06.27.24 Back To Basics: 403(b) & 401(k) Plans / The No-Buy Challenge

The Clark Howard Podcast

Clark Howard

Business, Investing, Entrepreneurship

4.6 • 5.2K Ratings

🗓️ 27 June 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today Clark goes back to basics on 403(b) plans and 401(k)s. And Speaking of saving, how about saving way more by doing a no-buy (except for necessities) month? Some people are managing to do just that! 403(b) & 401(k) Plans: Segment 1 Ask Clark: Segment 2 The No-Buy Challenge: Segment 3 Ask Clark: Segment 4 Mentioned on the show: What Is a 403(b) and How Does It Work? (Clark.com) Pros and Cons of 403(b) Plans What Is a 401(k) Plan and How Does It Work? Pump Up Your 401(k). New Roth Rules Make It Easy NYTimes: Was the 401(k) a Mistake? About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds 10 Clark Howard 'Never, Not Ever' Rules To Protect Your Money Best Investment Companies for Investors in 2024 Fidelity vs. Vanguard vs. Schwab: Which Brokerage Is Best? How To Open a Roth IRA 403bwise: The K-12 403(b) is broken. Together we can fix it. Credit Karma Review: Free Credit Score and More at Your Fingertips What Is a Good Credit Score? Axios: The no-buy challenge / Axios: No-buy revolution More people make 'no-buy year' pledges as overspending or climate worries catch up with them Tempted to try a no-buy year? Here are tips from people doing it Is an HSA the Best Way To Save for Future Medical Expenses? Where Should I Set Up My Health Savings Account (HSA)? The Best Places To Buy Hearing Aids Stash puts the power of investing in the palm of your hand Thank you for listening today, Clarkies! If you want to be part of our “Clarkie” segment, call 404-981-2071 to leave a comment or story. We may play it during a future episode! Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Shopify.
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0:17.0	Sign up for a one pound per month trial period at shopify.coidek slash special offer or
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0:25.6	it's great to have here on the Clark Howard show. You know, our mission is to serve you
0:37.0	with advice and information that empowers you to make better financial decisions in your life.
0:44.0	Sometimes I like to go back to basics.
0:47.0	And I'm going to do that today with 403B plans and 401ks.
0:52.0	And speaking of saving, plans and 401k's.
0:53.1	And speaking of saving, how about saving just about everything imaginable by coming up with a resolution
1:02.0	to do a no-spend month.
1:05.0	Some people do no-spend years.
1:08.0	We're going to talk about that later.
1:10.0	So, when you do a 401k, I'm going to leave 403b's out for a second, you work for an employer that has 401k.
1:22.0	The odds that you participate and contribute to that retirement
1:26.4	plan are really, really high compared to if you're on your own, like so many employers don't offer retirement plans,
1:35.0	and it's left to you to set up your own IRA,
1:39.0	over 80% of people never do anything about saving for retirement
	...

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