Front Office Football Central - View Single Post - How much do you individually have saved for retirement? (2023 edition)

Edward64 · 06-16-2023, 10:07 AM

FWIW, the 401k was my main wealth builder and has worked out well. I agree it doesn't work for all Americans, it certainly can be tweaked more, but it does work for many.

In the commercial & non-unionized world, defined pension benefit plans are not portable from one job-to-another whereas 401k is. As someone that has jumped jobs 6 times, I'd take that.

We've got 401k, several variants of IRAs, the Roth & non-Roth versions, 529 plans, 403 plans, Coverdell plans (and I'm sure I've missed others). And so many different rules on what you can do or not (e.g. rule of 55 for 401k, 59.5 age etc.). I wish they would consolidate them somehow with easy rules and encourage & help regular folks save.

EDIT: HSA, FSA etc.

06-16-2023, 10:07 AM	#12
Edward64 Head Coach Join Date: Oct 2005	FWIW, the 401k was my main wealth builder and has worked out well. I agree it doesn't work for all Americans, it certainly can be tweaked more, but it does work for many. In the commercial & non-unionized world, defined pension benefit plans are not portable from one job-to-another whereas 401k is. As someone that has jumped jobs 6 times, I'd take that. We've got 401k, several variants of IRAs, the Roth & non-Roth versions, 529 plans, 403 plans, Coverdell plans (and I'm sure I've missed others). And so many different rules on what you can do or not (e.g. rule of 55 for 401k, 59.5 age etc.). I wish they would consolidate them somehow with easy rules and encourage & help regular folks save. EDIT: HSA, FSA etc. Last edited by Edward64 : 06-16-2023 at 10:23 AM.