Starbucks Baristas: The daily grind
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eli5 starbucks future roast plan (self.starbucksbaristas)
submitted by artemishasfallen
i am slow and bad at understanding money plans
289partnerofq 2 points 1y ago
If you’re still having trouble, call fidelity. They are extremely helpful. But set up your 401k ASAP!! It’s literally free money for your future :)
289partnerofq 2 points 1y ago
5% match. You put in 5% of your paycheck. They match it. Example: you put $10 of your paycheck, Starbucks puts $10 in themselves. Essentially, free monies for retirement. 2 types of 401k’s the siren offers. Roth401k and traditional 401k.
Roth is recommended for younger workers who believe they’ll be In a higher tax bracket later in life, which you most likely will when you’re older. I have a Roth. Not rlly a true eli5. But still easy to understand hopefully:) there’s a lot more fine details when it comes down to roth vs traditional. But simplified, younger = Roth. Older= traditional. Go with Roth.
Roth is recommended for younger workers who believe they’ll be In a higher tax bracket later in life, which you most likely will when you’re older. I have a Roth. Not rlly a true eli5. But still easy to understand hopefully:) there’s a lot more fine details when it comes down to roth vs traditional. But simplified, younger = Roth. Older= traditional. Go with Roth.
artemishasfallen [OP] 1 points 1y ago
i don’t lose anything (other than 5% per paycheck) by being partnered with it, right? i don’t lose money if i stop working with starbucks or something?
289partnerofq 2 points 1y ago
Nope! Eventually when you leave Starbucks, the money you contributed and the money that Starbucks gave you is yours to keep. Ofc you can’t touch it until you’re 59 and a half without paying tax penalties. But worst comes to worst, with a Roth you can withdrawal the money that only you contributed early without tax penalties.
The 5% you barely notice missing from your paycheck honestly.
The 5% you barely notice missing from your paycheck honestly.
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