How to get rich off your workplace retirement plans!
Here is an example of the paycheck tax savings:
The employee saved $12,000 in their retirement account and brought home $2,400 more than if he or she didn’t save at all. Boom! I use TaxCaster (free) by Turbo Tax to estimate my refund.
Take a look at these calculators to help you plan your investments.
- What may my 401(k) be worth?
- What is the impact of increasing my 401(k) contribution?
- What may my 457(b) be worth?
- What is the impact of increasing my 457(b) contribution?
- What may my 403(b) Plan be worth?
- What is the impact of increasing my 403(b) contribution?
- What may my Health Savings Account (HSA) be worth?
Workplace retirement plans and deferred compensation help you get rich by:
- You pay less taxes and can then invest more money. You can lower your gross taxable income by $19,500 for a retirement account like a 401k and another $19,500 for 457b if you have it. On a high deductible plan and have an HSA? That is also tax deferred and can reduce your taxable income from another $3,600 to $7,200 (family plan). (These are 2021 IRS limits)
- Your invested money grows as the stock market grows at an average of 6% a year, year over year in the long run.
- Most employers give you free money to invest. Who doesn’t like free money! That’s a 100% return!
Let me help you find more money to invest, choose what are the best stocks and bonds for you to invest in based on what you have available, and how to get it out penalty-free before 65 if you want to retire early.