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(GLARE) When rent consumes half your income, you're probably not going to be socking away money in a retirement plan.
Then it's time to get a better paying career or move to a low cost of living area. From my understanding you're making McWages while living in Portland, a city that has an increasingly high cost of living.
Have fun having to rely on SS alone when you can't work anymore and have no savings. A small contribution to a 401k (especially with a match) can make a big difference.
That is one reason Medicaid and state budgets are burdened. Medicaid pays the Medicare Part B premiums for poor SS recipients. People living on SS alone generally pay half their income for rent, but government subsidizes them with Medicaid, food stamps, and other freebies. In that sense, it's not just 'their' problem, it's a big problem for taxpayers.
It is probably unrealistic to expect people to save for retirement when rent consumes half their income.
And some are married to high compensated employees and only work to add to the amount they and their spouse can save. (That would be my wife.) Everyone's circumstances are different.
The "janitor" who owned and operated an automotive service garage?
I just wished Roth IRA would allow older people to contribute more towards their it to somewhat catchup ...maybe allow people who are 50 yrs old or above contribute $10k per year instead of the $5,500 plus additional $1k(for 50yrs older). There are those who might not have had the funds when they were a bit younger, but now do.
I just wished Roth IRA would allow older people to contribute more towards their it to somewhat catchup ...maybe allow people who are 50 yrs old or above contribute $10k per year instead of the $5,500 plus additional $1k(for 50yrs older). There are those who might not have had the funds when they were a bit younger, but now do.
If you have self-employment income you can contribute up to $53,000 a year (but not more than 1/4 of your self-employment income) to a SEP-IRA.
Best way to get employers to offer retirement plans?
That's the wrong question.
q: What's the best way to get people into retirement plans?
a: The same as getting them into health insurance plans:
Side Step the Employer relationship altogether.
q: What's the best way to get people into retirement plans?
a: The same as getting them into health insurance plans:
Side Step the Employer relationship altogether.
q: What's the best way to get people into retirement plans?
a: The same as getting them into health insurance plans:
Side Step the Employer relationship altogether.
??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? How does your "answer" get minimum wage workers into either retirement plans or health insurance plans??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ???
How does your "answer" get minimum wage workers into either retirement plans
or health insurance plans???
It doesn't.
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