Comments on: My 401K is gonna be pissed!

By: Sandy L

Sandy L — Thu, 21 Jan 2010 09:07:03 +0000

I max mine out and have since I started working because

a) I already pay enough taxes and don't want to pay more than I have to and
b) I don't trust myself to not spend it if I had easier access.

I built and spent my emergency fund about 5 times before I realized the money was too easy to access..as soon as I started buying bonds with that 5 year penalty..I haven't spent a dime.

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-> 50 Personal Finance Bloggers To Watch In 2010 | Bible Money Matters — Mon, 11 Jan 2010 20:05:49 +0000

[...] Punch Debt In The Face: This site has been one of my favorites this year just because the author always makes me smile with his hilarious drawings, and biting take on personal finance topics. Recent post: My 401k Is Gonna Be Pissed! [...]

By: Ckb

Ckb — Thu, 17 Dec 2009 18:53:33 +0000

Then rock on, man. You're in the best work savings plan I've ever heard of (the TSP), you get a defined benefit pension if you keep playing on the Federal team (and I'd buy into FERS three or four times over if I could), and your savings rate is magnificent. I wish I'd been where you're at in my early 20s.

By: Why am I maxing out my 401K? « Paranoid Asteroid

Why am I maxing out my 401K? « Paranoid Asteroid — Thu, 17 Dec 2009 15:53:03 +0000

[...] a recent post at Punch Debt In The Face (it is worth clicking through just to see the picture at the top of the post) made me stop and [...]

By: WilburN

WilburN — Wed, 16 Dec 2009 17:11:15 +0000

There's one critical, crucial reason why 'retirement' (401k and IRA) savings are important.

It's not just the tax benefits.

It's that they won't be touched, 95% of the time, in a bankruptcy or a civil case.

Most bankruptcies in the US are at least partially medical-related, and most of those had some insurance. It's a reverse lottery out there, and you've got a ticket. On the civil judgements… you may think you have no enemies, but there are people out there who fund their lives by filing malicious suits against people.