Allen_Newberry on Nostr: The 401(k)/IRA system is in the United States is insidious. The ONLY reason I have ...
The 401(k)/IRA system is in the United States is insidious. The ONLY reason I have contributed to my 401(k) or IRA over the years is the tax deduction. That is it. I loathe the idea of the government capturing my savings with threats of penalties and limiting my investment options to stale, generic mutual funds.
In 2022 I made the decision to forgo the tax deduction in favor of freedom from the system. I do miss the deduction...no question...but I revel in the freedom to invest or spend my earnings as I see fit.
I suppose the 401(k)/IRA system helps some people save when they otherwise would not and incentivizes self-control. But for me, I choose freedom over fiat incentives. I choose self-sovereignty over the nanny state.
In 2022 I made the decision to forgo the tax deduction in favor of freedom from the system. I do miss the deduction...no question...but I revel in the freedom to invest or spend my earnings as I see fit.
I suppose the 401(k)/IRA system helps some people save when they otherwise would not and incentivizes self-control. But for me, I choose freedom over fiat incentives. I choose self-sovereignty over the nanny state.