08-09-2021, 05:30 PM
(08-09-2021, 04:07 PM)texsubmariner Wrote:(08-08-2021, 06:26 PM)ChadR Wrote: Welcome to the forum. If you're only looking at doing $1,000/month in salary, it might be cheaper to just do an IRA instead of a 401k. Not sure what the fees for a Betterment 401k are, but it won't be cheaper than a the $0 annual fee that most brokerage houses charge for a traditional IRA or a ROTH IRA. On a minimum amount to start investing in a position, starting off with 1 share is better than not having any shares. With $0 trading fees, don't feel the need to wait till you have $1,000 or more to invest into an individual stock. With the name of texsubmariner, I'm guessing you're living in Texas.
Thanks Chad. The reason I thought of 401k is I could put more than $7,000 a year into it. But, I fully undrstand the cost side of it that the business would have to pay to have a place lije Betterment to set up and tun it. But, this would also give me the option to add other members (family) down the road if I decided.
And yes, I live in the great State of Texas ? and served on nuclear-powered submarines while in the Navy.
Just make sure the costs are too high. The tax savings don't always cover what the cost to run it could be. Not the end of the world to put anything over $7k into a taxable account instead of retirement.
Glad to have another Texan on the forum. Fort Worth here.