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Right let's trust our retirements to those bulworth's of morality and accountability on Wall st, after all they have proven themselves time and time again!!
This is exactly what Republicans and Conservatives would love for us to do, funnel all that money into companies that are first loyal to themselves, and then the stockholder. After paying multi million dollar salaries and dividends get around to cutting your retirement check.
Imagine how happy you will be when your check is short for this month because the market took an un-forseeable "downturn".
This would be just another avenue into which the middle class is further destroyed while the rich get richer and we continue to manufacture new millionaires from the money of the working class.
Funny you say that. The WSJ has a big article on the state of 401K since this boomer generation are the first ones to retire with a 401K as their "pensions". Guess what...6% per year was not enough. The data is in..401K's will not last retirement.
Now they are all scrambling and recommending 15% per year into your 401K.
The only person you can trust to look after your retirement is yourself. Not the government, not Wall St. and certainly not your employer. They will look after your money in their own interests first.
Start early saving for retirement, take advantage of 401Ks etc., but don't rely on them and don't let emotion get in the way. I retired 8 months ago at the age of 55. While there was not much I could do about all the money I paid into SS, I pulled all my 401K, RBAP, RWBAP, Keogh, etc. away from my employer and into my own IRAs.
As the saying goes, god helps those who help themselves (and I'm an atheist)
Funny you say that. The WSJ has a big article on the state of 401K since this boomer generation are the first ones to retire with a 401K as their "pensions". Guess what...6% per year was not enough. The data is in..401K's will not last retirement.
Now they are all scrambling and recommending 15% per year into your 401K.
Look at it differently .... how much do you need to live on? Then assume a conservative return of 4% on your money. So, if you think you need $40k before tax, then you need $1 million saved. All you need to do then is to figure out how to get there.
Funny you say that. The WSJ has a big article on the state of 401K since this boomer generation are the first ones to retire with a 401K as their "pensions". Guess what...6% per year was not enough. The data is in..401K's will not last retirement.
Now they are all scrambling and recommending 15% per year into your 401K.
Isn't that more due to the fact that they didn't accurately calculate how much they would need to put into their 401k? I would never put 6% into my 401k, not if I was actually planning to retire. It's not that difficult to figure out how much you should set aside into your retirement accounts to ensure that you can retire.
Isn't that more due to the fact that they didn't accurately calculate how much they would need to put into their 401k? I would never put 6% into my 401k, not if I was actually planning to retire. It's not that difficult to figure out how much you should set aside into your retirement accounts to ensure that you can retire.
If it wasn't for the tax breaks, a lot would have put zero in. Most people do not start thinking about retirement till they hit their forties.
If it wasn't for the tax breaks, a lot would have put zero in. Most people do not start thinking about retirement till they hit their forties.
I think that's starting to change. I know that at least in my group of friends (late 20's early 30's) we've all got retirement accounts opened up. My husbands employer even has a retirement calculator so that you can figure just how much of your check you need to set aside into your 401k in order to retire with XX amount of money.
I think that's starting to change. I know that at least in my group of friends (late 20's early 30's) we've all got retirement accounts opened up. My husbands employer even has a retirement calculator so that you can figure just how much of your check you need to set aside into your 401k in order to retire with XX amount of money.
That is good news.
Just remember, the only person that really cares about your money is you.
Just remember, the only person that really cares about your money is you.
Lol oh we know. We don't want to have all our eggs in one basket so we're looking at other retirement accounts to open up as well. When the market crashed we watched some of our friends and family members lose a huge chunk of their retirement money.
In the end though we're all in the same sinking boat.
It's just hitting folks at different times.
All the private sector job cuts happened and now the knife turns to public sector jobs.
When the dust settles the US will be a mere shadow of itself.
Good point. I just don't like how public workers are being attacked for something that we really don't have control over as well. I don't sit down and negotiate my salary, they just take money out of my check in order to collective bargain.
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