TBD
To Be Destroyed
this post was submitted on 10 Mar 2025
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Then your friends and people you know are morons. If your place of work provides a 401k or 403b, you can talk with an advisor for free to decide how you want to invest and how much. There is pitiful amounts of money in them because they didn't add anything beyond the minimum and whatever their employer is matching. It's also a good way to lower your tax burden at year end.
If your employer doesn't have 401k or 403b, it's even more important to have a Roth IRA. You can't put as much into it each year and it's post tax dollars, but it's better than thinking you'll ever get social security in 20-40 years.
401k is a scam that was used to help kill pensions. The only reason to use one if your job locks part of your pay behind matching some of your contributions.
Even the tax savings is a lie. It's just a deferment and you pay the full income tax rate on it when you are eventually forced to withdrawal it. Even on the gains if you're lucky enough to be up when you need it.
It also systematically intentionally forces the most vulnerable to be entirely dependent and aligned on capitalism