Dave Ramsey Says 401(k)s Have a Big Tax Downside – Pick This Retirement Plan Instead (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),zn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Dave Ramsey Says 401(k)s Have a Big Tax Downside – Pick This Retirement Plan Instead (2024)

    FAQs

    Why 401k is a bad retirement plan? ›

    High Fees and Low Control

    The unfortunate truth is that 401(k) plans come with high management fees. This eats into your earnings in the long run. These fees are oftentimes hidden among legal jargon, according to the Rich Dad team. Fees can be but aren't limited to transaction fees, legal fees and bookkeeping fees.

    What are two downsides to 401 K s? ›

    In my view, the two biggest issues of a 401(k) plan are that:
    • The individual needs to make investment selections by themselves with very little advice or guidance from the plan provider.
    • Participants need to monitor and manage their plan over time, again with very little advice or guidance from the plan provider.

    Why is 401k not worth it anymore? ›

    The amount of cash that's in the fund when you retire is what you will receive as a pension. Thus, there is no guarantee that you will receive anything from this defined contribution plan. The fund may lose all (or a substantial part) of its value in the markets just as you're ready to start taking distributions.

    What retirement plan is better than a 401k? ›

    There are pros and cons to both plans, but pensions are generally considered better than 401(k)s because they guarantee an income for life. A 401(k) can be more aggressively managed by the individual, which could create more growth than is likely from a pension fund. Then again, investment losses are also possible.

    Is it good to have a 401k for retirement? ›

    Potential for higher returns: A 401(k) or 403(b) may offer the potential for much higher returns because it can be invested in higher-return assets such as stocks. Freedom: Because of its portability, a defined-contribution plan gives you the ability to leave an employer without fear of losing retirement benefits.

    Is it better to not have a 401k? ›

    A 401(k) can be an extremely powerful tool to fuel your retirement savings efforts but not having one doesn't mean that you have to retire broke. You can take advantage of other savings and investment plans to enjoy the kind of retirement you want.

    What are the tax disadvantages of 401k? ›

    However, a 401(k) can come with fees—though they're typically modest. Traditional (not Roth) accounts are subject to RMDs. There are penalties for withdrawing funds early—if you're younger than 59½ and you don't qualify for a hardship withdrawal, you'll need to pay a 10% penalty to the IRS.

    Who should not use a 401k? ›

    If, for example, you'll be receiving pension benefits, Social Security and distributions from an IRA, throwing a 401(k) into the mix may result in a much higher tax liability. There's no way to predict the future tax rates but hedging your bets may work in your favor if there's a major tax hike down the line.

    Does having a 401k affect your taxes? ›

    Money pulled from your take-home pay and put into a 401(k) lowers your taxable income so you pay less income tax now. For example, let's assume your salary is $35,000 and your tax bracket is 25%. When you contribute 6% of your salary into a tax-deferred 401(k)— $2,100—your taxable income is reduced to $32,900.

    Why is Robert Kiyosaki against 401K? ›

    Robert Kiyosaki Predicts 401(k) Plans and IRAs Will Soon Be 'Toast' — 3 Assets He Recommends Instead. “Rich Dad Poor Dad” author Robert Kiyosaki isn't a fan of traditional retirement savings plans because he doesn't think they are a safe place to park your money.

    Why are people losing their 401ks? ›

    401(k) losses can happen for all kinds of reasons, from short-term market fluctuations to events like a recession. Market volatility is a normal part of investing. What matters most is staying invested and maintaining a diversified portfolio.

    Do wealthy people use 401K? ›

    A recent study of millionaires debunks some of these pervasive myths. For example, 80% of millionaires in the study made at least a portion of their wealth by investing in their 401K.

    Where is the safest place to put your retirement money? ›

    In the meantime, here are seven investments that can help create a balance of income and growth:
    • Dividend-paying blue-chip stocks.
    • Municipal bonds.
    • Stable value funds.
    • Real estate investment trusts.
    • Index funds.
    • High-yield savings accounts.
    • Certificates of deposit.
    4 days ago

    What is the $1000 a month rule for retirement? ›

    The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.

    Which retirement fund is best? ›

    The Best Retirement Income Funds of September 2024
    FundExpense Ratio
    Dodge and Cox Income Fund (DODIX)0.41%
    PGIM High Yield Fund (PHYZX)0.51%
    T. Rowe Price Dividend Growth Fund (PRDGX)0.64%
    Schwab International Index Fund (SWISX)0.06%
    5 more rows
    Aug 29, 2024

    What 50 year old retiree says his biggest mistake was saving too much in his 401k? ›

    A 50-Year-Old Retiree Says His 'Biggest Mistake' Was Saving Too Much in His 401(k). He Explains What He Would Do Differently and His Workaround for Being Illiquid When He Retired. Eric Cooper maxed out his 401(k) for more than two decades and accumulated enough to retire in his late 40s.

    What are the risks of a 401k plan? ›

    • No Easy Access to Cash. ...
    • Limited Options. ...
    • Risk of Significant Loss. ...
    • Giving Up Control to the Government. ...
    • The Opportunity Cost of Limited Cash Flow. ...
    • Endless Fees Shrink Your Account. ...
    • Endless Taxes Can Trap You Into Staying.

    Will your 401k be gone in 10 years tops? ›

    If you are among the 56% of US workers with a retirement plan, I have some bad news for you: Your 401(k) will be gone in 10 years, tops. Not the money, thank goodness — Americans have trillions of dollars in these accounts, and there is an entire industry built around them — but the plans themselves.

    Are 401ks in trouble? ›

    More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.

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