Starbucks Baristas: The daily grind
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Really Greatful today for the Starbux 401K (self.starbucksbaristas)
submitted by purseEffphony
I am a green bean and have gotten enrollment info from starbucks for the 401K plan as a 45 year old with zero retirement savings atm (due to life challenges forcing me to raid my last IRA to survive-- 0/10 do not recommend) I am looking forward to start investing/saving for retirement again. Even if I cant spare saving a lot right now. At least it is SOMETHING.
When I started working at Starbucks, I was down to my last $10 in cash (I do have family to help but I dont want to be reliant on them) that $10 was the last of my grocery/gas money. So right now I am so greatful for my job and my amazing co-workers. It has been a blessing so far to say the least.
When I started working at Starbucks, I was down to my last $10 in cash (I do have family to help but I dont want to be reliant on them) that $10 was the last of my grocery/gas money. So right now I am so greatful for my job and my amazing co-workers. It has been a blessing so far to say the least.
[deleted] 6 points 1y ago
[deleted]
jpnotaru15 0 points 1y ago
This isn’t great advice. Not saying Roth is bad, but the circumstances are different for each person.
When you withdraw from your traditional 401k in retirement, you start from the standard deduction (literally $0 tax) and work your way up through the lowest tax brackets. Income also tends to go down in retirement, not up.
With Roth contributions, you’ve locked in paying tax at your highest bracket right now. At minimum, a person should consider having a mix of both. I tend to lean traditional as being more optimal. Roth *might* be better, but it really depends on OP’s current income level and whether he/she is married, has a working spouse, etc.
When you withdraw from your traditional 401k in retirement, you start from the standard deduction (literally $0 tax) and work your way up through the lowest tax brackets. Income also tends to go down in retirement, not up.
With Roth contributions, you’ve locked in paying tax at your highest bracket right now. At minimum, a person should consider having a mix of both. I tend to lean traditional as being more optimal. Roth *might* be better, but it really depends on OP’s current income level and whether he/she is married, has a working spouse, etc.
platonicbae 3 points 1y ago
i’m so happy for you!
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