Connect with us

Hi, what are you looking for?

Career

Your Guide To A Successful 401k

Not all companies you work for are going to offer a retirement plan. And even if they do, you aren’t allowed to funnel extra cash you have lying around into that same plan. Only money you earn from the job or on your payroll can be added to your 401k account, which can make saving for retirement without this benefit a pain.

First, let’s discuss some alternatives to the traditional 401k method. While they might not have the same maximizing benefit, they can still provide you with extra money for when you retire. You can invest in bonds at a set interest rate at the time of purchase to watch your money grow steadily, or take a more active approach. With a Traditional IRA or a Roth IRA, you can get extra savings if you’re over the age of 50 or your annual earnings to do not exceed the predetermined limits.

Now, let’s look at just how many people in the U.S. are thriving off of their 401k’s. The average amount of money in an American 401k is $104,000, while the average contribution rate is 8.6%. Additionally, 1 percent of all 401k owners become what’s known as a “401k millionaire.” It’s rare, but it happens.

Watch the rest of the playlist above to find out some of the best companies to work for to get maximized 401k savings or to find out which option is best to create 401k’s within your small business.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...