Personal Finance How accurate are 401k calculators |
- How accurate are 401k calculators
- Best investment as a 19 year old
- 22, first job. Retirement options?
- My company just got 401k. Should I sign up?
- How can we use a generous gift to help us build wealth?
- Would it be faster with less hassle/paperwork to do a Vanguard 401K to a Vanguard Rollover IRA?
- 401k conversion to Roth 401k?
- Confused about capital loss write offs and “wash sale” rule
| How accurate are 401k calculators Posted: 24 Dec 2021 10:16 PM PST I'm so confused….. I am 42 with 380k in my retirement account. Based on what I read on Reddit/online , I am in a great position…..many people my age have less than 160k saved…. Based on the 401k calculators, I'll be eating Ramen for life…. Is there a calculator I can trust? [link] [comments] |
| Best investment as a 19 year old Posted: 24 Dec 2021 10:33 PM PST I'm a 19 year old who has obtain 60k in a car accident settlement. How should I invest this wisely. Rental property? Mutual funds? All advice is welcome. Thanks [link] [comments] |
| 22, first job. Retirement options? Posted: 24 Dec 2021 09:25 PM PST Hi all. In the process of learning about contributions and would like some opinions! Currently making around 50k annually in CA. Not paying rent since I live at home, most of my expenses will be insurance and food but am potentially looking for new car in the future but not a huge priority. Employer matches 20% of 401k contribution limit ($20,500 for 2022, so $4100 match). I've read the flowchart and it says I should be saving at least 15% pretax income. If I set a traditional 401k to 10% contribution that'll be around $5000 + $4100 employer match. That's almost to 20% pretax income already. Should I continue with investing in a Roth IRA, or leave as is? And how about starting a brokerage account for stock trading? Sorry if i'm asking some stupid/obvious questions. Thanks! [link] [comments] |
| My company just got 401k. Should I sign up? Posted: 24 Dec 2021 11:56 PM PST My previous company I started my first 401k and built up right under 5k before I resigned. It sat there for the past 7 months and I was just about to open up a Roth RA after getting advice from this sub. However my new company announced this week we have 401k but they are NOT contributing. Is it better to do the Roth RA or roll my current 5k into the 401k? I also still don't really understand the Roth RA concept. I'm 25. [link] [comments] |
| How can we use a generous gift to help us build wealth? Posted: 24 Dec 2021 09:35 PM PST My husband (35m) and I (31m) were recently gifted the deed to our home, valued at $540,000. How can we use this to help us build wealth and set us up for a good financial future? Additional info: $153,250 salary ~$15k in retirement accounts ~$30,000 in credit card debt ~$50k in student loans ~$5k medical debt Monthly bills (hoa, water, food, entertainment, Netflix, car insurance, etc) ~$4,000 We own both our cars outright. We have talked about what we can do to invest and start earning some passive income. Some day I would like to be making $10k a month in passive income. I know that dream is far away, but what are the best moves we can make today to work towards that dream? [link] [comments] |
| Would it be faster with less hassle/paperwork to do a Vanguard 401K to a Vanguard Rollover IRA? Posted: 25 Dec 2021 12:26 AM PST Should I stick with Vanguard- where I have a 401K from an old employer? I want to move the money in my Vanguard 401K to an IRA. I currently have money in an IRA with Fidelity and it would seem logical to move my Vanguard 401K funds to my Fidelity IRA Account but maybe there would be more risk and administrative hassles and a period of time where the funds would be not earning any money. Would it be easier to just move my Vanguard 401k to a Vanguard IRA? [link] [comments] |
| Posted: 24 Dec 2021 09:23 PM PST I'm in mid 30s (married) with 2 kids. We work in the same company and recently they offered Roth 401k (this year). Our combine annual income is in between 380-430k depends on our bonus and vested stock option. We have accumulated $300k in our 401k since we started maxing out when we turned 30. Company matches 11%. The math is driving us crazy as we are aware that child credit starts to phase out at 400k and 401k really helps to get below the threshold, but we worry losing the Roth benefit of growing tax free Few questions I have: 1) should we convert to Roth 401k? Also should we start contributing to Roth 401k? 2) Dumb question, if I convert 300k 401k to Roth 401k, does that increase my annual taxable income by 300k?? And bump up the tax bracket?? 3) what's the tax implication when we pass 401k vs 401k Roth to my children after we pass away? Does that 401k distribute in 1 lump sum and tax at a massive rate vs no tax for Roth 401k?? [link] [comments] |
| Confused about capital loss write offs and “wash sale” rule Posted: 24 Dec 2021 10:36 PM PST Hey so idk where else to ask this and no one I know is able to explain this so if any of you can that will be great. Strap in because this is going to be kind of loaded but I have just been super confused about all this for a while now. Any help is greatly appreciated! My question is regarding losses from stocks. I understand you are allowed to write off $3k max and leftover losses can be written off in $3k increments every year until $0. My question is how does this exactly work. Can the $3k be written off against your separate salaried income? Can it be written off other income, for example, from a side business? Or is it purely towards capital gains from the stock market? I have made about $1k from dividends but they were set to auto reinvest/ buy more shares, would I be getting taxed on that seeing as I never withdrew any money and can my losses be in that case cancel out getting taxed on them? ALSO, recently read the post regarding the wash rule and can I sell some stocks at a loss right now and write it off on my 21 taxes or do I have to wait 30 days before I can write them off? I would not be purchasing them again within 30 days for sure. Again, ANY answers are appreciated. Tried doing my own research but just ended up being confused. [link] [comments] |
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