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Clearly your empathy for others and knowing your audience got you to the top. 💪
Nah, unfortunately many/most folks can’t afford to follow it.
I would cash it out. The market is bound to nose dive in the next year or two.
I’m at $79k and I’m 35 😭😭😭
That’s really awesome 👏🏾
@LB1 You don’t cash out but roll your previous 401K into your current 401K. You can do this without tax penalty.
@OP you may get deductions if you leave your 401K. My last agency had a surplus they did not roll over when I had requested. It was a small amount so I was going to just cash it out. That proved to be rather involved so I let it sit. They applied an annual maintenance fee for holding it.
@OP and @AD3 - Thanks for intel! As someone trying to become more financially savvy, this is helpful and good to see it's attainable. @OP, did you decide the mix of stocks you wanted in your portfolio, or just let the 401k company decide?
This is an awesome thread. Apply your creativity to your life as well as work. What one thinks society expects isn’t what anyone actually needs. Place value on things that matter not material goods. Happy saving, everyone
I just became an imaginary billionaire.
What do you mean “never cash out from one job to another.” Does that mean leave it as is and just let it grow? Doesn’t folding them in all together accomplish the same thing?
Amazing!!!! Congrats!!!
Another gift from Trump
Sounds boring
This is great! Well done. Retiring with not enough money is a constant fear for me. I know I'll have a decent nest egg by that point but my husband won't so my money will have to stretch to cover 2 people. No where near a millionaire but definitely something to aspire to
One benefit of leaving funds in a prior companies 401k plan is, funds in a company sponsored 401k are protected from bankruptcy proceedings, god forbid that happens. However if you roll it over, I believe it’s fair game.
For years I did the match threshold (which was 7 or 10%) so that money was not left on the table, then I went to 15%. When I knew I was leaving soon I went up to 25% to get my full $18,500 for the year. That should be your goal- the full $18,500 allowed. It really really really is worth it!
Employer match is not counted towards the 18500 calendar year maximum contribution
Per person per year.
I think you should also start a thread about how you’re favorite thing about you is how humble you are.
Well done!
OP did you have good matching?
Fml