The 401k was never a retirement plan. The original purpose of the 401k was to allow high earning executives a way to defer paying taxes in a portion of income for many years until taxes were reduced. The 401k was created in 1978 when the top tax bracket was 70%. Today the top tax bracket is 37%. For those high earning executives who used the 401k for its original purpose, saved roughly 33% on taxes. However, during the last 45 years, 401k’s have largely replaced the previous retirement plan known as a pension. Effectively passing the burden of retirement on to the employee from the employer. So let me explain it simply. The purpose of the 401k is to defer taxes on earned income until age 60 or beyond by placing money in the variable stock market while paying an unknown amount of fees. - Do you think taxes will be lower or higher in the next 10,20,30,40 years? - When will the next market crash happen, and how much will you lose? - When will the next market growth happen, and will you be invested correctly? - How much are you paying in fees? - When you die, what happens to your account balance? There is a better way. Let’s eliminate ALL the downsides, and add on many additional benefits. Comment “retirement” to learn more. Link in my bio to schedule a consultation. #retirement #401k #bloomberg #gains #investing #stocks #bonds #fees #daveramsey #dumb #smart #viral #news #doyourresearch #think #taxes #higher #why #think #mindset #blessed #entrepreneur #business #ownership #scam #hack #info #research #wow #reel #fyp