You have fail to explain why 401k is a scam.
You pay taxes on W2 income. Period. Either you pay it now (Roth) or defer it with 401k.
401k is a retirement account. If you are not using it as intended then there will be penalties. If you want free access to your money the open a traditional brokerage account.
Market trend overall has gone up. SnP 500 is way higher now than 30 years ago.
You do not pay taxes on 401k loan if you pay on time.
You still have not explained how $30k in a 401k invested now will remain only at $30k after retirement.
Again, you have no clue; But hey, stay poor. Good luck.
Quote:
Originally Posted by papi mango
401k is the biggest scam. you can not withdraw until or unless you proof hardship. you can take your money after you retire but you still have to pay taxes. you dont know if you gonna make to your retirement. you dont know if market will be good until you retire. you can take a loan but money you pay back is after taxes. this is just losing game. its like lotto only one person will win out of millions.
what I have learned is if you are above 30 and already contributed to 401K then stop contributing. you should not contribute more than 30K. you will be lucky to get back 30k after retirement. but by that time value of 30k won't be the same. if you still want to contribute than dont contribute more than what your company match. for example if your company match 100% up to 5% than stick with 5% or below.
its huge scam friends. its better to keep that money in hands and use somewhere else now vs 99.9% of loosing your money after retirement. theres only 1 advantage with 401k is if you need to borrow money in an emergency and you have no other option than you can borrow your money without an issue. not all money lol but some but remember you are paying back after taxes. so you will pay more taxes or penalties on your own money depends on how you take it out.
|
Quote:
Originally Posted by papi mango
you really dont understand what I said and you really have no idea about taxes, fees, penalties you get in this game. I never said you can not withdraw. tell me anything that I said about penalties, taxes...etc you find thats not correct? that shows your knowledge is zero. even OP knows more than you now lol 
all I said and broke down how 401k scam works. many people dont know and even people who make you signup for this scam dont tell you all this. always read and understand first before you say anything but its better to stay quite if you have no idea. hahahahah |
__________________
Date Application Sent/ Location- 08/24/12 Chicago lockbox
Date delivered - 08/27/12 Routed to Vermont
Biometrics Scheduled and completed: 09/20/12
RFE notice: 10/24/12 ; Received by USCIS 11/26/12
Decision :
Approved 01/05/13