Paul continues his discussion on the 401(k) and covers why both financial institutions and the IRS want you to put money into it. The 401(k) can actually be damaging to your financial future if you aren’t aware how to navigate it correctly. However, there are ways where you can make your 401(k) work for you, but you’ll have to tune into next week’s show to find out!
For more information visit: 401k.sfgwa.com
What Was Covered
- 01:45 - If you haven’t seen it already, go watch John Oliver’s Last Week’s Tonight on Retirement Plans. Careful though, he does have some strong language that may not be suitable for children or work.
- 04:15 - For the sake of this conversation, let’s say you have $10,000. What should you do with it?
- 05:55 - Remember, you have to pay taxes on that 401(k) eventually.
- 06:50 - This is one of the reasons why financial institutions are lobbying heavily every year. It works out for them!
- 07:05 - Paul quickly lists the four rules of financial institutions.
- 07:20 - Why does the IRS want you to put money in a 401(k)?
- 10:35 - Your income will be growing. The IRS would rather take a higher amount later, compared to what you’re making in your early 20s.
- 12:50 - How is the IRS making money?
- 16:15 - The 401(k) is a huge market! There’s a lot of money out there that the IRS is waiting to tax!
- 18:10 - So, how can you make the best out of your 401(k)? Tune into next week’s show!
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