Worker Next Eggs

[phkrause]

401(k) plans, explained

Originally intended for corporate executives, the 401(k) is now, arguably, the most famous section of the US tax code and a staple in worker benefits packages and personal finance guides (watch 101).
 

Roughly 70 million Americans, with a total of more than $7T invested, use these long-term, tax-advantaged accounts to build toward a more secure retirement.
 

Some critics claim that with 401(k) plans, companies offloaded the risk of retirement savings to workers without the training to avoid volatile portfolio mixes. Amid the 2008 financial crisis, many 401(k) plans lost over a quarter of their value, an event that hit those near retirement particularly hard.

 

... Read our full explainer on the plans here.

 

Also, check out ... 

> A work-free retirement is a relatively recent phenomenon. (More)

> Ted Benna was an accountant who invented what became the 401(k). (More)

> 401(k) plans had an average of $112K as of 2023. (More)

[phkrause]

FIRE (Financial Independence, Retire Early)

The average American thinks they'll need at least $1.46M to retire comfortably, according to a new study—but the actual floor for a comfortable retirement varies by state. In West Virginia, for instance, the study suggests that retirees only need to have about $712,921 saved for retirement.

https://join1440.com/t/fire-financial-independence-retire-early?

ps:So if that's the case, who's going to be able to retire with that kind of money?? Only the top 1%, And who are they?? Billionaires and Millionaires!!!!!