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59.5 is the age you can pull out of your 401k without penalty. I like the exercise you did because if it doesn’t add up to something you can actually retire wit
by dumbfounder 5y ago
59.5 is the age you can pull out of your 401k without penalty. I like the exercise you did because if it doesn’t add up to something you can actually retire with then there is a big problem. But there are other big problems, most lower wage employers don’t offer 401ks because it is expensive for them to do so. So why is this a benefit only reserved for the relatively well off?
- maxerickson 5y agoIt is sort of limited to the relatively well off just by buying power anyway. It doesn't have matching, but for lower incomes, the Roth limit is probably high enough for the money that is available to invest.
- AYBABTME 5y agoOups! Was just a ballpark estimate.
- dlp211 5y agoThere are lots of ways to get money out of your 401k penalty free if you are actually retired. There is a 72t and also the rule of 55.
- RickJWagner 5y agoAnyone can contribute to an IRA, or probably a Roth IRA if they're not well off. There's a path to tax-advantaged wealth for almost everyone.