Nick

Another interesting change, the default contribution. The percentage of your paycheck that was defaulted into a retirement account was 3%, but now it's 5%. So basically, they nudged you to save a little bit more money. And those nudges resulted in more millennials on pace to become 401k millionaires.

Another interesting change, the default contribution. The percentage of your paycheck that was defaulted into a retirement account was 3%, but now it's 5%. So basically, they nudged you to save a little bit more money. And those nudges resulted in more millennials on pace to become 401k millionaires.

When I had a 401k, I started with just 3% because I felt like I needed every dollar. Eventually I got to 5%. I finished with 10%. I never contributed 15% of my income to savings. No, but these psychological tweaks have changed the game, Jack. I mean, now if you start saving 15% of your income, your future shuffleboard court is going to be paved in gold. Boca del Vista, baby.

When I had a 401k, I started with just 3% because I felt like I needed every dollar. Eventually I got to 5%. I finished with 10%. I never contributed 15% of my income to savings. No, but these psychological tweaks have changed the game, Jack. I mean, now if you start saving 15% of your income, your future shuffleboard court is going to be paved in gold. Boca del Vista, baby.

When I had a 401k, I started with just 3% because I felt like I needed every dollar. Eventually I got to 5%. I finished with 10%. I never contributed 15% of my income to savings. No, but these psychological tweaks have changed the game, Jack. I mean, now if you start saving 15% of your income, your future shuffleboard court is going to be paved in gold. Boca del Vista, baby.

So Jack, what's the takeaway for our buddies saving for retirement? The best saving strategy? is to forget your password. Yeah, yeah, it's a funny thing, but I had an IRA account that began when I worked at a bank. I carried it through three different jobs. But confession, I haven't signed into that account in three years. Because you purposely forgot your password. Yeah, I really did, Jack.

So Jack, what's the takeaway for our buddies saving for retirement? The best saving strategy? is to forget your password. Yeah, yeah, it's a funny thing, but I had an IRA account that began when I worked at a bank. I carried it through three different jobs. But confession, I haven't signed into that account in three years. Because you purposely forgot your password. Yeah, I really did, Jack.

So Jack, what's the takeaway for our buddies saving for retirement? The best saving strategy? is to forget your password. Yeah, yeah, it's a funny thing, but I had an IRA account that began when I worked at a bank. I carried it through three different jobs. But confession, I haven't signed into that account in three years. Because you purposely forgot your password. Yeah, I really did, Jack.

You didn't want to think about your retirement account because you're still decades from retiring. Yeah, I mean, I should point out, Jack, I check my other money daily. You know, I check my checking, my savings, my brokerage, my crypto, my A&M. We do the monthly brunch with Molly. But retirement account, I don't want to touch it, so I don't want to look at it, so I forgot the password.

You didn't want to think about your retirement account because you're still decades from retiring. Yeah, I mean, I should point out, Jack, I check my other money daily. You know, I check my checking, my savings, my brokerage, my crypto, my A&M. We do the monthly brunch with Molly. But retirement account, I don't want to touch it, so I don't want to look at it, so I forgot the password.

You didn't want to think about your retirement account because you're still decades from retiring. Yeah, I mean, I should point out, Jack, I check my other money daily. You know, I check my checking, my savings, my brokerage, my crypto, my A&M. We do the monthly brunch with Molly. But retirement account, I don't want to touch it, so I don't want to look at it, so I forgot the password.

Now, I check my retirement accounts monthly like all my other accounts, but I respect this forget your password pause. Jack, ahead of this episode, I did check the account for the first time in three years. It's got $200,000 of it after a decade of contributions. I haven't been paying attention. Congrats. And the power of compounding gains after a long period of time is wild.

Now, I check my retirement accounts monthly like all my other accounts, but I respect this forget your password pause. Jack, ahead of this episode, I did check the account for the first time in three years. It's got $200,000 of it after a decade of contributions. I haven't been paying attention. Congrats. And the power of compounding gains after a long period of time is wild.

Now, I check my retirement accounts monthly like all my other accounts, but I respect this forget your password pause. Jack, ahead of this episode, I did check the account for the first time in three years. It's got $200,000 of it after a decade of contributions. I haven't been paying attention. Congrats. And the power of compounding gains after a long period of time is wild.

Okay, so Jack, if the stock market continues to gain on average 8% a year like it has, and I don't touch that 200,000 bucks, it'll be worth $2 million in 30 years when I retire. That's right. Gaining 8% per year, your money will 10X in 30 years. So yes, besties, check your finances frequently. But your retirement account, maybe you forget that password.

Okay, so Jack, if the stock market continues to gain on average 8% a year like it has, and I don't touch that 200,000 bucks, it'll be worth $2 million in 30 years when I retire. That's right. Gaining 8% per year, your money will 10X in 30 years. So yes, besties, check your finances frequently. But your retirement account, maybe you forget that password.

Okay, so Jack, if the stock market continues to gain on average 8% a year like it has, and I don't touch that 200,000 bucks, it'll be worth $2 million in 30 years when I retire. That's right. Gaining 8% per year, your money will 10X in 30 years. So yes, besties, check your finances frequently. But your retirement account, maybe you forget that password.

When you finally do check it, might have an extra zero at the end of it.

When you finally do check it, might have an extra zero at the end of it.

When you finally do check it, might have an extra zero at the end of it.