If your employer doesn’t offer a 401(k) match, start by maxing out a Roth IRA for more investment options and tax-free growth. After that, you can still contribute to your 401(k) for the tax benefits. I’ll cover this in more detail in an upcoming newsletter—stay tuned!
Thanks for sharing! Great information and detailed scenarios. Only one correction—2024 401k contribution limit is $23,000. Changes some of the math but all of your salient points are still true.
You raise important points about how the 401k is at the center of our generations’ wealth planning. With the amount of unexpected economic events we’ve endured, it makes it especially important to start as soon as you can.
I’ve always thought that the Rule of 110 makes much more sense than rule of 100, but I still think asset allocation is a deeply personal and important choice. Risk is in the eye of the beholder.
Thanks so much for your kind words and for catching that! You’re absolutely right—2024’s 401(k) contribution limit is $23,000, and I’ll update the math accordingly. I completely agree with you about asset allocation being a personal choice. The Rule of 110 is a helpful guide, but everyone’s risk tolerance is different.
Glad you found the post helpful, and thanks again for the feedback!
Good stuff. What’s the best strategy if my employer doesn’t offer a 401(k) match? Should I focus on other retirement accounts?
If your employer doesn’t offer a 401(k) match, start by maxing out a Roth IRA for more investment options and tax-free growth. After that, you can still contribute to your 401(k) for the tax benefits. I’ll cover this in more detail in an upcoming newsletter—stay tuned!
Thanks for sharing! Great information and detailed scenarios. Only one correction—2024 401k contribution limit is $23,000. Changes some of the math but all of your salient points are still true.
You raise important points about how the 401k is at the center of our generations’ wealth planning. With the amount of unexpected economic events we’ve endured, it makes it especially important to start as soon as you can.
I’ve always thought that the Rule of 110 makes much more sense than rule of 100, but I still think asset allocation is a deeply personal and important choice. Risk is in the eye of the beholder.
Thanks again for sharing!
Thanks so much for your kind words and for catching that! You’re absolutely right—2024’s 401(k) contribution limit is $23,000, and I’ll update the math accordingly. I completely agree with you about asset allocation being a personal choice. The Rule of 110 is a helpful guide, but everyone’s risk tolerance is different.
Glad you found the post helpful, and thanks again for the feedback!