401(k) Hacks for Optimal Retirement Savings

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Education, Business, Money, Investing, Financial Planning, Cfp, Personal Finance, Retirement

4.4 • 2K Ratings

🗓️ 28 July 2023

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How does using your retirement plan as a path to a cool million sound to you? Are the existing tools that are currently available to most of us enough to get us there, or do changes need to be made to update the rules around what investments are accessible to the masses? Joining us to tackle this important issue, we welcome Stephanie McCullough from the Take Back Retirement podcast. Also, we're happy to welcome back our friends who are ready to talk retirement at the drop of a hat, Paula Pant and Len Penzo.

We also dive deeper into actionable best practices for Stackers who are just starting out by addressing the question of how to be aggressive without overdoing it on the risk.

Plus, stick around for Doug's constructive trivia question! Will Len extend his stranglehold on the lead? Will Paula demonstrate that she deserves to remain squarely not-in-last-place? Will Stephanie do OG a solid and lift him out of the sole cellar-dweller spot?

For full show notes go to https://www.stackingbenjamins.com/all-about-401ks-roundtable-1388

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201

Enjoy!

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Transcript

Click on a timestamp to play from that location

0:00.0	Hey, this is Joe's sister Nikki.
0:03.1	I think I might be the only girl in the world who has a brother who spends his entire day in the basement, pretending he has an internet radio show.
0:17.8	Live from Joe's mom's basement,, it's the Stacking Benjamin Show.
0:27.6	I'm Joe's Mom's Neighbor, Doug, and get ready to get schooled up on 401ks, because today
0:39.4	we're helping you tweak your retirement funds for a better outcome.
0:44.0	And guess who's joining us for this shindig?
0:46.8	She's just been voted one of the top 10 financial advisors online.
0:50.8	It's the woman behind Sophia Financial, our friend Stephanie McCullough,
0:56.3	plus a master of money and the one woman who will actually put up with us every week,
1:01.7	Paula Pant.
1:03.2	And rounding out our panel, it's Albert Einstein.
1:07.4	Nah, he said something about meeting with a relative or relativity maybe. I don't know.
1:12.2	So we got his smarter, older brother, Len Penzo instead. But that's not all. Halfway through the show,
1:19.3	I'll share my assembly required trivia question. And now, a guy who knows how to prepare for the future, it's Joe Saul C-high.
1:33.1	Well, hey, Stackers, and happy Friday to you.
1:35.6	I have spent so much time prepping for today because we're hopefully going to help you make your way to $2 million using your retirement plan. And to get there,
1:46.1	although Doug, you so eloquently said hello to all of our guests. Let's hear all their voices.
1:52.8	And we'll start deep under Los Angeles where it looks like on my dad's shortwave radio,
1:58.4	it appears he's wearing an LA Kings t-shirt. Is that Mr. Len Penzo? Yes, it is. And I'm wearing that to try and stay cool. It's so hot here. By the way, you know, I'm in the middle here of, I'm going to the dentist tomorrow. And so as you know, I have my routine when I go to the dentist. I never floss ever, except three days before I go to the dentist. So I'm in that time period. It just don't. Every time I've told you now, the hygienist can never tell. They always compliment me on how good of a flosser I am. And all you have to do is do it three days before you go to the dentist. It's like Len found a loophole. It is all excited about it. It is a loophole.
2:35.4	Why is like getting by the hygienist like the meaning of life?
2:39.2	He's like he's preparing to meet St. Peter at the gates.
2:42.1	Instead, it's his hygienist who's the one he's worried about.
	...

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