How much do you contribute (if at all) to your 401k? My company has no company match, but I am trying to max it out ($19,500 a year). Any reason why not to max it out? In my mid-20s.

Look at this fancy mother fucker over here with a 401k.

You'll want to talk to your own financial advisor about why you would pick a traditional 401k, or other type of 401k or etc.

The important thing is you're saving, and early.

Did you know that on devRant the sun never sets?
If you go to bed in USA, the ranters in India allready have worked and ranted on dr for 4 hours. While the German starts eating his morning bread roll. At the same time Japanese ranters are fantasizing about finishing his/her work early. Fascinating isn't it? 🤷🏼‍♂️

@HiFiWiFiSciFi Is the 401k fancy shit because not all companies offer it? OR fancy shit since money I put in can't be touched until I'm the ripe age of about to die?

I've never worked at a company that didnt have a 401k, let alone didnt match a certain percent. But yes, start doing it early. You could find examples, but starting earlier is much better than starting later and contributing more money. Also the match is free money.

You could match up to the percent your company offers, and put the rest into a roth IRA. My guess is taxes will increase due to more young people being on the left of politics

@shoogknight Yeah taxes are bound to shoot up on a federal level which kind of blows with Biden. We just have to wait and see what or if it ever happens.

@drewbie

Does a Biden policy even matter to someone investing in a 401k in their 20s?

The taxes that matter for someone like that are 40 years from now...

Every person I've talked to has regretted not putting monies in 401k. DO IT.

@heyheni how did this relate to anything

Daaaaamn I have no 401k great now I feel irresponsible and inadequate

@electrineer just a subtle hint that devRant is not only the USA. 🤷🏼‍♂️

The closest equivalent here in the UK is probably a matched pension contribution that's invested on your behalf. Not uncommon here to have up to 7.5% matched - that's 7.5% free money. (No idea how that equates to norms in the US.)

Long and short of it - if you can afford to do so, max that sucker out. (But if you're still unsure, seek qualified financial advice, I'm certainly not qualified to give that, let alone in another country.)

What is a 401k?

No 401k here.

The equivalent here is Superannuation, you can contribute about $20k extra yourself, but the employer just takes about 9% of your gross paycheck and adds it.

However, this isn't a fixed value as these funds are traded on the stock markets, so... it can go up and down on its own, plus the fees.. err "accounting taxes" are stupidly high.

I lost 15% this year - thanks COVID!

@heyheni crazy how earth do that