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Old 04-19-2016, 10:32 AM
 
Location: SW Florida
9,778 posts, read 7,063,873 times
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Quote:
Originally Posted by Serious Conversation View Post
If anything, the rude attitude is likely to harden their position.
That's what I figure too.
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Old 04-19-2016, 10:32 AM
 
Location: NC Piedmont
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Quote:
Originally Posted by AZDesertBrat View Post
But WILL they save it up on their own? People can always find 'other things' to spend that money on and do.
I was responding to someone else's comment about many not having had access to 401k plans during their career. My point was/is that I think it is a cop-out to say I can't save for retirement unless my company has a 401k. No, I don't think they will save on their own. We have a poor rate of participation among the younger employees even though there is some matching. We like to call it free money but there is a catch - you have to put some you earned with it and you can't touch it until it has ballooned into a lot more (most likely). I have turned into an old crank in the eyes of some of them I am sure. I tell them I am putting my oldest through a highly rated private college (just a few more quarters left) for $7K. The trick is it is $7K I put away in the late 80s when I was in their shoes. They roll their eyes; can't imagine anything that far away.
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Old 04-19-2016, 10:58 AM
 
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Save first, just have it taken out of your check and put somewhere hard to get to like something you'd have to cash out and then have transferred to your bank account etc. rather than being able to get right at it.

As for style?

Well, frankly I think it's like any 12-step program....if they don't want to change they won't....and whatever motivates them is their business.
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Old 04-19-2016, 02:20 PM
 
2,676 posts, read 1,078,108 times
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Quote:
Originally Posted by cdelena View Post
I agree but more and more we have government that wants to take care of people that simply failed to do it themselves and in every case it costs the rest of us either in taxes or a reduction in some other area.

Unfortunately we live in a period that distorts consequences.
You mentioned "it costs the rest of us either in taxes or a reduction in some other area" to which I wondered the following.
I'm curious if your country has the same type of fund that we do. I googled but did not find a definitive answer. In Canada we have federal pension fund that automatically deducts a set contribution from every single worker's paycheck throughout their entire working lives and from which retirees will receive a monthly check reflecting the amount each person contributed into the plan. It's not perfect.

I can think of a few possible reasons why people fail to do it themselves, like the effect of stock market crash, expensive medical bills, disabilities, poverty (ie the working poor), robbery, &c. But laziness is also there.
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Old 04-19-2016, 02:31 PM
 
825 posts, read 567,105 times
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Quote:
Originally Posted by kitty61 View Post
You mentioned "it costs the rest of us either in taxes or a reduction in some other area" to which I wondered the following.
I'm curious if your country has the same type of fund that we do. I googled but did not find a definitive answer. In Canada we have federal pension fund that automatically deducts a set contribution from every single worker's paycheck throughout their entire working lives and from which retirees will receive a monthly check reflecting the amount each person contributed into the plan. It's not perfect.

I can think of a few possible reasons why people fail to do it themselves, like the effect of stock market crash, expensive medical bills, disabilities, poverty (ie the working poor), robbery, &c. But laziness is also there.
In the USA, the only government-enforced savings we have is the Social Security/Medicare payroll tax. It's not much to live on in retirement.

I'm curious about Canadian pension amounts. How much pension would different citizens receive if they:

1. earned minimum wage all their lives

2. earned a middle-class salary all their lives

3. were a high earner, say more than $100k/year
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