her from anchoring on cnn cnbc and bloomberg the only financial expert. You don't need a dictionary to understand the cold lapin setting yourself up for retirement is one of the best money moves you can make and one of the smartest things you can do to look out for your future self. We know this but when it comes to actually do the dirty work of setting up those retirement accounts. The answers are so obvious. There are many different options and funds and acronyms in the alphabet. Soup that ease retirement accounts. Today were answering a question from listener. Hannukah about two of these options pinochle nine hannukah. A recently got a promotion at my job which now includes benefits. I am currently trying to decide between a roth. 401k in traditional 401k. And i would love to understand the difference between the two in what one is a better option. I already do invest in a roth. Ira but i was hoping to learn more about the 401k version of that. So if you could help me understand this i would appreciate it. Thanks so much. First of all hannukah congrats on the promotion. That's awesome. I hope you've taken a beat to step back and celebrate your hard work so cheers to you and if you are doing a little toast for yourself. Pour a little extra sip for me. Please and thank you. In my humble opinion your company should have been paying your benefits from the jump but better late than never. Getting options from your company is great. We love options but it can also be a little overwhelming so let's break it out at traditional. 401k is a retirement account that's tied to the stock market. The account is established by employers for employees. If you're at a company that offers a traditional 401k any money you contribute goes into account before taxes essentially. You're making contributions before your paycheck hits your bank account and then your 401k. Contribution is invested in an account with your name on it however the do not think that this money is tax free because you do pay tax when you take that money out in other words the money in your 401k grows tax deferred meaning. You still have debate taxes on that amount. You contribute plus all of the money you earn in that account later on compared to other retirement plan options the contribution limit with 401k's are higher. Which we like the personal contribution limit for 401k's in twenty twenty one is nineteen thousand five hundred dollars. That is much better than say an ira where the maximum amount you contribute. Annually is six grand. If you're under fifty years old if you take it out before your fifty nine and a half yes than is really the number of the. Irs came up with you have to pay penalty fees. Now let's let roth were one case. Entered the chat. This account is just like a traditional 401k with one key distinction you pay taxes on that money now you may be thinking. Wait a minute lapid. Why do you want me to pay more taxes now. Well with a traditional 401k. You have no idea how much the tax rate is going to be when you retire and taxes. Don't have the habit of going down on top of that you will have to pay taxes on the money you earn in that account but with a roth. 401k you've already paid your taxes when you go to take that money out of your account. The money you have is the money you get no more taxes. Plus your tax bracket will likely be higher in the future because your ob a bad ass money rehab graduate of course making big bucks. Rooney's therefore paying taxes. Now when you're in a lower tax bracket will benefit your future self on guy. You are super lucky that that option is available to you given the choice between a traditional 401k and a roth 401k. I highly highly recommend that you opt for the roth. Oftentimes people with traditional 401k's think they have a huge amount in their account but they don't realize that in some cases that nest egg can be eviscerated by taxes. When they wanna take that money out. We don't know what taxes are gonna look like in the next three years much less thirty years so with a traditional 401k. We actually don't know how much will be left over for our old ladies selves to spend a huge perk of both traditional and roth 401k's is that sometimes your employer can make a matching contribution to your account which is like getting free money on a. I'd be sure to ask your boss whether your company is doing any sort of matching program with a traditional 401k employer matching is quite straightforward with roth. Were on case it's a little funky with roth. 401k's even that you pay taxes on your contributions when it goes into the account. Your employer is matching with pre-tax dollars. So they're matching funds will be put into a traditional 401k. A one k. coppee. I'd take a little extra time to talk to your employer though if you're still confused about how this works at your company a leave you with a word of caution on 401k's in general 401k's aren't and were never intended to replace your income when you retire. It's just how we started using them once traditional pensions which were meant to replace your income when you retire started becoming way less common. Pensions would guarantee you money when you retired and that put the burden on your employer to make sure that money was there when you need it. Nowadays 401k's are cheaper for employers to run because they put the burden on you. Most people don't realize that 401k's aren't actually meant to be your only retirement account. The are actually technically profit sharing accounts because they allow you to have a hundred percent of your money in the company stock which you should never do. Hello tako worldcom enron. Anyone maybe it's just me but the basic idea of having your retirement and your job being so closely linked seems wrong after all familiarity might breed contempt and family but it breeds blindness in business. If you put all your money in your company's stock and the company goes out of business your livelihood is doubly screwed now with losing your job and later with losing your retirement savings. This is why. I was so excited to hear that you're also using a roth. Ira hannukah these days. I recommend money. Rehab have more than one retirement account going when it comes to building your best betty white life. The more retirement accounts the.

lapid roth cnbc bloomberg cnn Usa Irs Rooney worldcom enron betty white
"401k" Discussed on Best of The Steve Harvey Morning Show

Best of The Steve Harvey Morning Show

02:14 min | 3 months ago

"401k" Discussed on Best of The Steve Harvey Morning Show

"Think all right. Take us out men. Keep you phone close with tomorrow. National foul.

"401k" Discussed on Best of The Steve Harvey Morning Show

Best of The Steve Harvey Morning Show

01:32 min | 3 months ago

"401k" Discussed on Best of The Steve Harvey Morning Show

"Why not care. She opened up the sun roof. And tho- hot coffee. We go-to i don't care if she drive through a bunch of bush's he's not letting go ahead. What about a car wash. what is what. I'm gonna be a clean as do you. Were risk your life for your phone. No you do not right back. But he's still look she could drive through a b. had he not letting you can to k. k. k. He did the right thing. Every man knows what he's going through and going right on. Don't give it out phone joke. Every man every woman understands to everyone. I mean the same way you lady say. Don't go in my purse. Gongora gun guy. Heal ourselves for that if you grab my purse. I'm not going to jump. On the hood of your. Here's the thing. I'm not born in person on the phone. All right. i'm not going. You burs so women damn really try to make it like. It's the same.

Gongora bush
"401k" Discussed on Best of The Steve Harvey Morning Show

Best of The Steve Harvey Morning Show

02:27 min | 3 months ago

"401k" Discussed on Best of The Steve Harvey Morning Show

"He owned who while he saying correct thing he did the absolute right. He's hanging onto the driving. Domain mean is something is that doggone phone and look who stocking we. We're just saying we don't know what's in it but if she finds out what's in that bone is completely over. It's okay chain. let me ask you this. What could possibly be in there. What could be some stuff in very damaging stuff. Think what the hell pitches in. There is more than thanksgiving pitches in that damn phone right now. He came to let in them bone. He did the right thing who that caught the driving. J. i mean he got seriously heard phone though. It's worth getting hurt. That's necessary who is willing to ride that who to run out of gay. I'm i'm gonna be on. Tell you what she. He wasn't getting that phone unless she got past coat. I tell you see not getting a cold night in the fall. Okay well we went. What we we stuck right that in and stuck his okay driving stuff. Damn if she get on the freeway aretha rod no the windshield wipers zone. He go that damn good on that phone guys. Think it's not your phone. Your phone is you lease is the one piece of privacy you have his idea in and you don't wanna share it. You know everybody that has done wonders shit. If is not cheating. I don't think it but this is my phone lama. Why alone in my phone. Why are you going up..

Lawmakers in the House Narrowly Approved a $3.5 Trillion Budget Blueprint

NPR's Business Story of the Day

01:41 min | 3 months ago

Lawmakers in the House Narrowly Approved a $3.5 Trillion Budget Blueprint

"Slash 401k. House speaker. nancy pelosi yesterday kept her democratic caucus together to advance. The party's three point five trillion dollar budget framework. But the hard work of deciding. What exactly will be in that budget. Bill remains ahead pelosi herself not at at some of the future challenges. This legislation will be the biggest and perhaps most controversial initiatives that any of us have ever undertaken in our official lives before members of the house left town. They also passed voting rights legislation named after the late. Congressman john lewis. Npr congressional correspondent. Kelsey snell is here. good morning. good morning so kelsey. We spoke yesterday and democrats. Were stuck with moderates refusing to go along with speaker. Nancy pelosi's plan to advance these bills. How did she get this massive budget framework to move forward. We'll pull up has been seeing since june that there would be. No vote on the bipartisan infrastructure. Bill until the senate passed a separate three and a half trillion dollar partisan spending package so centrists were willing unwilling to sign onto that and they successfully lobbied to get a specific date. September twenty seventh as the official date that they will get a vote on the bipartisan bill. Regardless of what happens with that partisan bill now that is a victory for them in the sense that they were able to separate the two issues and give themselves an opportunity to you know have a test to vote on infrastructure if democrats are not able to come together on that very complicated process of writing

Nancy Pelosi Congressman John Lewis Kelsey Snell Pelosi Bill Kelsey NPR Senate
"401k" Discussed on Optimal Finance Daily

Optimal Finance Daily

02:52 min | 3 months ago

"401k" Discussed on Optimal Finance Daily

"Could <Speech_Female> <Advertisement> <Silence> <Speech_Music_Female> <SpeakerChange> <Music> lead to your financial <Speech_Female> <Advertisement> ruin. <Speech_Female> <Advertisement> Think couch surfing <Speech_Female> and holding one of the <Silence> signs at the stoplight. <Speech_Music_Female> In <Speech_Female> the fine print at the <Speech_Female> bottom of the page <Speech_Female> that no one bothers <Speech_Female> to read <Speech_Female> all 401k. <Speech_Female> Loans require <Speech_Female> you to repay the <Speech_Female> loan in full <Speech_Female> before your next <Speech_Female> tax return in the event <Speech_Female> that you lose your job. <Speech_Female> <Advertisement> Think <Speech_Female> about it. You took up the <Speech_Female> loan because you needed money. <Speech_Female> Now you've lost your <Speech_Female> job and have no income <Speech_Female> and on top <Speech_Female> of that. You're faced with <Speech_Female> a repayment deadline. <Speech_Female> You have no chance <Speech_Female> of meeting <Speech_Female> just say no <Silence> to 401k loans <Speech_Female> rather <Speech_Female> than getting a 401k <Speech_Female> loan consider <Speech_Female> adjusting your lifestyle <Speech_Female> <Speech_Female> think about how the rest <Silence> of the world lives <Speech_Female> the poorest <Speech_Female> here in america <Speech_Female> have it better than most <Speech_Female> people in the world. <Speech_Female> Be thankful <Speech_Female> for what you have <Speech_Female> quit spending <Speech_Female> yourself into <Speech_Female> bankruptcy to buy <Speech_Female> things you don't need <Speech_Female> to impress people you <Speech_Female> don't know <Speech_Female> or if that's not the <Speech_Female> case and you need <Speech_Female> the money for a legitimate <Speech_Female> emergency <Speech_Female> consider getting <Speech_Female> a hardship withdrawal <Speech_Female> eligible <Speech_Female> 401k <Speech_Female> hardship withdrawals <Speech_Female> include medical <Speech_Female> expenses <Speech_Female> funeral costs and <Speech_Female> funds required <Speech_Female> to prevent foreclosure <Silence> or eviction. <SpeakerChange> <Music> <Music> <Silence> <Speech_Female> <Speech_Female> You just listen <Speech_Female> to the post titled <Speech_Female> understanding 401k <Speech_Female> <Advertisement> loans <Speech_Female> <Advertisement> by mike balu <Speech_Female> <Advertisement> of egg stack <Silence> <Advertisement> dot com. <Speech_Female> <Advertisement> I enjoyed <Speech_Female> this article <Speech_Female> because wall. I've <Speech_Female> had it drilled <Speech_Female> into my mind that <Speech_Female> 401k loons <Speech_Female> <Advertisement> are a bad idea. <Speech_Female> <Advertisement> I appreciated <Speech_Female> how. Mike broke <Speech_Female> down all the reasons <Speech_Female> why. <Speech_Female> I'm sure there are probably <Speech_Female> situations <Speech_Female> where it makes sense. <Speech_Female> But i personally <Speech_Female> <Advertisement> wouldn't consider <Speech_Female> <Advertisement> a 401k loan <Speech_Female> <Advertisement> unless i was really <Silence> <Advertisement> desperate <Speech_Female> <Advertisement> i <Speech_Female> also can't imagine <Speech_Female> why i would need <Speech_Female> alone so bad <Speech_Female> that i would risk <Speech_Female> <Advertisement> my retirement savings. <Speech_Female> <Advertisement> It would need <Speech_Female> to be a pretty <Silence> dire situation. <Speech_Female> Another <Speech_Female> reason why 401k <Speech_Female> loans can be risky. <Speech_Female> Is that job loss. <Speech_Female> Typically triggers <Speech_Female> a requirement to <Speech_Female> pay the loan. Back faster <Speech_Female> usually by <Speech_Female> the date of your next tax <Speech_Female> return <Speech_Female> and if you default it's <Speech_Female> considered withdrawal <Speech_Female> <Advertisement> so now you <Speech_Female> <Advertisement> have to pay taxes and <Silence> <Advertisement> penalties on that money <Speech_Female> <Speech_Female> when i invest my money. <Speech_Female> I do it for the <Speech_Female> long term. <Speech_Female> And i'm so firm <Speech_Female> in that <Speech_Female> commitment to not <Speech_Female> touch the money i have <Speech_Female> <Advertisement> invested that oftentimes. <Speech_Female> <Advertisement> I <Speech_Female> just see that money <Speech_Female> is gone. <Speech_Female> I think of it as <Speech_Female> a tax. I've paid <Speech_Female> to my future self. <Speech_Female> It's not accessible <Speech_Female> to me anytime <Speech_Female> soon. So i can <Silence> just I <Speech_Female> have other money <Speech_Female> like my emergency <Speech_Female> slash opportunity <Speech_Female> fund <Speech_Female> options <Speech_Female> to grow my income <Speech_Female> and if it was absolutely <Speech_Female> necessary <Speech_Female> the ability to take <Silence> <Advertisement> on low interest <Speech_Female> debt <Speech_Female> when we're saving and <Speech_Female> investing. We <Speech_Female> can think of it as <Speech_Female> giving each dollar <Speech_Female> job. <Speech_Female> Some dollars have <Speech_Female> short term jobs <Speech_Female> <Advertisement> like the cash. We <Speech_Female> <Advertisement> have in our savings <Speech_Female> <Advertisement> accounts right now <Speech_Female> but other dollars <Speech_Female> like the ones in <Speech_Female> our 401k <Speech_Female> have long-term <Speech_Female> jobs <Speech_Female> and i'm not one <Speech_Female> to interrupt <SpeakerChange> someone <Silence> hard at work <Speech_Female> and <Speech_Female> that should do it for <Speech_Female> today. Have a happy <Speech_Female> rest of your day. And i'll see you on the thursday show tomorrow. Where your optimal life awaits.

"401k" Discussed on Optimal Finance Daily

Optimal Finance Daily

02:10 min | 3 months ago

"401k" Discussed on Optimal Finance Daily

"Half of all. Us workers participate in their employer's retirement plan about fourteen percent of those with 401k's borrow money from them understanding 401k. Loans is important both for those who already have alone and those who are contemplating getting one borrowing limits according to the irs. You can borrow up to fifty percent of your vested. 401k ballons or fifty thousand dollars. Whichever is less if you're vested balance is less than twenty thousand dollars. You can borrow any amount up to ten grand vested means you own it for employer matching funds that can take up to five years you are immediately vested in all funds that you put into the plan interest payments one of the unique features of a 401k. Loan is that you pay interest to yourself when you borrow money such as a home mortgage or an auto loan. The interest is paid to the lender when you borrow money from your 401k. You are the lender all interest paid comes right back to you and goes into your 401k account. Awesome right not so fast. Opportunity cost in the financial world. There's a concept known as opportunity costs opportunity. Costs is the loss of potential gain when one alternative is chosen over another in other words. It's what you would have received. Had you done something other than what you did. For example if back in the year two thousand you bought a carton of cigarettes instead of investing the money and amazon. The opportunity cost is sixteen hundred dollars what that can't be right. A carton of cigarettes today is about seventy five dollars adjusted for two percent annual inflation in two thousand. It costs fifty dollars in two thousand one share of amazon stock. Cost one hundred dollars today. It's worth thirty two hundred dollars when you borrow money from your 401k. The opportunity cost is the investment return. You would have earned. Had you left that money where it was over time. Investment earnings become earnings on earnings or compound interest something albert einstein dubbed. The eighth wonder of the world

albert einstein irs
Understanding 401k Loans

Optimal Finance Daily

02:10 min | 3 months ago

Understanding 401k Loans

"Half of all. Us workers participate in their employer's retirement plan about fourteen percent of those with 401k's borrow money from them understanding 401k. Loans is important both for those who already have alone and those who are contemplating getting one borrowing limits according to the irs. You can borrow up to fifty percent of your vested. 401k ballons or fifty thousand dollars. Whichever is less if you're vested balance is less than twenty thousand dollars. You can borrow any amount up to ten grand vested means you own it for employer matching funds that can take up to five years you are immediately vested in all funds that you put into the plan interest payments one of the unique features of a 401k. Loan is that you pay interest to yourself when you borrow money such as a home mortgage or an auto loan. The interest is paid to the lender when you borrow money from your 401k. You are the lender all interest paid comes right back to you and goes into your 401k account. Awesome right not so fast. Opportunity cost in the financial world. There's a concept known as opportunity costs opportunity. Costs is the loss of potential gain when one alternative is chosen over another in other words. It's what you would have received. Had you done something other than what you did. For example if back in the year two thousand you bought a carton of cigarettes instead of investing the money and amazon. The opportunity cost is sixteen hundred dollars what that can't be right. A carton of cigarettes today is about seventy five dollars adjusted for two percent annual inflation in two thousand. It costs fifty dollars in two thousand one share of amazon stock. Cost one hundred dollars today. It's worth thirty two hundred dollars when you borrow money from your 401k. The opportunity cost is the investment return. You would have earned. Had you left that money where it was over time. Investment earnings become earnings on earnings or compound interest something albert einstein dubbed. The eighth wonder of the world

IRS United States Amazon Albert Einstein
"401k" Discussed on Planet Money

Planet Money

06:40 min | 4 months ago

"401k" Discussed on Planet Money

"And cardiff again here. And i'm joined once again by alison traeger and here. They sai what are the virtues of saving for retirement in a 401k. As you see them wilder many so the first thing that's amazing about the 401k is. It's all just problem. You can move between employers and you can take your 401k with you. The second big thing is it's all of the self control problem because it comes out of your paycheck before you even see it and you you can access it that easily and then the final thing that it's is it actually provides a huge tax benefit. We actually give a big incentive to savings the via these 401k's basically your return is tax free so for all those reasons the 401k can actually be a really powerful tool the most important of one. The last one which we haven't really mentioned too much is just cheer compounding because it happens over the course of your lifetime yeah compounding is really important concept and i gotta say it's a little tricky to explain but the key point is that it's not just the original amount of money that you invest in stocks or in bonds or whatever that generates returns each year. It's also that those early returns then get reinvested in generate their own returns and so the pile of money you have to invest just keeps getting bigger and bigger and that's also why it's good to invest for a long time to let that pile keep growing my planet money colleagues actually cover this recently in the bobby baena episode. But let's just pause for a second to explain why it's such a big deal so the reason why it's such a powerful idea is if you save for many years and then you don't access it for thirty or forty years you can actually have your money double and triple if you earn the high rates of return that if you are able to earn seven percent for example every year over the course of ten years your money doubles and if you do that over the course of twenty and thirty and forty years it really compounds and so the beauty of the 401k and all these big savings vehicles is. They really allow you to capitalize on compounding. And then if you can't touch it because of these penalties it's even better and there are a couple of things that actually do seem a little bit potentially problematic about 401k's one is simply that there is some inequality in who participates in them. I mean fewer than half of workers invest through 401k's or other similar plans and a lot of these workers. Just don't have access to them. But the second thing is that 401k's put the burden of making the investments on the workers themselves and so therefore the onus of understanding the available investments is also on the workers. This is unlike the earlier kinds of retirement plans where it was the company's responsibility. Well it isn't. It isn't a problem. In the last say twenty years we've had more experience With 401k type plans and we've learned ways to put less of a notice on individuals mainly through automatically sending up these people for these plans and automatically investing. Something sent them in a sensible investment strategy. Usually it's something that puts you in stocks when you're young and moves you more into bonds as you get older so that part of the problem is actually more or less taken care of now in evidence on. It worked phenomenally well but we still haven't solved the whole problem. There's a huge risk problem when people actually retire. Which is how much are they going to spend each year when they don't know how long they're gonna live and we actually haven't come up with very good solution for that yet. I think the problem with byrd known workers was hard but it goes back to something we talked about last episode which is these passive index. Funds are a very cheap way. If you just put all your money in your retirement accounts into those things you solve the problem and you don't have to think too much so the best thing you can do is choose the lowest fee index product. You have in your retirement choices. Put it in there. Don't ever change it. Wake up in thirty years and everything will be fine. Is it ever too late to start saving for retirement. No never maybe if you're already retired there's nothing to say or you don't have any income coming in then you know maybe then But no i mean you can start anytime and in fact. There's a limit on how much you can put your 401k each year but once you get above fifty five that limit increases so we can encourage people to save even more as they get closer to retirement. Okay and that bit of advice wraps things up for class them or three next up in planet money summer school series the bond market including the story of a very risky bond that i once got for christmas true story but before we let you go keep in mind some vocab words that will be tested. At the end of summer school on our final exam i up consumption smoothing away to spend roughly the same amount of money in a given period of time by borrowing money or spending your savings when you're not making enough and saving money when you're making more than you need next. The life cycle hypothesis. The idea that people tend to borrow money when they're young save and invest in middle age and then spend down their savings in old age and finally the 401k retirement plan that revolutionized the way workers approach investing this season to planet. Money summer school. If you want to catch up on season one the easiest way is just to google planet. Money summer school. And you'll find a page where you can see all of last year's episodes on how to think like an economist and even a final exam for when you're done plenty money summer. School is produced by audrey dealing with help from alexi horwitz ghazi and isaac rodriguez. It is edited by alex. Goldmark are project. Managers devon meller and special thanks to liana sims trump. You can find us on social media everywhere as at planet money. We do read emails at planet money at npr dot org. Just put summer school in the subject. Line please i'm cardiff garcia. And also by the way the host of an upcoming podcast called the new bizarre to which you can now subscribe at all the usual podcasts places. First episode drops thursday august twelfth planet. Money is a production of npr and thanks for listening to this message comes from npr sponsor. Xfinity fast reliable internet from xfinity can help people stay connected. Head to expand any dot com. Where you'll find plans to fit any budget with speeds up to a gig restrictions apply actual speeds are not guaranteed..

alison traeger bobby baena wilder cardiff byrd alexi horwitz ghazi isaac rodriguez Goldmark devon meller liana sims cardiff garcia audrey google alex npr
"401k" Discussed on Planet Money

Planet Money

02:49 min | 4 months ago

"401k" Discussed on Planet Money

"Of the 401k. Hello my name's ted. Not on commonly referred to as the father of four one day in the late seventies ted was working for a benefits consulting company and he was trying to help a bank figure out some kind of retirement situation for its employees. And you know he was looking through the tax code as you do and he found this obscure little section section 401k and this section allowed companies to create a retirement plan where workers could contribute a portion of their wages tax free and employers would also be allowed to match those contributions and those matches would be tax deductible. Ted says when he saw this he saw the potential right away. I guess the first thing The hit me share was the fact that this is going to be huge. This thing was catch fire. Ted says there were two reasons for this. I it was something. Companies could offer workers real perk. That could inspire loyalty and it was relatively affordable least compared to the pension secondly he felt like people would recognize right away that this could help them actually put aside money for retirement very few of us including me when we're raising families and have all that responsibility of the discipline to every paycheck. You take a piece off the top and put it away and keep our sticky hands off of it and so you know the biggest benefit from 401k. For sure has been the fact that makes it easier for people to do than if they had to do it on their own today. Americans have more than five trillion dollars in 401k. Plans of course. Not everyone thinks this is such a great thing. The 401k puts a lot of decisions into the hands of workers and it can be really confusing to pick investments and they're often high fees associated with 401k services. Also the fact you have to opt into a 401k. Plan means a lot of people. Just don't there has been talk about you know workers who are eligible just being automatically enrolled in a 401k. Unless they decide to opt out but that hasn't happened and as of right now. Most americans have no retirement savings at Bene- says he finds this really upsetting and he hates the fees associated with the 401k. But all told he says he is proud to be. The father of the 401k could help millions of americans save somewhere between ten fifteen trillion dollars. You know to make it more. Personal is in supermarket Just last week in kindergarten. I didn't see him for years. You know so decor how you doing. He said well thanks to you. I'm retiring the end of this year and You know i've had that happen many times..

ted Ted Bene
"401k" Discussed on Planet Money

Planet Money

08:17 min | 4 months ago

"401k" Discussed on Planet Money

"Legs remember those cardiff back here again with our summer school professor's alison trigger. And here. they sai. I loved this episode because it takes all these big ideas from economics and finance and banking about borrowing and saving and it shows how they can work at this smaller more intimate scale and an informal setting in all my research as well has always found that people have this way of trying to consumption smooth no matter what sort of banking they have access to. We also see a lot of these sorts of structures set up in developing countries as well. Because you know as humans said we're program to restore some nuts for the winter or fara some nuts from someone else when we don't have any so it's always amazing to me that with or without a formal financial sector. We always manage to find some way to do this. Let's talk about how How the concept of consumption smoothing which was depicted in this episode in a very short term setting so it gave the example of a musician. Who before the weekend borrowed some money so that he could keep spending throughout the weekend when he knew he was going to get a paying gig and then on monday turn right around and said hey i have the money now i can pay you back. It's a very short term example of consumption smoothing. Let's talk about examples of consumption smoothing that are relevant how we think about investing not just for the short term but also for the long term so the most basic one is saving for retirement right so right now you're working and you can consume out of your earnings but someday you will not have any earnings so you have to save invest now for the future. But i mean so. That's the long term consumption smoothing puzzle but as we saw in that clip. There's also the shorter term one. Which is maybe really variable income or maybe your student now. You're not earning any income so you have to borrow. Maybe through your student loan maybe through your family to consume now. Because you know you'll be earning more in the future and it works in both ways. Right one is You may need to save now so you can consume later. But it's also about risk uncertainty. Which has well. I don't know if i'm going to have kids. Or if i'm not going to have kids and i may need to save for that. I don't know if i'm gonna get sick at some point in the future. And i may not be able to work and need to retire much earlier. So there's the long run picture which has gosh got save for retirement or you may need to consume more than you currently earn when you're young but there's also just that pervasive sense of will wait a second. There might end up being times in my life situations that arise that would actually require me to have savings on top of thinking through all this uncertainty and all these risks. It's also just not easy. Psychologically to resist consuming now in spending the money we have now and saving money to invest it for the long term so that later in life you can pay off your debts and still have enough left over to save for emergencies and save for retirement and in a way this choice of how much consumption the reason. It's so hard as it's supposed to reflect your lifetime income will what the heck is going to be. I mean that's a really hard thing to figure out. Yeah and we often discount the future like we don't put as much value on what happens in the future as we happens right now or you might underestimate risk. You might think. Oh this is a stable job. I'll never lose it and then you do You know there's as you point out a lot of psychological factors that keep us from saving enough. There is an idea in economics called the life cycle hypothesis that tries to explain how people use consumption smoothing throughout their lives how they save and invest and spend money at different ages so alison take us through please the so it starts when you're born and you're building up human capital through education and you know you might have to borrow against that or maybe someone else's being an investment in you and then you're in you're earning years and this is sad to say but most your pay increases happen in your twenties and thirties and then you get to middle aged and that's your sort of peak pay and it stays like that for a while and then you retire and then You then have hopefully built up enough savings you consume out of that in your retirement and then you die a lifetime in in thirty seconds right so i want to be clear about something. The life cycle hypothesis attempts to describe how people actually behave economists. Still debate to what extent people really do. Follow this pattern. My question is should people follow it. Is it a good idea to approach investing with this theory in. Mind that when you're young you should feel okay about borrowing money maybe to invest in your education or to buy a house then in middle age you try to save money maybe to invest in stocks and other things and then old age you spend down your investments and your savings Yeah i think people roughly due to the extent that they can. I mean as we saw in that earlier clip you know they were all practicing some version of the life cycle. Pop asus Do you know. Can you find you know various violations of it in times you know in our lives. We don't make financial decisions absolutely Even i do this. But i'm a life cycle scholar but cyclist life cyclist lance armstrong of michael theory. In a way if you think about your life generally it's bracketed by these two periods where you're likely not making that much when you're very young and when you're very old and so the question is how do you take that period in the middle and smooth it out. Yeah and real quick. I want to emphasize something else here. We are not encouraging people when they're young to take out like an outrageous amount of student loans that they may never be able to pay back or to get a mortgage on a huge house that they'll never be able to afford but according to this life cycle approach to investing. Some debt is not necessarily bad. If you're using it to make a smart investment that you expect to pay off later in life. So when i i teach students. They're always shocked. When i tell them that you know they're poor. They're in debt. And i was like you're actually sitting on a million dollar asset in that. Is roughly what your lifetime. Earnings are if you go to college so you can access this money. But you are sitting on this asset and because you've made this investment in yourself so the choices you make now are actually really important because they put you on a path the rest of your life. Okay and next up. We are going to hear about the history of an idea that for a lot of people has made the life cycle approach to investing reality the 401k from the guy who invented it. That's coming up right after a quick break this message comes from. Npr sponsor. Xfinity fast reliable internet from explicity can help people stay connected. Head to xfinity dot com. Where you'll find plans to fit any budget with speeds up to a gig. Xfinity will ship you a free self. Install kit that makes setup quick safe and easy no tech visit required and you can manage your account online or with the expending. My account app. Xfinity is committed to keeping you connected restrictions apply actual speeds are not guaranteed. It used to be that a lot of workers had a kind of pension plan known a defined benefit plan which meant that you would go work for a company and then when you retired that company would simply pay you a certain amount each year until you died but in the nineteen seventies that started to change partly because a new law incentivized companies to stop offering these kinds of pension plans and partly because people have longer these. Pensions became more expensive for companies to offer and so a new kind of retirement plan was born the 401k. The excerpt you're about to hear is from an episode of the indicator from planet. Money that first aired twenty eighteen it was hosted by stacy vanik smith featuring her conversation with ted bene- the inventor.

alison cardiff lance armstrong Xfinity michael Npr stacy vanik smith ted bene
Bernard Lee Chats With Poker Pro Johnnie Vibes Moreno

The Bernard Lee Poker Show

05:40 min | 5 months ago

Bernard Lee Chats With Poker Pro Johnnie Vibes Moreno

"You have been playing cash for many years well over a decade and kind of mistakes cash. We're not talking high nose bleed kind of what is it. Been like for that because we will talk about your youtube presence. You're logging in how that really is taken off. But well prior to that you were poker player. It's not that you are of vlogger that plays poker. It's really the other way around. Is that you played poker for so many years and kind of logging has kind of come into this space how was it and what were your trials and tribulations playing cash poker for a living because everyone loves seeing the big scores but people don't understand the grind sometimes of six sessions in a row where you don't win everyone's happy when we have a twenty five hundred five thousand dollar pot and can show it on on air but how many times do you struggle struggle struggle and flush dr doesn't get there or you flopped upset and they get run a runner and now you're going home with you know only job in the world where you can work x. number of hours and go home poor right. I mean it's very rare that that happens talk about your trials and tribulations in how it got to the point where you really felt like you could steadily make a living at this. Because it's really hard. I remember the first day that i left my job as a software developer with 401k health benefits and all these things i remember thinking like if i if i don't make good money playing poker i can always go back and get offered job again and you know the i i i was doing. I was doing well right out of the gate. But you gotta keep in mind that it wasn't that difficult to make money playing cash game poker if you had a solid strategy fifteen years ago because the money was everybody you could find a two five game anywhere that was great and you know there was probably one hundred to five games on any given night in las vegas during this time so i i was doing well but naturally as you progress in any career you want to make more money than the previous year and you want to get better and you want to further your career and you know. That's that's easy to do. Fifteen years ago and poker. You know you could start applying one three. You can make thirty five thousand dollars that first year. Feel like it was amazing but the next year. You know your your goals maybe fifty thousand in the next year your goals. Maybe seventy five thousand. But then you reach a point where you're making around one hundred hundred twenty five thousand dollars a year and you realize that in order to make more than that you need to get substantially better. You need to find better games and the games needs to be big and what's interesting about. That is poker. Games were shrinking. They were getting smaller over the course of the last five to ten years and they were getting tougher. So no i even if even if you got better in your own poker game it didn't ensure that you were gonna make more money than the next year right. I remember i kind of plateaued about six years ago. Where i was in the one hundred to one hundred twenty five thousand dollar a year range and i didn't really see gray prospects for making more than that and and just as a natural Ambitious human being. That started sparking me. Like what else can i do to ignite passion in the game. And what else can. I do to keep things interesting for me. And that's kind of how you know. Creating the poker channel came about My my five ten game had died. That i was playing in san diego on a consistent basis. That game was no more. So i was in a precarious spot. Where how am. I going to continue to make this good money with smaller games and i thought it would be a perfect time to start a new project and i remember those first couple of episodes that i started. I didn't think anybody's gonna watch him. I was just. I was just trying to get better at public speaking. And you know perhaps china Develop some other avenues of interest at a time. When i was unsure where the cash games could take me As far as the ceiling was and it it took off after the seventh episode. When i lost sixty five hundred dollars in a in five ten in in one session. I picked up the camera and put it in my face and i was like this sucks because like this game doesn't run twenty four hours anymore. I got like eight hours a day. That i can play this game. It might take me a while to win back. Sixty five hundred kind of share that on my youtube channel and algorithm picked it up. And they're like wow. This is a real poker player. That's making youtube videos. So i think that the looting to what you talked about before. I wasn't scared to talk talk about my thought process. I wasn't scared to say how i played hands. I was competent and my poker game. I think one thing that a lot of people have have happened as their newer poker players that are making you content so they're kind of more Afraid to just say what happened right and like you know because people are gonna show up in the comments and be like oh you played that like an idiot or what. Are you doing three batting without hand but for me. My confidence in my overall poker game. That part didn't bother me like if you were gonna talk crap about my game in the comments. I was fine with that. You know and i think that. That's what destroys a lot of people in the early stages shirt will have that confidence in know the when you sign yourself up for youtube comments the youtube comments they're gonna come come

Youtube Las Vegas San Diego China
"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

08:23 min | 5 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"Left on the 401k. All right well. Let's introduce you to another candidate. The ira ira stands for individual retirement account similar to a 401k. You can open an ira with pretax money. And you don't have to worry about paying tax until you need to use the money but unlike a 401k an ira is not offered through an employer. You have to set it up yourself and you keep that account forever and always no matter where you work hence the individual part in the individual retirement account. Ira's are all the rage these days that. How do these darlings of the retirement savings world actually work. I found out by opening one. When i was at cnn. I started a 401k. Because it was recommended to me. I never stopped to even consider that there were other options and now of course i wish i had live and learn from me folks when i finally did look into other options. I found that there were three major prose of an ira for me number one. The money i put in actually reduced my taxes. At the time i was in the twenty five percent tax bracket so when i put six thousand dollars into my ira by taxable salary or income was reduced by that amount that met my tax bill was reduced by a cool fifteen hundred bucks which is twenty five percent of six grant which is nice mean is not that i saved that money per se since tax refunds are. Technically you remember this. Just your money coming back to you. But i didn't have to pay more for it number two. i could still have a 401k. And if i had enough money to max both of them out. I cooled number three. The ira rules were withdrawal. Aren't super stringent. If you're using the money for medical expenses to buy a house for educational purposes you can even skirt around that ten percent penalty fee well. Ira is have a lot of pros. There is one notable con- you are limited by the amount you can contribute each year and that contribution limit is lower than 401k's by a lot in two thousand twenty one you can only contribute six thousand dollars if you're under the age of fifty seven thousand dollars if you're older than fifty you can do all of this at once or you can do it at any time up to tax day following the year for which you're making that so for example you have until april fifteenth of twenty twenty two to make the contribution for twenty twenty one assuming of course that's the actual date. It's going to be next year. Once you max out the ira as you should try to do. Annually the show's over until next year. So having an ira alone isn't going to catapult you into retirement rock stardom when i started working for myself. I really didn't know where to start when setting up an ira so here are the steps. That i took step once call companies that offer. Ira is like vanguard or fidelity you can also do this online step to go through the account. Setup process also easily done online step at three decide what to invest the money in index funds. And jill step for fund the account that is put your money in and woah. You have an ira step. Fis claim the amount you contributed as a deduction on your tax return but wait there is more. I have been saving the very best for last the superstar of the team. The roth ira roth ira's or just roths for short are a lot like traditional ira's except you put money in after you pay tax so unlike a 401k or traditional ira. You don't have to pay tax on the money when you take it out when you're an old sexy lady or an old sexy guy because you already paid for it. This makes your nest egg a lot easier to account for over time. I mean we can't see into the future. We can't predict what tax rates are going to be. In the year you retire but tax rates will likely increase so those investing in a 401k. Or ira have this unknown tax bill looming while those with a roth. Ira are going to have no surprises. The rule in twenty twenty one is that you're eligible for a roth. Ira if you make less than one hundred twenty five thousand dollars as a single person. So if you're given the option you should absolutely put money into a roth. Don't hesitate pas the podcast right now and. Please open up an account seriously. Yes you are paying taxes on whatever. You're contributing now but you're paying it before your money has even grown when you pay taxes later like you do with a 401k or traditional ira. You're going to be paying taxes based upon the amount that it has grown to assume you have eighty thousand dollars in the account when you want to take the money out decades from now with a traditional ira that eighty thousand dollars is all taxable as ordinary income. Which is the same rate that you pay tax on for the salary you make. If you assume a twenty five percent tax rate the amount of money you really have. After-tax is sixty grand in other words. You're going to have to give twenty thousand dollars to the government before you can use it for all the fun things you plan for with a rough you get to keep the full eighty grand. That's right you don't have to give twenty thousand dollars to the taxman when you turn fifty-nine because you already paid taxes on the money when you put it in the account in the first place the only thing you gave up on to get this awesome deal was a deduction when you made the original contribution you can't actually deduct the contribution to roth. Ira's lake you would if you qualify for a traditional ira. That would be double dipping. Sticking with our assumed twenty-five percent tax rate. You paid an extra one thousand five hundred dollars of tax when you started twenty five percent of six grand for the privilege to not pay twenty thousand dollars later. That's a very very good deal if you ask me which you are because you're listening to me right now sued. Don't pass up on making roth contributions if you can. Here's today's tip. You can take straight to the bank. A 401k can be good. It can be great but it all depends on you your death situation your goals and your company plan if your employer doesn't match contributions or there are high fees involved or the plan doesn't come with the right investment choices for you you might wanna rethink it if you're eligible for a roth. Ira start one today. The best time to do this is when you're in a lower tax bracket because you'll pay less now and still not later this money. Rehab is a production of iheartmedia. i'm your host nicole. Lapin our producers are morgan lavoix and catherine law money. Rehab is edited an engineered by brandon. Decker with help from josh fisher. Executive producers are men gap cheddar and will pearson huge thanks to the og. Money rehabbed supervising producer michelle lambs her pre production and development work. And as always thanks to you for finally investing in yourself so that you can get it together and get it. All when the brightest minds at the university of florida come together. Something extraordinary happens. Engineering empowers medicine data scientist rice. Agriculture geology fuel space exploration and artificial intelligence transforms learning and research. The ideas that go on to change the world. They're launching right from here. At the collision of big ideas and massive potential something momentous becomes possible at the university of florida ufl dot. Edu paper ghosts is a true crime. Podcast that returns with a new season investigating the tragedy that took place in a small ohio town where the massive farm house of a wealthy family erupted in flames. All four residents died but not because of the fire. My brother says carol. Something's up there is too much. Listen to pay per ghosts on the iheartradio app apple podcasts. Or wherever you get your podcasts..

ira Ira cnn Fis roth ira jill roth morgan lavoix josh fisher michelle lambs Lapin
"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

08:23 min | 5 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"Left on the 401k. All right well. Let's introduce you to another candidate. The ira ira stands for individual retirement account similar to a 401k. You can open an ira with pretax money. And you don't have to worry about paying tax until you need to use the money but unlike a 401k an ira is not offered through an employer. You have to set it up yourself and you keep that account forever and always no matter where you work hence the individual part in the individual retirement account. Ira's are all the rage these days that. How do these darlings of the retirement savings world actually work. I found out by opening one. When i was at cnn. I started a 401k. Because it was recommended to me. I never stopped to even consider that there were other options and now of course i wish i had live and learn from me folks when i finally did look into other options. I found that there were three major prose of an ira for me number one. The money i put in actually reduced my taxes. At the time i was in the twenty five percent tax bracket so when i put six thousand dollars into my ira by taxable salary or income was reduced by that amount that met my tax bill was reduced by a cool fifteen hundred bucks which is twenty five percent of six grant which is nice mean is not that i saved that money per se since tax refunds are. Technically you remember this. Just your money coming back to you. But i didn't have to pay more for it number two. i could still have a 401k. And if i had enough money to max both of them out. I cooled number three. The ira rules were withdrawal. Aren't super stringent. If you're using the money for medical expenses to buy a house for educational purposes you can even skirt around that ten percent penalty fee well. Ira is have a lot of pros. There is one notable con- you are limited by the amount you can contribute each year and that contribution limit is lower than 401k's by a lot in two thousand twenty one you can only contribute six thousand dollars if you're under the age of fifty seven thousand dollars if you're older than fifty you can do all of this at once or you can do it at any time up to tax day following the year for which you're making that so for example you have until april fifteenth of twenty twenty two to make the contribution for twenty twenty one assuming of course that's the actual date. It's going to be next year. Once you max out the ira as you should try to do. Annually the show's over until next year. So having an ira alone isn't going to catapult you into retirement rock stardom when i started working for myself. I really didn't know where to start when setting up an ira so here are the steps. That i took step once call companies that offer. Ira is like vanguard or fidelity you can also do this online step to go through the account. Setup process also easily done online step at three decide what to invest the money in index funds. And jill step for fund the account that is put your money in and woah. You have an ira step. Fis claim the amount you contributed as a deduction on your tax return but wait there is more. I have been saving the very best for last the superstar of the team. The roth ira roth ira's or just roths for short are a lot like traditional ira's except you put money in after you pay tax so unlike a 401k or traditional ira. You don't have to pay tax on the money when you take it out when you're an old sexy lady or an old sexy guy because you already paid for it. This makes your nest egg a lot easier to account for over time. I mean we can't see into the future. We can't predict what tax rates are going to be. In the year you retire but tax rates will likely increase so those investing in a 401k. Or ira have this unknown tax bill looming while those with a roth. Ira are going to have no surprises. The rule in twenty twenty one is that you're eligible for a roth. Ira if you make less than one hundred twenty five thousand dollars as a single person. So if you're given the option you should absolutely put money into a roth. Don't hesitate pas the podcast right now and. Please open up an account seriously. Yes you are paying taxes on whatever. You're contributing now but you're paying it before your money has even grown when you pay taxes later like you do with a 401k or traditional ira. You're going to be paying taxes based upon the amount that it has grown to assume you have eighty thousand dollars in the account when you want to take the money out decades from now with a traditional ira that eighty thousand dollars is all taxable as ordinary income. Which is the same rate that you pay tax on for the salary you make. If you assume a twenty five percent tax rate the amount of money you really have. After-tax is sixty grand in other words. You're going to have to give twenty thousand dollars to the government before you can use it for all the fun things you plan for with a rough you get to keep the full eighty grand. That's right you don't have to give twenty thousand dollars to the taxman when you turn fifty-nine because you already paid taxes on the money when you put it in the account in the first place the only thing you gave up on to get this awesome deal was a deduction when you made the original contribution you can't actually deduct the contribution to roth. Ira's lake you would if you qualify for a traditional ira. That would be double dipping. Sticking with our assumed twenty-five percent tax rate. You paid an extra one thousand five hundred dollars of tax when you started twenty five percent of six grand for the privilege to not pay twenty thousand dollars later. That's a very very good deal if you ask me which you are because you're listening to me right now sued. Don't pass up on making roth contributions if you can. Here's today's tip. You can take straight to the bank. A 401k can be good. It can be great but it all depends on you your death situation your goals and your company plan if your employer doesn't match contributions or there are high fees involved or the plan doesn't come with the right investment choices for you you might wanna rethink it if you're eligible for a roth. Ira start one today. The best time to do this is when you're in a lower tax bracket because you'll pay less now and still not later this money. Rehab is a production of iheartmedia. i'm your host nicole. Lapin our producers are morgan lavoix and catherine law money. Rehab is edited an engineered by brandon. Decker with help from josh fisher. Executive producers are men gap cheddar and will pearson huge thanks to the og. Money rehabbed supervising producer michelle lambs her pre production and development work. And as always thanks to you for finally investing in yourself so that you can get it together and get it. All when the brightest minds at the university of florida come together. Something extraordinary happens. Engineering empowers medicine data scientist rice. Agriculture geology fuel space exploration and artificial intelligence transforms learning and research. The ideas that go on to change the world. They're launching right from here. At the collision of big ideas and massive potential something momentous becomes possible at the university of florida ufl dot. Edu paper ghosts is a true crime. Podcast that returns with a new season investigating the tragedy that took place in a small ohio town where the massive farm house of a wealthy family erupted in flames. All four residents died but not because of the fire. My brother says carol. Something's up there is too much. Listen to pay per ghosts on the iheartradio app apple podcasts. Or wherever you get your podcasts..

"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

08:07 min | 5 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"Your shows right. Well then listen up. If you've expanded the internet entertainment starts at free with flex so you can get really into your shows. Find your favorites faster with just your voice. The office from peacock to hbo. Max end disney plus the whole squad. Here the falcon in the winter soldier and he's moving sanity. It's a way better way to watch. Restrictions apply subscriptions required to access streaming services including disney law requires postpaid xfinity internet excluding internet essentials device included additional devices. Five dollars a month got savings goals. Get guac the first advanced savings tool designed for both credit and debit card users. Walk helps you save toward your goals while you spend on what you need. Just set your goals and deadlines then use their percentage based savings feature too easily fund. Each goal once you meet a goal complete your purchase with any of the partners in the guac marketplace all while earning cash back on each purchase all block accounts are insured by the fdic up to two hundred fifty k. Download at walk app dot com or in the app store make saving as easiest spending. Hey guys are you ready for some money. Rehab wall street has been completely upended by player. Game stop amen. Should i have a take. So i do you think on your money will charge for wasting our time. I will take a shack. You recognize her from anchoring on cnn cnbc and bloomberg the only financial expert. You don't need a dictionary to understand the cold lapin these days. We have a lot of choice when it comes to savings plans for retirement back in the day though it was social security medicare and pensions. And that's it today. There are eight different kinds of benefits plans that your employer can offer but employers push the choice onto you because they don't wanna be on the hook for liability. That's a huge responsibility. So how do you make the decision. Charlie writes in with this question. Pinochle amasi just completely fucking when it comes to retirement plans. Most of my friends have a 401k. But my brother has a roth. Ira and feel so strongly about it. Which one is better now. Do you know they're different. We'll charlie. I know this can be super overwhelming right now. But i'll take you through it. Here are the players of 401k as a retirement account established by employers for employees. That's tied to the stock market if you're out of company that offers a 401k. You can make contributions before the money hits your paycheck and then your contribution is invested in an account with your name on it. They will get super excited about 401k's because sometimes the employer can make a matching contribution to your account which is like getting free money and any money. You contribute goes in before taxes. However don't think this money is tax free because you do have to pay tax when you take the money out if you take it out before your fifty nine and a half yes. That's really the number of the. Irs up with you have to pay penalty fees. 401k's do tend to be the most popular retirement plan. But that doesn't necessarily mean it's the best one for you. Remember trusting your employer with your money is trusting your employer with your money. Why not trust yourself instead. Most people don't even realize that 401k's aren't actually meant to be retirement accounts for your entire retirement. They're technically profit sharing accounts because they allow you to have one hundred percent of your money in your company's stock which you should never do hello worldcom tyco and ron lehman brothers folks. Maybe it's just me but the basic idea of having your retirement and your job. So closely linked seems wrong after all familiarity might breed contempt in family but it breeds blindness in business. If you put all your money in your company's stock and the company goes out of business your livelihood is doubly screwed now with losing your job and later with losing your retirement savings. Let me repeat 401k's aren't and were never intended to replace your entire income when you retire. It's just how we started using them once traditional pensions which are meant to replace your income when you retire started becoming less common. Pensions would guarantee you. Money when you're tired and that put the burden on your employer to make sure the money was there when you need it. Nowadays 401k's are cheaper for employers to run because they put the burden unu- a 401k. Is right for you if number one your employer matches your contributions number two. You need something easy or you won't save at all no shame. If that's you just be honest number three. You wanna go crazy with your contributions. The limits were 401k's in twenty. Twenty one is nineteen thousand five hundred dollars for your personal contributions and that's a lot higher than an ira which we will get to injustice number four. You may need to borrow from yourself now. You can take up to fifty grand or fifty percent of your balance. Whichever is less if you need it for an emergency without penalty as long as you can pay it back within five years. Quick side note here. Try your hardest not to exercise this option especially if you have a precarious work situation because if you lose your job you have to pay what you borrowed back within sixty days or it will be considered a default and really hurt your credit score big time the just know that the loan option is there if you absolutely have no other choice well that's that 401k is not right for you if number one don't have six to nine months of emergency reserves in the bank yes you need to save for retirement but you need liquidity i. He can't pay for stuff at the grocery store with a 401k number to your employer doesn't match your contributions many do but not all do so definitely check. Many companies actually suspended 401k matching as a cost saving measure during the pandemic number three. You have a significant amount of credit card debt paying down debt is a form of long-term savings. Because if you don't pay it down now you'll pay more and save less later. Avoid the potential avalanche of debt specially credit card debt and tackle. The mountain of interest accumulating bills. I number four. You want freedom of choice on fees and investment options since this is your employers show. They picked the plan and they picked the fees. You got a few options. But that's basically it even if the fees seem pretty small at the time they definitely add up and you may be able to do better if you feel adventurous and studious enough to tackle it on your own. Hold onto your wallets boys and girls money. Rehab will be right back here on money rehab. We are all about making extra monday. They got it. Growing a business can be difficult. It's confusing to know where to start. But right now you might be sitting inside a john enormous opportunity your home. Four million entrepreneurs have turned their homes into real businesses. Making real money on airbnb. They're called hosts you can be a host to you can host anything anywhere in the world on airbnb. You can host your house your vacation home if you have one your yurt or whatever extra space you have and let your home work for you. Some hosts use their earnings to travel others build a treehouse empire. It's all made possible by hosting with resources and support from airbnb and its community of four million hosts help get you started learn more about becoming a host at.

disney worldcom tyco ron lehman hbo fdic cnbc app store bloomberg Max cnn medicare Charlie charlie airbnb john
"401k" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

01:58 min | 5 months ago

"401k" Discussed on Money Rehab with Nicole Lapin

"401k as a retirement account established by employers for employees. That's tied to the stock market if you're out of company that offers a 401k. You can make contributions before the money hits your paycheck and then your contribution is invested in an account with your name on it. They will get super excited about 401k's because sometimes the employer can make a matching contribution to your account which is like getting free money and any money. You contribute goes in before taxes. However don't think this money is tax free because you do have to pay tax when you take the money out if you take it out before your fifty nine and a half yes. That's really the number of the. Irs up with you have to pay penalty fees. 401k's do tend to be the most popular retirement plan. But that doesn't necessarily mean it's the best one for you. Remember trusting your employer with your money is trusting your employer with your money. Why not trust yourself instead. Most people don't even realize that 401k's aren't actually meant to be retirement accounts for your entire retirement. They're technically profit sharing accounts because they allow you to have one hundred percent of your money in your company's stock which you should never do hello worldcom tyco and ron lehman brothers folks. Maybe it's just me but the basic idea of having your retirement and your job. So closely linked seems wrong after all familiarity might breed contempt in family but it breeds blindness in business. If you put all your money in your company's stock and the company goes out of business your livelihood is doubly screwed now with losing your job and later with losing your retirement savings. Let me repeat 401k's aren't and were never intended to replace your entire income when you retire. It's just how we started using them once traditional pensions which are meant to replace your income when you retire started becoming less

disney worldcom tyco ron lehman hbo fdic cnbc app store bloomberg Max cnn medicare Charlie charlie airbnb john
Is Your 401k Working for You?

Money Rehab with Nicole Lapin

01:58 min | 5 months ago

Is Your 401k Working for You?

"401k as a retirement account established by employers for employees. That's tied to the stock market if you're out of company that offers a 401k. You can make contributions before the money hits your paycheck and then your contribution is invested in an account with your name on it. They will get super excited about 401k's because sometimes the employer can make a matching contribution to your account which is like getting free money and any money. You contribute goes in before taxes. However don't think this money is tax free because you do have to pay tax when you take the money out if you take it out before your fifty nine and a half yes. That's really the number of the. Irs up with you have to pay penalty fees. 401k's do tend to be the most popular retirement plan. But that doesn't necessarily mean it's the best one for you. Remember trusting your employer with your money is trusting your employer with your money. Why not trust yourself instead. Most people don't even realize that 401k's aren't actually meant to be retirement accounts for your entire retirement. They're technically profit sharing accounts because they allow you to have one hundred percent of your money in your company's stock which you should never do hello worldcom tyco and ron lehman brothers folks. Maybe it's just me but the basic idea of having your retirement and your job. So closely linked seems wrong after all familiarity might breed contempt in family but it breeds blindness in business. If you put all your money in your company's stock and the company goes out of business your livelihood is doubly screwed now with losing your job and later with losing your retirement savings. Let me repeat 401k's aren't and were never intended to replace your entire income when you retire. It's just how we started using them once traditional pensions which are meant to replace your income when you retire started becoming less

Worldcom Tyco Ron Lehman
Q&A - Should I Invest in Work Pension?

The Dave Ramsey Show

03:54 min | 5 months ago

Q&A - Should I Invest in Work Pension?

"Michael's with us in wisconsin. I'm michael how are you dave again. Just a quick question for you. I we salute you. All about a year ago left my job and punching their concert system. It's a four one. Eight plan is about sixty thousand dollars in it. You know you always recommend to roll that over when you leave or personal. I'm wondering if i should do that in leaving that plan. You lose the employer contributions which is about fifty percent so that'd be thirty thousand dollars. I'm wondering what the best movies i let it. Sit and exit. When i'm able to and the eligible to what you've aged fifty or and thirty years old and Or do i take that out and take a loss. Bested the 401k planet year old company does not vast. You're matching until you're fifty. It's a four one. Is you know but that just means after taxes. All that means Yeh don't vast. you're matching true. Yes correct that's asinine okay And it's how much money sixty thousand. That's the match portion Thirty thousand monday's okay. And how what's it invested in. I truly did. Oh jeez i don't even know what the breakdown is. They are pretty limited on what you don't get to choose your investments in that plan. Yeah how old are you the ones in thirty. But you don't get to choose the investments in your plan. Negative a state okay. Here's what's running through my head and then you can decide what you wanna do your hold now again. Thirty thirty thirty years old okay. So for twenty years you either are going to have thirty thousand dollars. Sixty thousand dollars underperforming sucking sixty thousand. Or you're going to have thirty thousand performing well. Yeah in good mutual fund about you were gonna go and i don't know which one's going to end up with more money is the only way i said do. The thirty thousand will double if you've got it invested at ten percent if you re if your mutual funds perform a ten percent which they should i will double about every seven years and so it would double three times twenty years twenty one years so it would go from thirty to sixty two Okay i can do this. Wait a minute it'll go from Thirty to sixty two one. Twenty two to forty okay. That'll be you're thirty thousand double three times one. Two three tops. That's okay now sixty. Let's say it's making you ain't at cast. What the stupid things making. I would guess i. I've looked at the evidence over the course of the last say forty years parole together. I think i came out with like a southern eight percent average so seven percent. It'll double every ten years. Okay so sixty would be one twenty would be to forty. It's exactly the same. Yeah okay. you're thirty will grow to as much as that. Sixty will grow if you invest it at ten percent greater versus seven

Michael YEH Wisconsin Dave
I Just Bought a House and Feel Like I'm Never Going To Pay It Off

Ramsey Call of the Day

01:59 min | 6 months ago

I Just Bought a House and Feel Like I'm Never Going To Pay It Off

"That's a question on tackling six. So i recently paid off about two thousand dollars at that. Twenty five thousand. Thank you i have twenty five in my versus fund. And i have close to fifteen percent of my income since since the can't through full fifteen because the 401k cat And when i'm looking at six my mortgage is like this massive thing since i just got in twenty nine thousand nine hundred and just putting everything in their wake me years To do to pay off is what's your income I make one seventy boy ago. What's this morning For eight all. Stop your wine and dude you can do this. You could totally do this. You make one hundred seventy thousand dollars when you wanna do some sort of thinking fund for unknown expenses or an unknown reason. You're single guy. You're so awesome why to go man. Fiance well yeah okay. You're not you know she go mess. This upper she gonna work with you working together. What is she make fifty holy crap. You're gonna be making a quarter million dollars and you're you're not even thirty yeah So i guess then that's the after that and just put just throw it seriously seriously. One hundred thousand dollars a year in years you're done. This is not exactly overwhelming. And then put everything and then you'll be debt free and you'll just be making a quarter million dollars and become unbelievably wealthy and unbelievably generous. And if you don't one hundred thousand dollars a year and you only do seventy five thousand. It's gonna take you five years wang you really got. This is very very very doable. Your stud

"401k" Discussed on How to Money

How to Money

02:25 min | 6 months ago

"401k" Discussed on How to Money

"All right we are back in. This is our friday flight where we talk about different financial stories that we came across. And how they affect your money and joel. It's it's raft of the brakes. And that means that. It's time for the ludicrous headline of the week. Very this one comes from market watch and the headline goes your 401k. Balances aren't all yours. Just want me shaking in my boots. Yeah definitely had kind of a click bait element where you're like really let me figure out why i'm sure a lot of folks actually did click it because of that. Scary headline What do you mean that my 401k. Money isn't all mine but the gist of the article. Though is that the money that you've invested in a traditional four one k. It'll be subject to taxation. Well when you start taking that money out in retirement. So for instance. Let's say you're aiming to have a million dollars by the time you retire. No that's Depending on your annual income in retirement a chunk of the money that you take out each year we'll be taxed it's helpful for planning purposes to realize that knots. All of that retirement money is created equal. So yes i mean. Technically this is an incorrect headline right because all the money in your 401k is yours but the irs just wants you to pay taxes on that money but if you have a million dollars in let's say roth 401k. Money or roth. Ira money is a very different sum of money than let's say having a million dollars in your traditional 401k. Technically it is also still all yours but the government doesn't want you to pay tax claim on that money because you have to pay the taxes so yeah it. It is helpful from a behavioral standpoint to realize that there is a big difference between pre tax post tax funds in in your retirement buckets. And so this is why if you do have access to a roth. Four one k. Through your employer. It's a great idea to be putting your money there for those tax diversification purposes. And if you don't have access if maybe you only have a traditional 401k or you're working for yourself well a roth. Ira can can help. Provide some helpful tax diversification to. We really don't know where tax rates are going to be in twenty years but it's highly likely that they're going to be higher than they are now. I mean the current tax law is set to sunset in twenty twenty-five Meaning tax rates are going up at that point. In time so yeah. That's another reason that we are fans of paying the tax. Now when you can roth accounts allow you to do that. They allow you to have more certainty about your tax situation. going forward. That's right and speaking of retirement accounts the wall street journal. Reports that crypto. It's coming to some four one k. Plans soon four one k. provider called four us..

Ira twenty years friday twenty twenty-five each year million dollars one one k. four
How Much Do I Contribute to My 401(k) if There's a Match?

Chris Hogan's Retire Inspired

01:44 min | 6 months ago

How Much Do I Contribute to My 401(k) if There's a Match?

"I've got a 401k question. The company that i worked for does a very generous Match every year at the profit sharing thought actually a match and it can range between ten and fifteen percent of my total salary. Not sure on what it's going to be every year it's not set in stone. Kind of fluctuates Right now we are putting fifteen percent into the 401k. The traditional 401k. Every year good And have been for the last three or four years so we're looking good but my question is this. Do i need to be. According to the baby steps. I need to be putting dot much in giving companies also and then the second part is do i needed looking at adding the 401k. Roth option in as well in addition to or separate. Well the if you change your 401k will either be traditional or will be roth and it's better for it to be roth and so i would change it to raw from this point. Forward now the matching portion that they give you cannot be roth. It will be traditional bylaw. Okay the matching portion does not affect our baby. Step four. maybe four as you put in fifteen percent of your income if you get gravy on the biscuit extra gravy on the best get called a match. That's just that much more wealthier half. But i don't depend on them at all. The point of baby steps is you are controlling your destiny and so you put in fifteen percent if they match. If you have a match you certainly take that match and so matches better than roth is better than traditional. That's the order of attack the rock paper scissors so to speak and So out switch it to a roth and you put in fifteen percent which it sounds like you are and you just continue to do that

Roth
What Separates Humans From Other Animals?

No Stupid Questions

02:15 min | 7 months ago

What Separates Humans From Other Animals?

"Animals. I mean my dog has a 401k. Also why do we pace. When we're stressed or anxious like in the bugs bunny cartoons. Somebody's waiting outside the delivery for so andrew came across a paper in the journal. Frontiers in psychology which. I was so charmed by that. You've read as we can talk about it. It's called acquisition of a joystick operated video task by pigs. How could i forget for the listener. I'll just explain. These experiments were carried out at penn state university. There were four pigs. A pair of yorkshire pigs named hamlet an omelette and a pair of panna pinto micro pigs named ebony and ivory. I guess after stevie wonder and paul mccartney or the song of that name or after piano keys and the paper describes what the pigs were and were not able to learn in these experiments manipulating video game joystick with their snouts. And what i really want to know is tell us how it changes your thinking as a psychologist if it all about non human animals their capabilities. The way we should think about them perhaps differently about ourselves differently. Well thank you for broadening. My academic horizons. I would not have read this paper on video games and makes were it not for our friendship so i i will just say that when i read this line i literally laughed out loud after twelve weeks of training. Hamlet and omelette were terminated from the experiment because they had grown too large no fit within the constraints of the test pen. Academic research is tough. You lose fifty percent of your research pool just like that so anyway now down to two test subjects by the way. So one of my intuitions is that one ought not an. I understand that this research is hard. But maybe not generalize to olive pig them based on this very small number of pigs because look at wilbur wright some pig yeah so maybe ebony or ivory were some one of them was much better than the other in the research so there's various across pigs even yes. It is

Penn State University The Journal Stevie Wonder Paul Mccartney Andrew Yorkshire Wilbur Wright
How to Save for Your Retirement

Motley Fool Answers

01:51 min | 8 months ago

How to Save for Your Retirement

"Every once in a while you may read about or hear about including on this very podcast guidelines. What how much you should have saved for retirement at this point in your life and they're generally expressed as multiple of your household income. But of course is there's just general guidelines right and there are many variables that will determine how much you answer listener needed to be saving to retire. How and when you want so in this. What's up bro or web as we call behind the scenes. I'm going to highlight two of those variables. The age retire and your income. So let's talk about. Perhaps the best known guidelines they came from fidelity you could find them. Just do an online search for a report called. How much do i need to retire. And you'll find them but just so we review them very quickly here. According to fidelity thirty you should have one times your household income already. So if you make fifty thousand dollars you should fifty thousand dollars in your 401k's in iras age. Forty should have three times or household income six times at age fifty eight times at sixty and ten times at age sixty seven so the guidelines that you often read about or hear about from fidelity they assume you're going to retire at age sixty seven however that's higher than the average retirement age these days. These people are still retiring at sixty four sixty five. How much should have saved up before you retire. If you're retiring at age sixty five. According to fidelity it's twelve times your household income because retiring earlier that's too few years of contributing to your accounts and you're claiming social security earlier which results in a smaller benefit. That's a pretty big difference right. Eight retired a sixty five and he twelve times household income. But if you just wait two more years you only need ten times your household income. That shows the power of delaying retirement. Just a couple more years.

Fidelity
Silly and Misleading Retirement Calculators

Optimal Finance Daily

04:55 min | 9 months ago

Silly and Misleading Retirement Calculators

"I think the main reason people seem amazed at the idea of retiring at age. Thirty forty or even fifty is the lack of real information on early retirement. In general if you type retirement calculator into a search engine these days and enter some stats about yourself. You will find some very strange assumptions. That are guiding you to think you need an absolute load of money to retire for example. I was once working through such a guide in a magazine from northern. Trust a bank that caters to the wealthy. It went something like this. Consider your goals for retirement. What life events do you need to be prepared for. The following table lists average cost children's and grandchildren's university education. A hundred thousand dollars per child children's and grandchildren's weddings twenty five thousand dollars. Assisted care facilities a hundred thousand dollars per year. Medical costs funeral arrangements. Twenty five thousand dollars trust funds for loved ones esteem and legacy planning and charitable foundations. 'wow looks like you're well into the millions before you even get to buy yourself some groceries. Another retirement calculator on cnn. Dot com has various parts to fill out dropdown boxes pre filled with hand values like retiring at age sixty five and needing seventy percent of your maximum pre retirement income constantly for the rest of your life. The drop down box with seventy percent in it did not even offer a value lower than forty percent. This percentage of income concept is one of the most anti mustache ones out there if you make two hundred thousand dollars per year just before retiring this experience. Corrupt you so much that you need a hundred and forty thousand dollars per year for the rest of your life or is it possible to maintain the same luxury standards of a person who has a merely comfortable income like forty thousand dollars per year. This goes back to the ideas of the get what you need posting. I made recently and that is why not go for maximum happiness rather than maximum consumption. I propose that maximum happiness is achieved at a spending level where you live in a comfortable space. Eat healthy foods and get to do lots of active and stimulating things with friends. That doesn't have to cost a hundred and forty thousand dollars per year or even fifty thousand dollars per year for most of us the other assumption they push on people is a very low rate of savings they assume you will less than the annual limit on 401k contributions. And don't say much about what to do if you save more than that which the high income person mentioned a few paragraphs ago could certainly do so these banks and mutual fund companies will continue to tell you that you need millions of dollars to retire because it benefits them for you to invest your money with them. Luckily it's a harmless bit of tom foolery since the saving benefits you as well but the disservice they do is in scaring people out of dreaming to save faster or to think about much shorter time horizons like tenures instead of just plain old age. Sixty five so. I'll give you a quick retirement calculator of my own adult couple with no kids or whose children are. Grown can live very comfortably on forty thousand dollars per year and retirement. My own family lives very comfortably with one child on somewhere. In the twenty seven thousand dollar range you can shoot higher or lower depending on what level of luxury water pursue twenty. Two eighty thousand dollars is a good absolute maximum sane range. But if you don't want to calculate everything out just go for forty thousand dollars and figure out how to make your savings produce that for you for a single person. It might be difficult to slice in half because you lose some benefits from sharing a house in car but you can come close to quick early retirement budgets number one in early retiree couple lives on thirty thousand dollars per year. Earning five thousand of that combined in part time luxurious post retirement careers. The remaining twenty five thousand dollars per year is generated by their savings. Six hundred and twenty five thousand dollars of total savings are required to generate this amount of passive income using the four percent rule number two an early retirees single person leaves on twenty five thousand dollars. Earning ten thousand dollars on his or her many career. Fifteen thousand dollars per year is required from savings which calls for a nest egg of about three hundred and seventy five thousand dollars. I'm working on some much more detailed and exciting sample budgets using real numbers for my own spending experiences before and after retirement

Tom Foolery CNN
Some Capitol Hill Lawmakers Back Amazon Workers' Attempt To Unionize

NPR's Business Story of the Day

04:22 min | 9 months ago

Some Capitol Hill Lawmakers Back Amazon Workers' Attempt To Unionize

"Nearly six thousand amazon employees who work at a warehouse in bessemer alabama are voting by mail on whether to unionize. If they do this will be the first union amazon facility in this country. Here's jennifer bates. Who works there. I keep butterflies and butterflies. Normally come to calm me but hey this is my stomach faithful. It seems like it's getting bigger and bigger full of butterflies. Because there's no break in. Think i don't know how kogo nerve wracking. The election ends later. This month and i should mention. That amazon is a financial supporter of npr. But we cover them like any other company. Some lawmakers support the union. Including senator marco marco rubio or republican and of course president biden also michigan congressman andy levin earlier this month. He and a group of democrats traveled to bessemer. Good morning congressman. Good morning noel. How are you good thanks. What did amazon employees. They're tell you about why they want to unionize. Well you know a union election so often are about basic dignity and that was really true here. I was shocked to learn what it's really like in there They work in a facility. That's like fourteen football fields and it can take ten minutes to walk to a break room. They've to half hour breaks in a ten hour shift so they might get effectively ten hours to eat lunch be by the time they walk there and back lot of them. Don't feel like they can go to the bathroom. Except on their break. And they're watched and quantified every second they're monitored visually a listening geo positioning and every second they're not on task is measured and if they have a certain number of minutes off task in a week they could be fired sometimes might not even be a person involved it was really kind of dehumanizing to me. Here's the argument. That amazon makes amazon. Says look our employees. Earn fifteen dollars an hour which is a good wage in a place like bessemer alabama. Some of them have health benefits. 401k's essentially they have got the benefits that a union would get them. They don't need a union. What do you make of that argument. I'd like to tell that argument to any national football league player and the actor and a movie any presenter on major television or radio networks all of whom have a union every single one. The idea that unions are only for people who are the most poorly paid. It's ridiculous the one person who is unionized. That every airline is the pilot so this argument is ridiculous. These workers deserve a seat at the table to discuss a safe workplace. During a pandemic they deserve a seat at the table to have a workplace. That's human and a real person can go to and great make fifteen dollars. An hour amazon should pay them a lot more the owner of the company. The main owner had his wealth increase. Seventy eight billion dollars during a pandemic and they're about pay jeff bezos in their bag bragging about paying people fifteen dollars an hour there. What's wrong with workers having their own organization just that they can have input in their in in their work lives. And that's all these people are seeking is a seat at the table during this trip to alabama that you went on your colleague congressman jamaal. Bowman said this doesn't stop with amazon. He mentioned lift. Uber tesla and walmart as well. What is the ultimate goal here. The goal is for workers to be able to form a union and bargain collectively. If they darn well please. Noel were down to six percent of private sector workers in this country needing union. We're gonna pass the proactive in the congress and the president is going help. Lead into new era when workers can have a say at the table. It's long pastime in this country. Michigan congressman andy levin. Thank you

Amazon Jennifer Bates Senator Marco Marco Rubio Andy Levin President Biden Alabama Bessemer NPR Noel Football Michigan Jeff Bezos Uber Tesla Jamaal Bowman Walmart
Whole Life Insurance is bad, right?

Life Success

06:16 min | 9 months ago

Whole Life Insurance is bad, right?

"My name is chris. And i'm joined today with the founder of life. Success and legacy. Mike everett mike. Today i want to address one of the questions that was a huge stumbling block for me. When when sean. And i i were introduced to this concept of infinite banking and i got a whole nelson ashes book becoming your own banker and i read it multiple times pieces that really fit made sense to me but i had a mental block and that was because i had been that whole life. Insurance was the worst place in the world to put our money. We hear this over and over. So let's dig into that. There's a lot of people out there. A lot of financial people a lot of financial personalities that are out in the world that are saying whole life. insurance is the worst place in the world. Put your money. Why do they say that. Well if you go and you look at a traditional whole life insurance policy and the way. It's designed i. I really would tend to kind of lean towards what those personalities of said that whole life insurance is a bad place to put money. But if you go back a couple of generations right now and you think where did people put money before. 401k's and ira's became the traditional place to put the tax qualified plan ever came about. I'm gonna just terrier the only place most of those people in you're talking about my grandparents and migrate grandparents. They only had one place that well excuse me to They put it in whole life insurance programs policies right or they put it under the mattress at home. That's the only place that they did. But if you go back and you think like nelson does you think long term whole life insurance is the safest place you can put your money regardless of how it's designed but because of the way in which we go about reengineering the way the money is allocated in the policy it's the safest best place in the world and it's got more than anything with somebody would put their money in. Yeah i think for from my standpoint or at least how. I was taught to think about money. It's because whole life insurance Maybe traditionally designed rivage was designed to emphasize the death benefit. Anyone as little as possible. Try right when you look at that and you're looking at purely as an investment. It that maybe doesn't match up to some other things. But but honestly. I've seen some some workout there by by some folks we're actually can even show up to be better than some of the investments that are out there will in nelson's book i'm gonna just tell you that he uses a couple of examples one with the twins and one with the equipment financing and if you look at this over the long haul. I'm just telling you does it. Outperforms the market It outperforms inflation. And what's interesting when you when we read nelson's book the examples in the book aren't even designed they are anonymous is the cash value more which is how we will design for. That's correct. Why did he do that. Well the reason why he did that was he wanted to make sure people knew that it would work. Even if the policy wasn't designed properly. Yeah so so. If it's designed traditionally to emphasize have been and and pay his little into it as possible there some debate amongst people whether it would be better to do that versus mother things but when you start factoring in that policy could be designed to deemphasize the death benefit and you could emphasized the cash value portion of it and then you introduced the whole concept of using it for banking financing your financing. Needs in your life. There is no comparison. There's not so one of the questions that we always ask people right this very minute. If what is more important to you. Cash or life insurance death benefit. What are they all say. Cash every single time. So what if there was a program out there you could put money in and have access to it income tax free all along the days of your life. Okay so we need cash from right now till the day we die we only death benefit one day and we can show you through the program through abc through the policy. That if you did this all along your life not only. Would you have access and be able to utilize the cash is flowing in and out of your money. But at the time of year death you'll end up having two three four five times more death benefit than what you could purchase right now. phrase it is So many of us look at whether it's whole life for an investment or whatever we look at it as an either or right and really what this is about is a yes both. That's exactly right. If you really want to invest in the market or other types of things you can do that. But if you're smart you're gonna run your money through your ivy system. Get all the guarantees that they offer and then take loans against your policy and go do the stuff that you love to do exactly yeah. Great question I it's a hard one in our in our culture because so many of us have been told that whole life. Insurance is bad bad place to put our money but truth be told. It's actually the best place in the world to store money. It's foundational to a whole financial economic system for ourselves. It is

Nelson Mike Everett Mike Sean IRA Chris ABC
Dealing with the costs and operation of hospital pensions

The Hospital Finance Podcast

08:38 min | 9 months ago

Dealing with the costs and operation of hospital pensions

"Many hospitals have pension plans one variety or another however managing. Pensions can become a complex financial task. That many hospitals are not equipped to address internally joining me today. John lull a partner actuary at october three consulting and an expert in benefit and compensation issues with a particular focus on retirement benefits. John is here to help us understand more about how to deal with the costs and operation of hospital. Pensions john. welcome to the show. Thanks very much mike. I'm really happy to be here. I know this problem. We seems like an unusual topic for you and your listeners. But i think we're gonna make the connection for them quite well. Yes is sort of the other side of the house when it comes to ospital finance. It's not necessarily the revenue side. But just as important. So i'm really looking forward to the discussion. John let me start off. Many hospitals still have pension plans. And they come in two varieties as you explained it to me ongoing plans and frozen plans first. Let's talk about hospitals that have an ongoing plan as these are more rare these days What benefits would they get from continuing to maintain a plan. And how can they afford to run them. Mike what you say is absolutely true. They'll probably at this point only about two to three hundred remaining ongoing hospital pension plans left. That said those hospitals have them for the most part doing well financially and they're fully committed to continuing them if they were going to freeze them or completely get rid of them by now They would have done that already. So the ones that are left really have made a commitment to continue them. why. I think what we've learned. Is they see them. As a competitive advantage particularly from a human resources perspective it gives them somewhat of an edge in recruiting talent and in retaining talent and may simply view the cost of those plans as part of their total labor costs so some of them might choose to reduce labor costs in ways to compensate but a number of them have looked at this issue fairly carefully and they say that by decreasing unwanted turnover more than make up for the costs of the pensions and when they design them carefully. He's plans give them an opportunity to have what. A few of our clients are calling supercharged for a one ks. So let me explain that. With an example if for example you are recruiting a new head of. Let's say orthopedic surgery and you tell that person they can have something like their current 401k. But with the deferral women which right now is around twenty thousand dollars that might be five times as large or even ten times as large as it is. Currently that has a lot of value to them so put differently rather than being able to save twenty thousand dollars on a tax favored basis. They can save two hundred thousand dollars a year on a tax basis. That really does have a lot of value would add value to them that they just can't get in other places another issue that's bothered hostile. Finance cheats about pension plans is the cost volatility. But frankly that can be controlled and in fact by the twenty twenties it should be controlled through plan design. That's great so let's talk about the other scenario Which are plans to their frozen. What are some of the issues. Hospitals run into and plans remain frozen and could handle better. Mikey right Lot of frozen pensions out there to pick yearly at hospitals and there's a reason that they exist hostile more than perhaps at any other industry or maybe there are several reasons but the genesis. This goes back many many years. Certainly to the one thousand nine hundred seventy in one thousand nine hundred eighty s. There just aren't a lot of hospitals out there that are truly new organizations. They might be reformed organizations but at some point the actual ospital facility the hospital inc. Even if it's been reformed from a business standpoint probably in most cases goes back to the eighties the seventies or even earlier and what we in in the employee benefits business know about the nineteen seventies in one thousand nine hundred. Eighty s is virtually all employers gave their employees pensions. It was what you did back. Then it was an expectation the The sort of calculus between an employer and an employee in nineteen eighty-four example. Was you come to work for me and if you come when you're late twenties early thirties. You're going to make this year career. This is where you're going to spend your working lifetime and return for that if you're willing to spend your working lifetime with me. I'm going to give you this lifetime income. It's going to be related to the number of years she spent with me and how much i paid you but when you retire you are going to get this pension and it's going to pay you benefit for the rest of your life over time. The trend in the united states change. There are a lot of reasons for it that are for A different time in a different day to discuss but the fact is that organizations did begin to freeze these pensions So over time just as it happened in broad our industry more of these hospitals than not froze those plans the difference is and it seems to be very particular based on our research to hospitals. Once these plans were frozen hospitals. Treated them as if they were gone. In other words to use a kind of bad and use term from late night infomercials they went into set it and forget it mode. The problem that that causes is these frozen. Plans are not at all inexpensive to maintain and frankly the less attention that you do pay to them. More they cost. I guess that makes sense but that more so to speak is usually far more than the cost of having someone on staff to manage them. Once an organization does free a plan. It's goal should eat to terminate it in other words make it exists no more. So what the difference that we have here is if you have a plan that is frozen but not yet terminated. You are still required to administer. That plan contribute to that plan. Hey benefits from that plan and all those things cost money once you terminate it. You have given up all responsibility for the plan. You've taken all the benefits and either cash them out or sent them to insurance company and from your standpoint votes from a cash flow standpoint and from a financial accounting scam point. That plan is gone. It's almost like it never existed so that should be a hospital goal once. They've decided they're not going to provide these benefits anymore. Their goal should be to basically eliminate the existence of that plan eliminate the costs associated with the plan. Women ate what they probably view as the misery associated with a plan and to do that their plan should be two fold. It should be to get the to that destination faster and to get to their destination at less cost

John Lull John Hospital Inc. Mike Mikey United States
What Will Amazon Do Next in 2021?

The Small Business Radio Show

05:29 min | 10 months ago

What Will Amazon Do Next in 2021?

"The other day announced a new ceo. And so we're is amazon. Going in two thousand twenty one and how can small business owners actually participate hit. Help is jason boys. A season entrepreneur and nationally rise x. nationally recognized expert on amazon. He's considered the world's leading expert in dot com third party sellers. He's the founder and ceo of avenue seven media llc a seller group that harnesses the power of amazon for direct to consumer product brands. He's also the co author of the amazon jungle. The truth about amazon and the sellers guide to thriving on the world's most perilous e commerce marketplace jason. Welcome to the show. Thank you bury. Congratulations to you. Six hundred and twenty six show twelve years you know. He started with just one person. So tell me how you've been doing during this pandemic. Our business has been booming Amazon scott galloway came out and wrote a book about The pandemic amazon a company that was built for something like a worldwide pandemic and they've benefited greatly and frankly so's my business. Because so many small businesses that had regional brick and mortar retail store outlets that. Just shut down on him and folks were were kind of on the fence prior to the pandemic called and said jason get amazon tomorrow. Can you help me so our business has been. I mean we keep up very hits been it's been You know a bittersweet story. It's good news that our businesses doing great as results pandemic. But it's been a really difficult time for everyone. Any recession is always winners. And there's losers. But i tell you one thing jason happen. This year that i never thought could happen in relation to amazon. I couldn't believe they couldn't deliver in two days. Came buried i. I made some predictions in early october. That fda and amazon delivery network was going to break. It ended up not breaking but they broke the post office. They bury them with so met much volume that they literally couldn't couldn't handle it and you're absolutely right. There were very few packages that were delivered to people's doors within two day window within that one day window even still though what they did. This holiday in terms of ramping up delivery final mile warehousing added fifty percent of square footage and like four months. I mean it's historic area. It's pretty incredible what they did so just recently announced. Jeff bezos is going to step down. Ceo and there was a joke on facebook. That says well i guess he's fully invested 401k. Now that's why he's stepping down. But one predictions you have for twenty twenty one with amazon given a new ceo and the hopefully the winding down of the pandemic. Yeah well you know. I hope jeff vases is going to be okay with the pay reduction. Moving from fulltime. Ceo to just executive chairman. You think you'll be okay hope but yeah you look i. I don't think that amazon is going to miss a beat. You know the minute. The announcement came out which by the way was interesting enough announced around the same time as their blow out. Q four earnings call Historic in its own right Potentially to deflect which amazon's pr department is really good at About how great they have benefited in his really tough time for our country But look amazon's not going to miss a beat andy jazzy. Jeff clone bleeds amazon. Blew has been basically attached to jeff bezos hip for more than twenty years. He's an incredibly talented competency. Oh who took. Aws from zero to fifty percent market share in the cloud. Space according to gartner so He's incredibly talented. He will help Execute on jeff bezos division. Basil's we'll take a back seat behind. The curtain is gonna shove jesse in front of congress and answer. All those difficult antitrust questions and basis is going to work on what he loves doing which is invention and future technology. Whatever amazon looks like five ten years from now will have been developed from. Basil's mind so he's not going anywhere. He's just removing himself from some of the shall we say more uncomfortable task. It's going to land on jesse's lap in the next You know one to ten years. As i trust drums or are beating louder and louder. So let's talk about some of the trends that you've been discussing Tell us about how you think. Amazon is getting into healthcare. They are already in healthcare. I mean they're providing primary care for you know scores of their own employees tens of thousands of their employees they They famously removed themselves from joint venture with jamie diamond and berkshire hathaway recently In the rumors from within inside amazon at the reason they did that is because they were holding back and the amazon pharmacy group which spun up recently. we're saying we can't move fast you know. We can't move fast because we're being held up by chasing in berkshire hathaway. So i saw that. A lot of a lot of people in the press came out berry and said oh. This means amazon can't figure out healthcare. It's too difficult. It's too challenging. I didn't see that at all. I just saw that you know amazon. Saw this as cutting weight so that they can really focus on what they do. And that's innovate

Amazon Jason Boys Avenue Seven Media Llc Jason Scott Galloway Jeff Bezos Jeff Vases Andy Jazzy Jeff Clone FDA Basil Jesse Facebook Gartner Jamie Diamond Berkshire Hathaway Congress Amazon Pharmacy Group Berry
"401k" Discussed on Reduce Debt Increase Wealth

Reduce Debt Increase Wealth

06:28 min | 1 year ago

"401k" Discussed on Reduce Debt Increase Wealth

"Karma Dot Com. What is a financial adviser? Written by Ashley, Core Panning. And I'm just GONNA jump down here to what is a financial planner versus a adviser. Financial planners can vary some tend to focus and given their clients, a more comprehensive perspective and help with their finances. Some financial planners Roy crate a personalized financial plan to help a client was everything from budgeting to estate planning to figure out what to invest in. That service may vary widely from one financial planner to another. Some may only be able to offer limited number of products and services. Some financial planners has certified financial planners. Certificates Shen, which require extensive coursework through a broad rose program, a bachelor degree or higher. From an accredited College University and Pasadena. CFP Certificate certification exam. If you consider hiring a CFP can check. Certified Financial Planner Board Stannard to verify their status in a nutshell, financial planners do a little bit of everything. But they are limited. Some of them may be limited to what products or services they can do based on their expertise. And financial planner WHO's working for an insurance company Most likely going on off your insurance products a financial planner working I dropped broker. May offer to sell your stocks and bonds. Sugata beware because sometimes are fees are based on commissions what they sell, that may not be a good fit. I don't like that because they're not looking out for your best interest. Financial. Planners that our investment advisers. Generally, their fees are based on a percent of your portfolio. A portfolio is wet your investments are made up of. A percent h, the more you have the smaller that percentage. The better. You do the more you investments grow more, you build it the more their fees are gonna be by remember they help you get there. So Investment Advisors, this is from the article. This more specialized type of financial professional provides investment advice to others on the value of securities and on investing in or selling securities. Investment advisers can be individual people firms. The focus is on analyzing a value stocks, bonds, exchange traded funds, and more. Investment Advisers, author, command, that what and win clients should buy sell or hold depending on market conditions and the client's goals. Some individual investment advisers may have a CFP or charter financial analysts or FA destination but keep in mind an investment advisor may be a better option to help you with investing rather than financial planning. They're only going to be focused on your investments. They're not going to help you with budgeting financial adviser planners may help you. With your debt, they may help you set up by a budget. I don't know any of those. Personally I never sat one out for that type of vice. A lot of times a debt counsellor is who you're going to be seeking out the help you reduce your debt or get your debt under control which recovered in earlier episode. When using an investment advisor. Their fee should be based on the percentage of your portfolio. They should be for dish Sherry meaning that day work in your best interest. That is very important because not all investment advisors were work to your best. Interest say if you go to your local bank to seek out an investment advisor, they're gonNA sell you things that the bank wants them to sell you. He go to an insurance company to seek out an investment adviser. They're gonNA sell you things that insurance company wants them to saw you and typically they're gonNA push their products that gets them the best and the highest commission. And for Disciplinary Investment Advisor will know your history. May We, know your risk tolerances, they will ask you a bunch of questions. You'll fill out a question year when you're first time, you made them. They'll know what your long term goals and plans are. They will set up a plan for you and help you make investments. They do all the investments for you. You make you'll contribute money to an account. Like Charles Schwab Account, and then the visor will make the purchases of the different things that you should be buying it. Though make sure that you have a diversified plan and you're not stock too much in the one area. If you're got a 401K and your. Employer wants you to buy their stock. An investment of visor will tell you if that's a good risk or not. A how much you should buy and you definitely definitely don't need to put one hundred percent of it your 401k into your current employer because that's what happened with Enron Enron. While broke everybody had all their investments they are won't broke along with it. So they had no retirement..

Investment Advisors Financial Planner Board Stanna Disciplinary Investment Adviso Enron Ashley Roy Shen College University Pasadena Charles Schwab
"401k" Discussed on Casual Fridays REI

Casual Fridays REI

05:49 min | 1 year ago

"401k" Discussed on Casual Fridays REI

"Opportunity right now. In for instance, so people affected by covid nineteen can pull or withdraw to one hundred thousand dollars from their employees sponsored their 401k or their four zero three BS, and the cool thing about that is normally. If you did that, you did a early withdrawal age of fifty nine and a half. It would cost you a ten percent penalty plus you had. Had To pay the twenty percent tax was automatically withheld from thirty percents thirty percent off the top. Just cut from you. Yeah so I think I thank you brushed over, but you have to be affected by covert meaning either you've got it or your spouse got it or somebody in your family. Maybe lost. A job has and this has been affected by it, yeah! Yeah, but then that's awesome I mean we, so let's just take that. Hundred thousand dollars say you had a couple of hundred thousand dollars sitting at account. You needed to access it because you wanted to ramp up or scale up your business, so you could go if you're your employees sponsored program is doing this. You have to check check. Mine might my old. Old 401k from one of my last companies. And it was I was like okay, so if I took the one hundred thousand bucks I wouldn't get hit for that ten grand. The penalty and I will automatically hold the twenty thousand dollars for the taxes, so that means I've got a four hundred to work with. Yeah, what does huge yet at thirty percents still there? And then you take that and you can pay the taxes over three years, so you got seven. Call it sixty eight hundred bucks or sixty five hundred bucks a year in taxes that you're gonNA. Pay One hundred thousand dollars. You came out. Think you could make sixty five hundred bucks off the hundred grand! Hoping, so it's six and a half percent interest I hope so do the way we do stuff, but if you pay back inside that three years, get tax money back. Yeah this is one of the greatest I think. One of the greater things I've seen that they've been offered. You know the game. Everyone money that qualified four, but. Really it was just a taste of went enough to Redo anything right, but but this has potential to really help a lot of people well I mean if you had that kind of money in your account and everybody's 401k's are in different places, and right now it's bounced back in like mine dipped like everybody's did. And now it's back to pre cova time, so you're like we're in an all time. Record. High in view can access that cash and put it to work. What can you do? We talk about historically. I look at my business in them, running about one hundred hundred and five hundred ten percent Roi. After every one of the deals money money out, and if I had a hundred grand, and I could do that, let's that come out to. It's another two hundred thousand dollars. Coming back by can turn it three times in all his cost me a sixty five hundred bucks for that money again. That money's not working 401k, but that's cash..