TBD
To Be Destroyed
this post was submitted on 10 Mar 2025
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Yes. You eventually pay the taxes on it. However, there is this thing you've never heard of called "Marginal Tax Brackets" This makes it so that when I do eventually pay the taxes on it, I'm not paying at the income level of when I was employed and instead much lower when I'm retired.
Pensions are better, but calling a 401k a scam just makes you look stupid.
If you have enough in it to live comfortably, it's not better than rolling your own and paying at the capital gains rate. To actually save you better really like tuna fish sandwiches.
I would suggest you learn a little more about how Capital gains tax rates, both short-term and long-term, are impacted on a 1099 form, before talking about tax breaks, tax brackets, or investments. Please do not give anyone advice. You are not a financial advisor and the advice you are giving, would ensure no one has a life or savings before or even after retirement.
Advice you yourself seem determined to ignore.
Well let's compare advice.
Your advice is: "Don't invest money. Store it under your mattress. 401ks are scams because I don't understand taxes."
My advice is: "Don't listen to this moron."
Your reading comprehension issues do not speak well to your advisory abilities.
Then let's review, shall we.
Did you say 401ks are scams? Yes, verbatim.
Did you say not to invest? Yes, you said "To actually save, you better really like tuna fish sandwiches." I paraphrased because that is one of the stupidest statements I've ever heard when discussing investments. Though, if I talk to you more, I'm sure you'll break that record daily.
Did you show us all that you don't understand taxes? Yes, because you said, "..you pay the full income tax rate on it when you are eventually forced to withdraw it." Showing that you do not understand how capital gains or adjusted gross income work on a 1099 tax form for deciding your end of year tax burden. Nor do you understand that paying tax while your making $100k or more a year is not the same as when you retire and your only source of income is either social security, dividends, weekly withdrawals, or a mix.
Did I say not to listen to your bad advice? Yes, because clearly you don't have a clue what you are talking about.
I'll say you won this argument. This whole thing is actually my fault and I should have known better from your first reply. Never argue with an idiot, they will drag you down and beat you with experience.