401(k) Mistakes That Could Cost You Millions
Published: 2025-03-07
Status:
Analyzed
Published: 2025-03-07
Status:
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A 40-year-old contributing 10% of $80,600 annually to a 401k at an 8% average return until age 65 could accumulate nearly $640,000.
"if you start at age 40 and just from age 40 out to age 65 you could contribute 10% by the time you get to retirement even waiting until 40 to get started you could have almost $640,000 saved up"
Pending
A 30-year-old contributing 10% of $80,600 annually to a 401k at an 8% average return until age 65 could accumulate $1.5 million.
"if you're a 30-year-old and you're opting not to participate you could be missing out on $1.5 million by the time that you get to retirement"
Pending
A 20-year-old contributing 10% of $80,600 annually to a 401k at an 8% average return until age 65 could accumulate $3.5 million.
"if you're a 20-year-old and you say hey this isn't for me I'm not going to do this saving 10% from the time you're 20 all the way until the time you get to retirement at 65 could be a $3.5 million portfolio"
Pending
A 40-year-old missing a 3% employer match on an $80,000 salary invested at 8% until age 65 could miss out on almost $200,000.
"if you are a 40-year-old just missing out on that 3% match from age 40 out to age 65 could cost you almost $200,000"
Correct
A 30-year-old missing a 3% employer match on an $80,000 salary invested at 8% until age 65 could miss out on over $460,000.
"for a 30-year-old missing the match could cost you over $460,000"
Correct
A 20-year-old missing a 3% employer match on an $80,000 salary invested at 8% until age 65 could miss out on $1 million.
"and for a 20-year-old missing out on just a 3% match could lit cost you a million dollar by the time you get to retirement"
Correct
A 40-year-old failing to contribute 10% and missing a 3% employer match on an $80,000 salary, with investments growing at 8% until age 65, could miss out on $830,000.
"if you add the 10% savings plus the 3% match for a 40-year-old missing out on that they're walking away from $830,000"
Pending
A 30-year-old failing to contribute 10% and missing a 3% employer match on an $80,000 salary, with investments growing at 8% until age 65, could miss out on $2 million.
"the 30-year-old who decides to walk away away from saving 10% and also doing a 3% match is missing out on $2 million of retirement dollars"
Pending
A 20-year-old failing to contribute 10% and missing a 3% employer match on an $80,000 salary, with investments growing at 8% until age 65, could miss out on $4.6 million.
"that 20-year-old who says you know what I'm not going to put 10% in my 401k I'm not going to get my free 3% employer match that single decision could be the difference of $4.6 Million by the time you get to retire"
Pending
A 40-year-old cashing out a $136,000 401k (instead of investing at 8% until age 65) could cost themselves $1 million in retirement.
"just Cashing Out $136,000 could cost you a million by retirement"
Correct
A 30-year-old cashing out a $61,500 401k (instead of investing at 8% until age 65) could cost themselves $1 million in retirement.
"if you're the 30-year-old facing that same decision just a $61,500 cash out could cost your future self $1 million"
Pending
A 20-year-old cashing out less than $30,000 from a 401k (instead of investing at 8% until age 65) could cost themselves $1 million in retirement.
"if you're a 20-year-old just cashing out less than $30,000 in a 401k could end up costing your future self a million"
Correct
For a 20-year-old, leaving $10,000 uninvested (earning 2%) until age 65 would result in $25,000, but investing it at 8% would yield over $360,000, a difference of $337,000.
"if you just have $10,000 that sits in cash over your entire working career earning 2% $10,000 can turn into 25,000... had you invested that $10,000 and earn 8% over your entire working career that single $10,000 rollover could be worth over $360,000 that is a $337,000 difference"
Pending
For a 40-year-old, leaving $200,000 uninvested (earning 2%) until age 65 would result in $330,000, but investing it at 8% would yield nearly $1.5 million, a difference of $1.1 million.
"if you roll over that old $200,000 401K into an IRA and it just sits in the high yield cash option that 200,000 could still turn into 330,000 by the time that you get to retirement but if you could invest that 200,000 have it working for you it has the potential to turn into almost a million and a half dollars that's literally a $1.1 million difference"
Pending