This is CRUSHING American's Retirement Plans
📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com
❓Ask me a 30-second question at https://morrisinvest.com/clayton
📺 Watch Next: How to Create Your Personalized Path to Financial Freedom: https://bit.ly/392kAsB
🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom
💵 Ready to get your finances in order? Download the FREE 90-Day Financial Empowerment Bootcamp: https://morrisinvest.com/bootcamp
🎓 Want to learn more about creating your individualized plan to wealth with a proven system? Join us in Financial Freedom Academy: https://financialfreedomacademy.com
👨🏻💻 Sign Up for My Webinar: https://morrisinvest.com/webinar
-----------------
A 2024 research report published by the Employee Benefit Research Institute found that resuming student loan payments has had a direct impact on how much money Americans are able to contribute to their 401ks, which of course puts a massive damper on account balances over time.
On top of that, more and more people are taking hardship loans from their plans.. Vanguard reported in 2022, a record-high number of workers had to tap into their accounts. The report said that 80% of withdrawals initiated by lower-income participants were used to avoid losing their home, to repair their home, or to pay for medical expenses.
One third of Vanguard participants who took a hardship loan from their retirement plan had also done so the year prior.
The 401k cannot sustain any more pressure. We already know that the average balance of the 401k is only about $112,000. These plans get slowly eaten up by high fees, taxes, and inflation over time. And sadly, this is the primary retirement vehicle most people have in place.
No matter where you look, it’s clear that Americans are struggling. Between inflation, credit card debt, and resuming student loan payments, people can barely pay for their day-to-day expenses, let alone save for retirement.
This idea of basing your entire future on this one retirement plan is fundamentally flawed. But no one is telling you this. In fact, when troubling data like this is released, companies and Wall Street tend to double down. They blame the 401k’s decline on the consumer but forget to mention all of the fees and taxes that play a role in shriveling balances.
I’m telling you, it’s all a lie. According to Business Wire, only 157,000 people have balances of over $1M in their 401k. That is nothing, when you consider how many people are actually contributing to the 401k. And if I had to guess, I’d say that those 401k millionaires just so happen to be CEOs. The 401k is not designed to make the average American wealthy; it’s just not.
But, it’s not all doom and gloom. Everything you need to know about empowering yourself, building out a comfortable retirement plan, and building a financial education that helps you reach your goals is right here on this channel – for free.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
-
21:21
Morris Invest
1 month agoThe US Dollar COLLAPSE Is Happening Now
521 -
16:09
domtomato
19 hours ago $0.08 earnedThis SCARY FAIL went VIRAL (555M views)
6832 -
11:28
Bearing
22 hours agoThe Sean P Diddy Combs Situation is INSANE
2.99K19 -
40:51
World Nomac
15 hours ago72 Hours in Kyoto and Osaka Japan
1.49K2 -
14:19
Degenerate Jay
23 hours agoShould Solid Snake Ever Get Another Metal Gear Solid Game?
1.99K4 -
48:46
The Lou Holtz Show
14 hours agoThe Lou Holtz Show Ep 17 | Linda McMahon on WWE, Small Business, and Leadership #podcast
1.59K1 -
1:35:09
Atlantic Underground Podcast
1 day agoGoogle Eyed Monster a Whistleblower Story
2.05K1 -
LIVE
Right Side Broadcasting Network
4 days agoLIVE REPLAY: President Trump Holds a Rally in Indiana, Pennsylvania - 9/23/24
5,253 watching -
3:11:25
The Quartering
12 hours agoTrump Rally Post Show, Kamala Harris Desperation, Diddy Mess Gets Worse & WW3
151K67 -
1:40:45
Fresh and Fit
11 hours agoHow To Make Money Streaming
88.3K25