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I wonder if the government will punish the people who were responsible and saved.
That wouldn't be fun.
Plenty of friends I know in their 30s have no retirement savings. I plead and plead with them, but a vacation to Disneyworld with their kids is far more important.
I wonder if the government will punish the people who were responsible and saved.
I wonder about that too sometimes, there has been talk of "means testing" social security in the past, maybe in the future having saved for retirement in a regular 401k will mean taking the money out faster than a certain rate will mean you have an "income" above a certain rate and you will have your social security check reduced by a certain amount. I do worry about that, and think maybe Roth is the way to go, I can't predict the future though.
Plenty of friends I know in their 30s have no retirement savings. I plead and plead with them, but a vacation to Disneyworld with their kids is far more important.
That really amazes me. They're going to be in for a rude awakening unless they're sitting on a big inheritance (not guaranteed) or plan on winning the lottery.
Saving is easy. Pay yourself in a tax deferred plan and you'll never miss the money.
I wonder about that too sometimes, there has been talk of "means testing" social security in the past, maybe in the future having saved for retirement in a regular 401k will mean taking the money out faster than a certain rate will mean you have an "income" above a certain rate and you will have your social security check reduced by a certain amount. I do worry about that, and think maybe Roth is the way to go, I can't predict the future though.
I hedge my bets and go with both (and then fund even more in after-tax accounts if possible!)
Saving is easy. Pay yourself in a tax deferred plan and you'll never miss the money.
And it's rewarding in a way.
I signed up for an account on https://www.networthiq.com/ and update monthly and enjoy watching the Net Worth trend line climbing higher and higher in the postive direction. It really is a good feeling.
Have not contributed to a 401K since 2007 when I changed jobs to a company that didn't have a match and I wanted more cash flow. But for quite a while I contributed the IRS max to my 401K and took advantage of the employer match. Invested for growth. Never in company stock.
Also have a separate IRA for $125K and taxable account comparable in value to the 401K.
Have not contributed to a 401K since 2007 when I changed jobs to a company that didn't have a match and I wanted more cash flow. But for quite a while I contributed the IRS max to my 401K and took advantage of the employer match. Invested for growth. Never in company stock.
Also have a separate IRA for $125K and taxable account comparable in value to the 401K.
nicely done. you seem to be on the right track. cheers!
I signed up for an account on https://www.networthiq.com/ and update monthly and enjoy watching the Net Worth trend line climbing higher and higher in the postive direction. It really is a good feeling.
I've got a spreadsheet that tracks our total net worth daily going all the way back to April 1, 1994. It REALLY helps bring out how "huge" fluctuations way back when are nothing now (remember Autumn of '98, when the markets dropped and Long Term Capital Management was in the news due to its implosion? You don't? Well, it was a Big Deal when it happened, but now it's a teeny tiny blip on the aforementioned spreadsheet). Also puts in immediate, graphic terms just how far we've come.
Something like that is a great tool for anyone and helps the motivation to keep on plugging.
fidelity full view does that for us daily . it includes banks and credit cards in full view also
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