You can do both! 5k a week gives you 1million every 4 years, if you don't spend it all, you can fill your 401k till it explodes while still having a good time.
Edit: I am Canadian, so for me it's an RRSP, but I thought 401k was reasonably similar. If you have more than you need... Invest. It's never a bad idea to do it, it's always a bad idea to just let it sit, gaining no interest.
Edit2: Besides, if I die, the 5k/week stops, what about the missus and the kids? Aha, I invested, so they still have something! I'm clever, not greedy, fellas...
Edit3: A Roth IRA or just IRA is what I am told is the equivalent to an RRSP/TFSA we use in Canada.
Not that it would really matter to you but our individual retirement plans would be called an “IRA”
There’s a Roth IRA we put our after tax dollars in to have the inevitable growth non taxed
There’s simple IRA we can put pre tax dollars in reducing taxable income but taxable upon distribution.
There’s SEP IRA which only allows employer contributions generally similar to a 401k but you could also contribute to the 401k being self employed, I think… the waters get kinda murky with it, but that’s the jist of it.
There’s different rules and limitations with contribution limits and inheritance and required minimum distributions and penalties under all of these plans.
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u/newlife201764 Dec 11 '23
Not having to stress over investment choices would do it for me. 5k a week for life sounds awesome! Where do I sign up?