Just became a 401k millionaire.

likeupliftingfunnyhelpful
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Clearly your empathy for others and knowing your audience got you to the top. 💪

likefunnyuplifting

Nah, unfortunately many/most folks can’t afford to follow it.

likesmartupliftinghelpful
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I would cash it out. The market is bound to nose dive in the next year or two.

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I’m at $79k and I’m 35 😭😭😭

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That’s really awesome 👏🏾

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@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.

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@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?

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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

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I just became an imaginary billionaire.

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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?

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Amazing!!!! Congrats!!!

likesmart

Another gift from Trump

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Sounds boring

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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

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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.

likehelpful

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!

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Employer match is not counted towards the 18500 calendar year maximum contribution

likehelpful

Per person per year.

likehelpful

I think you should also start a thread about how you’re favorite thing about you is how humble you are.

likefunny

Well done!

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OP did you have good matching?

funny

Fml

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I stopped contributing to my 401K for the last three months in order to pay off credit card debt. I am 28 and have about 68K in my 401K. Was this a smart decision? I want to get out of debt as quickly as possible and I have no student loans or car debt.

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I’m not bad with money but definitely lots of room to improve overall, due to several personal factors I don’t want to list in full here (numerous unanticipated medical bills, bad boyfriends, etc.) Hence why I only have $3k in savings right now. My first mini goal is to have $5k saved by the end of December. I need motivation and words of encouragement. If I pay off my medical bills, I won’t make my goal. I have to start putting saving money first. Getting depressed about my situation.

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When my portfolio was going nuts 🚀💰 made over $100k profit last year and on same process this year.

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