I’m almost 50yrs old and I’ve been contributing to a 401k and Ira for over a decade. The growth has been steady and recently I asked chatGPT what my retirement will look like when I’ll 67yrs old. The projection was staggering. Something like $3.6-4MThe I followed up with asking what If I stop contributing tomorrow, and never add another dime until 67. What will the projection be? $2.9-3.2MHow the fuck does compound interest do this??Anyway I know taxes will kill me, if not cancer.
>>61196095>Anyway I know taxes will kill me, if not cancer.no inflation will kill you
>>61196095The FIRE people were unironically right about maxing your 401k and IRA. My retirement accounts are in 7 figures now and I'm only mid-30s. However I had to play some catch up on the post-tax side by gambling with shitcoins desu.
Assume 10% every year, A dollar added this year will grow to 1.1^17=5.05 in 17 years. A dollar added next year will be 1.1^16=4.6 in 17 years. And so on.
>>61196300Impressive. I’ve had the fortunate of having an employer based match (5%) for the past 20 years of working at the same place.
>>61196300>FIRE>lock up most of your wealth into accounts you can't access until retirement age??
>>61197119You actually can, retard. Ever heard of the backdoor Roth ladder?>max pretax dollars in trad 401k/IRA>build up enough post-tax wealth to survive>retire early>convert batches of trad 401k/IRA to Roth IRA (pay income tax but minimized)>survive on post-tax accounts for 5 years after which you can start withdrawing Roth IRA bux tax and penalty freeAnd anyway in the worst case we get a communist government which wants to confiscate 401ks and IRAs to give to niggers and as soon as that's apparent I simply withdraw everything and pay the tax plus penalty and go all in on bitshit or Monero and leave the country.>>61196865It helps that I yolo'ed my IRA into grayscale trust stocks in the bear market. Wagmi boomerbro
>>61197176>You actually can, retard. Ever heard of the backdoor Roth ladder?IF your employer allows it, dingus.
>>61197178Someone's jelly they weren't smart enough to use the jews' own bullshit for their benefit roflKys nigger brain
>>61197176my neighbor lady some 70 years old says she gets taxed 1/3 and then donates another 1/3 to charity or some shit like wtf you lose 2/3?? it all sounds like some jew ponzi shit (because it is)
>>61197252Well you have to tax optimize your withdrawals since you need to pay income tax on pre-tax accounts like trad IRAs (not Roth IRAs though). But donating to charities is retarded. She is obviously mentally deficient. It is jews all the way down thoughever.
>>61196095Once you hit a certain point the market gains start to make more of a difference than contributions
>>61197176Can you do this with an ESOP too?
>>61197328If you can do a rollover of the ESOP into an IRA, then yes.
>>61197228You either work a slave wage job or don't have a job at all. Sorry I make too much money and my employer doesn't offer a backdoor, and sorry you are poor to understand.
>>61197176>here's my elaborate plan to still pay taxes on gains later on but it's like a magical jewish machine called a goy ladderGod you retards are so unbearable. People with real wealth don't give a shit about any of this. The imaginary savings you think you are getting are easily offset in a taxable margin account even with a low amount of leverage.
>>61196095nice job op!
>>61196300Yes....when you retire early you can 72t it and get no penalties taking out 5ish% a year until you're 59. If you're early retiring and your brokerage is enough to cover everything with on qualified divs/ltcg, you can roth convert up to your deductions and that money will have never be taxed.
>>61197178401k..you roll it into an ira, and you then roth convert. You can access these converted funds after 5 years (also what you already contributed normally). See my previous post as to how you can also pay no taxes in addition to no penalties.
