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Old 01-16-2018, 07:24 PM
 
Location: Forests of Maine
30,692 posts, read 49,476,475 times
Reputation: 19136

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Quote:
Originally Posted by ged_782 View Post
All the 401Ks that my employers have offered have been administered by outside investment firms, like Fidelity or Merrill Lynch, for example. It's a lot like an IRA, but the 401Ks will usually allow higher annual contributions than an IRA, and the 401K contributions can be through payroll deduction. The employer must deposit contributions no later than the 15th business day of the following month (or sooner, in some cases). The employer might also offer a matching contribution, but they can also increase, reduce, or eliminate that contribution (as Charlygal states), at their discretion, with proper notice.


My parents (Silent Generation) had pensions, but most Boomers & later generations are going to be less likely to be eligible for pensions, and will more likely have to rely on Social Security & 401Ks/IRAs for retirement income. I would agree with Tallysmom that it would be best to also consider IRAs and other savings/investments, even with an employer 401K. But the only employer expense for a 401K (outside of the employer contribution, if offered), is usually just a nominal administrative fee paid to the investment group handling the employer's account.
My sister-in-law [two years older than I am] worked for a company that had a 401[K] with 5% match, managed by Fidelity. She passed away 2 years ago, just as she turned 60.

Her company still offers the 401[k].
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Old 01-16-2018, 07:34 PM
 
5,429 posts, read 3,455,723 times
Reputation: 13714
Quote:
Originally Posted by Submariner View Post

My sister-in-law [two years older than I am] worked for a company that had a 401[K] with 5% match, managed by Fidelity. She passed away 2 years ago, just as she turned 60.

Her company still offers the 401[k].
Not getting your point. What is it?
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Old 01-16-2018, 07:44 PM
 
Location: Forests of Maine
30,692 posts, read 49,476,475 times
Reputation: 19136
Quote:
Originally Posted by matisse12 View Post
Not getting your point. What is it?
There are boomers who do have 401[k]s with employer matches.
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Old 01-16-2018, 09:07 PM
 
Location: RVA
2,172 posts, read 1,269,651 times
Reputation: 4492
I am 60, and have never had an employer that didnít have a company match on the 401k. A high school & college friend, same, and we both worked in different private industries and we both have pensions. Both our companies NOW have no pension benefits (mine in 2008, his in 2010 for new employees) but both increased company match significantly for their new hires. Itís all about choices and capabilities.
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Old 01-16-2018, 09:32 PM
 
Location: Mid-Atlantic
25,068 posts, read 23,951,957 times
Reputation: 30985
Quote:
Originally Posted by charlygal View Post
Is a pension really planning? Maybe It's the times we are living in, but I consider retirement planning to be based around personal savings, investments, and 401k/IRA accounts. True pensions are an uncontrollable form of "getting lucky."

I've never worked at a company that offered a pension.
He was born in 1919. That sort of thing was rather common then. You put in your 30 years, there's a little party at the end of your last day, you get some sort of parting gift. So, yes, that was part of retirement planning.
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Old 01-16-2018, 10:15 PM
 
11,939 posts, read 20,403,689 times
Reputation: 19339
Quote:
Originally Posted by ged_782 View Post
All the 401Ks that my employers have offered have been administered by outside investment firms, like Fidelity or Merrill Lynch, for example. It's a lot like an IRA, but the 401Ks will usually allow higher annual contributions than an IRA, and the 401K contributions can be through payroll deduction. The employer must deposit contributions no later than the 15th business day of the following month (or sooner, in some cases). The employer might also offer a matching contribution, but they can also increase, reduce, or eliminate that contribution (as Charlygal states), at their discretion, with proper notice.


My parents (Silent Generation) had pensions, but most Boomers & later generations are going to be less likely to be eligible for pensions, and will more likely have to rely on Social Security & 401Ks/IRAs for retirement income. I would agree with Tallysmom that it would be best to also consider IRAs and other savings/investments, even with an employer 401K. But the only employer expense for a 401K (outside of the employer contribution, if offered), is usually just a nominal administrative fee paid to the investment group handling the employer's account.
Weíve been out of the 401K game for 20 years. We opened a business and we use SEP IRA, and IRAs. We took our 401Ks and dumped them into IRA rollovers. Much happier all round now.

When we had 401Ks, they had high expenses and very vanilla choices. There was a choice of aggressive, medium risk, safer risk and money market. In each category, there were two funds to choose from.

We dumped as much as we could into them while we worked there, in fact husband didnít have a 401k till he was about 9 years in.

I just remember a bunch of places getting busted for 401k shenanigans.
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Old 01-16-2018, 10:46 PM
 
Location: Mid-Atlantic
25,068 posts, read 23,951,957 times
Reputation: 30985
Quote:
Originally Posted by Submariner View Post
I can't tell you how many people on this forum have told me that I am 'lucky' to have served 20-years in the Navy and gotten a pension.
Better than nothing, I guess. My husband was lucky to get his military pension. The Army was downsizing, and they were dumping people and projects as fast as they could. They showed him the door not long before his 20.

Some people got nothing--forced out at 18. Some in other commands got a check which was the equivalent of about four years of retirement pay. Congress decided that military personnel who worked in x,y, and z, and had planned to stay until 20 or longer should get something. He got about 60% of what had been promised.

Yes, you were lucky to have gotten a pension. Not everyone did.
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Old 01-16-2018, 10:49 PM
 
Location: Mid-Atlantic
25,068 posts, read 23,951,957 times
Reputation: 30985
Quote:
Originally Posted by mathjak107 View Post
Anything someone has that you don't get or have will always be looked at as having achieved that by LUCK
Isn't that the truth.
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Old 01-16-2018, 11:13 PM
 
Location: Mid-Atlantic
25,068 posts, read 23,951,957 times
Reputation: 30985
Quote:
Originally Posted by charlygal View Post
Matches are not required by law. They can go away or be reduced at any time. Mine had been reduced by 1%.
My son's employer doesn't contribute anything, so I advised him to save and invest elsewhere.
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Old 01-16-2018, 11:55 PM
 
Location: Eugene, Oregon
9,173 posts, read 3,015,053 times
Reputation: 13858
Quote:
Originally Posted by VTsnowbird View Post
you think a single person would get $200 a month in food stamps? what do you base that on? And how about waiting lists for subsidized housing, as the population ages, they are just going to get longer.

People with $1,500. per month income would get no food stamps. They are issued on a sliding scale and only those with no income at all, get the full amount.
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