Saving for retirement is one of the biggest concepts we learn as soon as we start earning money; and this money is steered towards employer sponsored retirement accounts like the 401k. What they don’t tell us is how this can take away our financial freedom in the long run. Do retirement accounts lead to long-term loss? Let’s take a moment to talk about that. How do we get back control of the money in our employer sponsored retirement account?
In this episode, you’ll learn why we shouldn’t let our retirement accounts fool us into thinking we’re financially free, and we share the trick to becoming your own bank with your retirement account.
Watch the Full Episode:
Retirement accounts are a place where you put money and lose control. -Chris Naugle
Takeaways
Your dollars are worth more today because in future they will be worth less due to the hidden tax of inflation.
When you put money into your retirement account, you’re not in control. The financial institution you park it in is in control.
We give up control, access and opportunity when we use the employer sponsored retirement account without finding a way to put the money to use today.
We can take out an employer sponsored loan and have up to 5 years to pay that money back.
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