β² 42 βΌ 40 year olds, what financial advice would you have for a 30 year old? (sh.itjust.works) submitted 1 day ago by StarvingMartist@sh.itjust.works to c/asklemmy@lemmy.ml 72 comments fedilink hide all child comments 50 and older, I'm sorry, but in my personal experience, your advice has been a little out of date.
[β] helix@feddit.org 11 points 1 day ago (16 children) WTF is an HSA or 401k? We're not all US Americans... permalink fedilink source parent hideshow 16 child comments replies: [β] CanadaPlus@lemmy.sdf.org 3 points 20 hours ago (1 child) Yup. The Canadian equivalent is a TFSA, unless you max it out (congrats), then RRSP. Apparently there's niche cases where RRSP is better, so look into it a bit. permalink fedilink source parent hideshow 1 child comment replies: [β] eezeebee@lemmy.ca 1 point 7 hours ago RRSP contributions are income tax deductible, and up to $60k from the account can be used toward a down payment for a home. For someone trying to buy, its a good idea to focus on that RRSP first. permalink fedilink source parent [β] jacksilver@lemmy.world 4 points 1 day ago (3 children) They're both tax advantaged accounts - meaning you don't have to pay taxes on them in most situations. HSA is supposed to be a Health Savings Account, but has turned into more of a retirement account. 401k is Americas sad replacement for pensions as workers need to contribute to it and so it largely only helps wealthier people. The more general advice would be - make sure to save and invest money (preferably in ways that avoid taxes if possible). permalink fedilink source parent hideshow 3 child comments replies: [β] foxwolf@pawb.social 2 points 20 hours ago (1 child) Can you explain what you mean about the HSA being more of a retirement account? Can't you only use that money on medical or health related purchases? I understand the possible tax savings through an HSA, but I don't see how it could be a retirement account. permalink fedilink source parent hideshow 1 child comment replies: [β] jacksilver@lemmy.world 1 point 19 hours ago After you turn 65 there is no penalty for using your HSA for non-medical purchases, you just have to pay income tax on withdrawls. This effectively turns an HSA into an IRA after you turn 65. So you can contribute pre-tax, it grows tax-free, then you can withdraw without any penalty - making it effectively just another retirement account. https://ourtaxpartner.com/hsa-distribution-rules-after-age-65-medicare-premiums/ permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago Thanks a lot for the explanations!!! π€© permalink fedilink source parent [+] makeshift0546@lemmy.today -6 points 1 day ago (9 children) They are. Bravo on that awareness you felt the need to try and point out. permalink fedilink source parent hideshow 9 child comments replies: [β] helix@feddit.org 3 points 1 day ago (8 children) The title didn't say "40 year olds in the US" now did it? Am I required to research every poster's history? Jeez. permalink fedilink source parent hideshow 8 child comments replies: [β] CmdrShepard49@sh.itjust.works 2 points 1 day ago (3 children) Is every responder supposed to research how investing and retirement works in every country on the planet and answer in kind? If you don't have these programs where you live then just keep scrolling or submit your own response. permalink fedilink source parent hideshow 3 child comments replies: [β] helix@feddit.org 1 point 21 hours ago (2 children) No, man, I just wanted an explanation. And I got one from another kind soul. Why even make that comment, it adds nothing to the discussion IMHO. permalink fedilink source parent hideshow 2 child comments replies: [β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent [β] blunket@lemmy.ml 2 points 1 day ago I think the confusion about your reply is that it reads like you're assuming the person giving advice was being ego-centric or thinking everyone lives in the US or something, when in reality they were just answering the question. Nothing malicious. Spreading their own wisdom. permalink fedilink source parent [β] makeshift0546@lemmy.today -2 points 1 day ago (2 children) Are you required to open your virtual mouth anytime something isnβt directed at you? Are you op? Did I answer your question? If you hadnβt opened your virtual mouth would you be here having me shit talk you like a toddler? How about you consider what actions you took to end up here. permalink fedilink source parent hideshow 2 child comments replies: [β] StarvingMartist@sh.itjust.works [S] 1 point 16 hours ago Hi, I'm OP, stop getting into arguments in my thread, thanks. permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me π permalink fedilink source parent
[β] CanadaPlus@lemmy.sdf.org 3 points 20 hours ago (1 child) Yup. The Canadian equivalent is a TFSA, unless you max it out (congrats), then RRSP. Apparently there's niche cases where RRSP is better, so look into it a bit. permalink fedilink source parent hideshow 1 child comment replies: [β] eezeebee@lemmy.ca 1 point 7 hours ago RRSP contributions are income tax deductible, and up to $60k from the account can be used toward a down payment for a home. For someone trying to buy, its a good idea to focus on that RRSP first. permalink fedilink source parent
[β] eezeebee@lemmy.ca 1 point 7 hours ago RRSP contributions are income tax deductible, and up to $60k from the account can be used toward a down payment for a home. For someone trying to buy, its a good idea to focus on that RRSP first. permalink fedilink source parent
[β] jacksilver@lemmy.world 4 points 1 day ago (3 children) They're both tax advantaged accounts - meaning you don't have to pay taxes on them in most situations. HSA is supposed to be a Health Savings Account, but has turned into more of a retirement account. 401k is Americas sad replacement for pensions as workers need to contribute to it and so it largely only helps wealthier people. The more general advice would be - make sure to save and invest money (preferably in ways that avoid taxes if possible). permalink fedilink source parent hideshow 3 child comments replies: [β] foxwolf@pawb.social 2 points 20 hours ago (1 child) Can you explain what you mean about the HSA being more of a retirement account? Can't you only use that money on medical or health related purchases? I understand the possible tax savings through an HSA, but I don't see how it could be a retirement account. permalink fedilink source parent hideshow 1 child comment replies: [β] jacksilver@lemmy.world 1 point 19 hours ago After you turn 65 there is no penalty for using your HSA for non-medical purchases, you just have to pay income tax on withdrawls. This effectively turns an HSA into an IRA after you turn 65. So you can contribute pre-tax, it grows tax-free, then you can withdraw without any penalty - making it effectively just another retirement account. https://ourtaxpartner.com/hsa-distribution-rules-after-age-65-medicare-premiums/ permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago Thanks a lot for the explanations!!! π€© permalink fedilink source parent
[β] foxwolf@pawb.social 2 points 20 hours ago (1 child) Can you explain what you mean about the HSA being more of a retirement account? Can't you only use that money on medical or health related purchases? I understand the possible tax savings through an HSA, but I don't see how it could be a retirement account. permalink fedilink source parent hideshow 1 child comment replies: [β] jacksilver@lemmy.world 1 point 19 hours ago After you turn 65 there is no penalty for using your HSA for non-medical purchases, you just have to pay income tax on withdrawls. This effectively turns an HSA into an IRA after you turn 65. So you can contribute pre-tax, it grows tax-free, then you can withdraw without any penalty - making it effectively just another retirement account. https://ourtaxpartner.com/hsa-distribution-rules-after-age-65-medicare-premiums/ permalink fedilink source parent
[β] jacksilver@lemmy.world 1 point 19 hours ago After you turn 65 there is no penalty for using your HSA for non-medical purchases, you just have to pay income tax on withdrawls. This effectively turns an HSA into an IRA after you turn 65. So you can contribute pre-tax, it grows tax-free, then you can withdraw without any penalty - making it effectively just another retirement account. https://ourtaxpartner.com/hsa-distribution-rules-after-age-65-medicare-premiums/ permalink fedilink source parent
[β] helix@feddit.org 2 points 21 hours ago Thanks a lot for the explanations!!! π€© permalink fedilink source parent
[+] makeshift0546@lemmy.today -6 points 1 day ago (9 children) They are. Bravo on that awareness you felt the need to try and point out. permalink fedilink source parent hideshow 9 child comments replies: [β] helix@feddit.org 3 points 1 day ago (8 children) The title didn't say "40 year olds in the US" now did it? Am I required to research every poster's history? Jeez. permalink fedilink source parent hideshow 8 child comments replies: [β] CmdrShepard49@sh.itjust.works 2 points 1 day ago (3 children) Is every responder supposed to research how investing and retirement works in every country on the planet and answer in kind? If you don't have these programs where you live then just keep scrolling or submit your own response. permalink fedilink source parent hideshow 3 child comments replies: [β] helix@feddit.org 1 point 21 hours ago (2 children) No, man, I just wanted an explanation. And I got one from another kind soul. Why even make that comment, it adds nothing to the discussion IMHO. permalink fedilink source parent hideshow 2 child comments replies: [β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent [β] blunket@lemmy.ml 2 points 1 day ago I think the confusion about your reply is that it reads like you're assuming the person giving advice was being ego-centric or thinking everyone lives in the US or something, when in reality they were just answering the question. Nothing malicious. Spreading their own wisdom. permalink fedilink source parent [β] makeshift0546@lemmy.today -2 points 1 day ago (2 children) Are you required to open your virtual mouth anytime something isnβt directed at you? Are you op? Did I answer your question? If you hadnβt opened your virtual mouth would you be here having me shit talk you like a toddler? How about you consider what actions you took to end up here. permalink fedilink source parent hideshow 2 child comments replies: [β] StarvingMartist@sh.itjust.works [S] 1 point 16 hours ago Hi, I'm OP, stop getting into arguments in my thread, thanks. permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me π permalink fedilink source parent
[β] helix@feddit.org 3 points 1 day ago (8 children) The title didn't say "40 year olds in the US" now did it? Am I required to research every poster's history? Jeez. permalink fedilink source parent hideshow 8 child comments replies: [β] CmdrShepard49@sh.itjust.works 2 points 1 day ago (3 children) Is every responder supposed to research how investing and retirement works in every country on the planet and answer in kind? If you don't have these programs where you live then just keep scrolling or submit your own response. permalink fedilink source parent hideshow 3 child comments replies: [β] helix@feddit.org 1 point 21 hours ago (2 children) No, man, I just wanted an explanation. And I got one from another kind soul. Why even make that comment, it adds nothing to the discussion IMHO. permalink fedilink source parent hideshow 2 child comments replies: [β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent [β] blunket@lemmy.ml 2 points 1 day ago I think the confusion about your reply is that it reads like you're assuming the person giving advice was being ego-centric or thinking everyone lives in the US or something, when in reality they were just answering the question. Nothing malicious. Spreading their own wisdom. permalink fedilink source parent [β] makeshift0546@lemmy.today -2 points 1 day ago (2 children) Are you required to open your virtual mouth anytime something isnβt directed at you? Are you op? Did I answer your question? If you hadnβt opened your virtual mouth would you be here having me shit talk you like a toddler? How about you consider what actions you took to end up here. permalink fedilink source parent hideshow 2 child comments replies: [β] StarvingMartist@sh.itjust.works [S] 1 point 16 hours ago Hi, I'm OP, stop getting into arguments in my thread, thanks. permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me π permalink fedilink source parent
[β] CmdrShepard49@sh.itjust.works 2 points 1 day ago (3 children) Is every responder supposed to research how investing and retirement works in every country on the planet and answer in kind? If you don't have these programs where you live then just keep scrolling or submit your own response. permalink fedilink source parent hideshow 3 child comments replies: [β] helix@feddit.org 1 point 21 hours ago (2 children) No, man, I just wanted an explanation. And I got one from another kind soul. Why even make that comment, it adds nothing to the discussion IMHO. permalink fedilink source parent hideshow 2 child comments replies: [β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent
[β] helix@feddit.org 1 point 21 hours ago (2 children) No, man, I just wanted an explanation. And I got one from another kind soul. Why even make that comment, it adds nothing to the discussion IMHO. permalink fedilink source parent hideshow 2 child comments replies: [β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent
[β] CmdrShepard49@sh.itjust.works 3 points 20 hours ago (1 child) It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US. permalink fedilink source parent hideshow 1 child comment replies: [β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent
[β] helix@feddit.org 1 point 6 hours ago True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post. permalink fedilink source parent
[β] blunket@lemmy.ml 2 points 1 day ago I think the confusion about your reply is that it reads like you're assuming the person giving advice was being ego-centric or thinking everyone lives in the US or something, when in reality they were just answering the question. Nothing malicious. Spreading their own wisdom. permalink fedilink source parent
[β] makeshift0546@lemmy.today -2 points 1 day ago (2 children) Are you required to open your virtual mouth anytime something isnβt directed at you? Are you op? Did I answer your question? If you hadnβt opened your virtual mouth would you be here having me shit talk you like a toddler? How about you consider what actions you took to end up here. permalink fedilink source parent hideshow 2 child comments replies: [β] StarvingMartist@sh.itjust.works [S] 1 point 16 hours ago Hi, I'm OP, stop getting into arguments in my thread, thanks. permalink fedilink source parent [β] helix@feddit.org 2 points 21 hours ago I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me π permalink fedilink source parent
[β] StarvingMartist@sh.itjust.works [S] 1 point 16 hours ago Hi, I'm OP, stop getting into arguments in my thread, thanks. permalink fedilink source parent
[β] helix@feddit.org 2 points 21 hours ago I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me π permalink fedilink source parent