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Money Guy Show
I’m ONLY Getting My 401(k) Match - Is That Enough?
Jun 5, 2024
The podcast discusses the importance of saving beyond just the 401(k) match, exploring the power of compound growth in retirement savings and strategies for saving in your 40s. It also touches on teaching kids financial responsibility and navigating the financial order of operations for financial stability.
28:20
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Quick takeaways
- Maxing out 401(k) employer match is vital, but additional savings may be needed for substantial wealth.
- Even a small increase in savings rate can significantly impact retirement income through compounding growth.
Deep dives
The Impact of Employer Match on Building Wealth
Maxing out the employer match on a 401k is crucial, but may not be sufficient to build substantial wealth. A case study showed that starting in your 20s with a 4% contribution and a conservative 6% rate of return can lead to a significant portfolio by retirement. Even a small percentage can make a notable difference in long-term wealth through the power of compounding.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode