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You're not asking for advice, you've just got your viewpoint and sticking with it regardless of what wiser people are telling you.
The OP needs to do retirement planning. For starters, go to social security online and have it estimate what you are going to get when you retire. Look at that number and ask yourself if you can actually live on that. The answer for the vast majority of people is going to be a big NO, which is why we invest in retirement.
Unless you're that strapped for cash, it's a good idea to contribute enough to get the match. It's basically free money.
It's not always free money if you're not going to be there long enough to get the match (which sounds like five years in the OP's case after he joins the plan) and the fees are high relative to what you put in. If you are going to be somewhere for a year, don't make that much money, and have a pre-tax 401k with a relatively high fee, using that money for a low/no-fee Roth with a place like Vanguard might be a better option.
For example, I had people join the pension plan at my work, which you can't get for 6 years, then they left before they were there for 6. Most people I know who left were *very close* to vesting but not quite there yet. They could have joined an investment plan that vested after 1 year and bought into a pension if they'd stayed for 6 years, so they gave all that "free money" the employer would have put into their retirement for 5-6 years (some years there was no employee contribution- so there is not even that to show for it). That's 5 years down the tubes where all they get back is what they put into a pension.
And I've had co-workers argue with me saying stupid stuff like, "Why in the world would you want to lock up money until you are aged 70?". My favorite stupid comment is, "I will worry about retirement when its time for me to retire".
Probably because most people feel that retirement is something way in the future. But eating and living is right now
Not my philosophy because I have my personal savings account building
So you've missed out on contributing to your 401(k) for 12 years? Oh, man, you seriously need to contribute to it now and perhaps the max allowed. Have you even done any retirement planning? Because you might be in for a real shock when it comes time to retire.
I'm older now and understand the importance of saving after experiencing numerous layoffs and my.apt building being sold and having to move
That doesn't answer my question. There are plenty of stable jobs with rock-solid companies that pay well. Why not look for one of them?
Unless you're saying that you work in a stable and prefer to stay with that kind of work. If that's the case, then you definitely aren't going to be making much money.
I have a seven figure 401K. I always contributed even when dead broke. I rather skip eating and buying soap then not give in at least enough to get the match.
I have a seven figure 401K. I always contributed even when dead broke. I rather skip eating and buying soap then not give in at least enough to get the match.
Well done. Also aided by the tremendous stick market run up the last 7 years.
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