You have written down the generally promulgated wisdom. i.e. what you're being sold by Wall St and the Government.
However, if you actually need to withdraw any of these savings ahead of time, you're looking at a 10% penalty. And who's to say that taxes won't have risen on 'fat-cat' retirees in 10 or 20 years. Why not take the (known) risk now, pay your taxes and have risk-free savings now.
What about another market crash?
Can you invest in property, or in metals, in a 401K?
Can you avoid 2% mutual fund fees.
I posted elsewhere in the thread, but think very carefully before pumping a lot of money into a 401K. 20 years is a long time for the government to keep the value of money stable, or for Wall Street to not sucker you in a crash, or for fees to T Rowe Price to eat away your nest-egg.
If I had another opportunity, I'd sock 5% away in a 401K into Treasuries, and put the rest in cash and metals. There's a reason banks have vaults with gold, silver, platinum etc.
Answer this question: Do you trust Wall St and the government with your money for 30 years for the small benefit of maybe a 10% tax saving, or do you actually want to maintain the control of, and the value of that money, by paying regular taxes on it now.
However, if you actually need to withdraw any of these savings ahead of time, you're looking at a 10% penalty. And who's to say that taxes won't have risen on 'fat-cat' retirees in 10 or 20 years. Why not take the (known) risk now, pay your taxes and have risk-free savings now.
What about another market crash?
Can you invest in property, or in metals, in a 401K?
Can you avoid 2% mutual fund fees.
I posted elsewhere in the thread, but think very carefully before pumping a lot of money into a 401K. 20 years is a long time for the government to keep the value of money stable, or for Wall Street to not sucker you in a crash, or for fees to T Rowe Price to eat away your nest-egg.
If I had another opportunity, I'd sock 5% away in a 401K into Treasuries, and put the rest in cash and metals. There's a reason banks have vaults with gold, silver, platinum etc.
Answer this question: Do you trust Wall St and the government with your money for 30 years for the small benefit of maybe a 10% tax saving, or do you actually want to maintain the control of, and the value of that money, by paying regular taxes on it now.