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phokingcloser

Customer Success Manager

Good Citizen
Contributor
Fire Starter

Contribute to 401k with no company match?

Sup sales savages. My company does not offer 401k match currently. Should I still contribute or invest money elsewhere? I can't do a Roth IRA because I am above the income limit and I don't know how to do a back door. Thanks for any advice! 
🧠 Advice
💰 Compensation
💵 Finance
24

22 comments

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TennisandSales
Politicker
6
Head Of Sales
If you cant contribute to a Roth IRA then yes do the traditional 401k, even with no match its still a good idea for a few reasons but mainly becauseits super easy, and when things are easy you are more likely to keep doing it.
braintank
Politicker
5
Enterprise Account Executive
Why not
CuriousFox
WR Officer
5
🦊
Can't hurt 🤷‍♀️
Kosta_Konfucius
Politicker
4
Sales Rep
For sure, you will never be upset about investing if a 401k or Roth
Sunbunny31
Politicker
4
Sr Sales Executive 🐰
Invest in something sound, that’s for sure. Maybe talk to an accountant or financial planner to figure out what I’d best for you.
FoodForSales
Politicker
4
AE
Better than no 401k at all.
NotCreativeEnough
Big Shot
4
Professional Day Ruiner
My company doesn't match and I still contribute for a few reasons.

1. Tax advantaged. Whether you do Roth or Traditional there's advantages to both
2. Its automatic. I don't have to think about it, I don't have to put any effort into it, it just gets invested.
3. I want a savings/investment asset that I can't touch. It's easy to tell yourself you'll save and invest that same amount on your own if you don't do the 401k, but I'd be willing to the majority of people who say they will, don't actually do it.
4. I like the long term strategy of a 401k. I have a vanguard account I also contribute to automatically in addition to my 401k, but that's money that I can access and pull out at any time. My 401k is designed around consistent, long term growth.
5. It's good to be in the habit of it. Just because your company doesn't match now doesn't mean they won't in the future, or that you won't end up at a company in the future that does. It's easier to not be used to having that extra income from the start than it is to get used to "losing" is later on.
TheOverTaker
Politicker
2
Senior Account Executive
Definitely invest
FinanceEngineer
Politicker
2
Sr Director, sales and partnerships
I do it since my margin makes tax rate is 52%. Those dollars should act as your savings/retirement so you can focus on building and investing elsewhere.
jefe
Arsonist
2
🍁
Always good to put money away for the future.
antiASKHOLE
Tycoon
2
Bravado's Resident Asshole
It's not a bad to do anyway, but still is a bummer to not have a match
PizzleWashington
Good Citizen
2
Sales Director
I suggest reading the book I will teach you to be rich by Ramit Sethi
FormerStartupJobHopper
Tycoon
1
AE
You're creating false barriers here. You can and probably should still invest in your company 401k even if there is no match.And/or you can just talk to an investment professional and they can help you do a backdoor Roth.
GDO
Politicker
1
BDM
Why not?
salezkween
Opinionated
1
Enterprise Account Executive
Yes - our financial advisor told me to max out retirement now (29). It will grow significantly before retirement age the earlier you start. Also, your salary and commission just keep getting bigger. I don’t really notice an impact in our standard of living.
JDialz
Politicker
0
Chief Operating Officer
What does “your salary and commission just keep getting bigger” have to do with it?
BarefootDave
Opinionated
1
EAE
It's very easy to backdoor on Vanguard. Literally one click to convert it. Happy to help walk you through it if needed.

But yes, always invest in your 401k. $19,500 there is a no brainer.
LordOfWar
Tycoon
1
Blow it up
If it's anything like RRSPs in Canada (pre-tax dollars) then I'd say yes if you plan on making less in retirement. You'd be at a lower tax bracket and save some money while hopefully growing the initial investment over the years.
Corpslovechild
Politicker
0
Inbound Sales Manager
If you can afford it then yes.
ChunkyButters
Tycoon
0
AE
Yes, contribute to your 401k. If you can't do Roth, you can still contribute to a traditional IRA too. If you're above the Roth income limit, you can likely max both of them.

Meet a financial advisor if you want to explore the back door route too.
Gasty
Notable Contributor
0
War Room Community Manager
can't think of a reason not to @phokingcloser
kelvin26
Fire Starter
0
administrative manager
https://timebrookinvestment.com/u/sign_up?r=kryptotitan


https://t.me/+L_3GDbXlz904MDg0

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