Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
true. i admit that a lot of my opinion comes from my own personal circumstances. its also impacted by my politics in a way because i have a complete lack of trust in government. i have no 401k option through work. i contribute to an IRA but it makes up a very small % of my total savings. so its not very important to me.
the biggest obstacle we have to wealth building is believing our own bull-*****
we have had quite a few here over the years in the economic and investing forums who were a whole lot poorer because of what they believed in their heads . JOT ring a bell for one ?
How could you be negative about 401K plans if you have worked for years while earning a decent salary?
It allows you to net more money in your weekly paycheck, diverts taxes until your you choose the right time and conditions, meaning you can be in a lower tax bracket and it’s a savings plan for the future which allows under certain conditions that you can borrow money from the fund.
It’s not really a matter of liking it or not but rather, will you benefit from it or not?
I'm very grateful to have had the 401k (403b) option: I started putting money into my accounts during my early thirties (after grad school), have increased my contributions incrementally since then (to over 25% of my income), and now in my early 50s I have a nice nest egg growing that I can work on and plan with. Given my financial habits 20+ years ago, I don't think I would have saved all of that money on my own. An added benefit: saving lots of money in the 403b has forced me to live below my means and prioritize my expenses. It's interesting to think that when I retire (age 62-65), my 403b, pension, and Social Security payments will put me at or above my current pre-tax and pre-savings income. I probably won't have to take a big lifestyle hit, and I probably won't have to sell the house and live on the proceeds if I don't want to.
You should be, think of all those who worked for small private sector firms all their career and have nothing but Social Security. Or those self employed who used deductions to reduce their income (or under reported it) who don't even have much of that.
true. i admit that a lot of my opinion comes from my own personal circumstances. its also impacted by my politics in a way because i have a complete lack of trust in government. i have no 401k option through work. i contribute to an IRA but it makes up a very small % of my total savings. so its not very important to me.
I don't trust the government or the money system, either. If you're stuck in the money system, might as well maximize the game.
I don't trust the government or the money system, either. If you're stuck in the money system, might as well maximize the game.
i do hear that and i do contribute to an ira in the hopes that it will earn me more than if i didnt. but i would be very concerned if it was a large % of my savings. the government has made it clear that there are no guarantees on what they do with that money in the future. when it comes to my situation, i dont expect to make out better in a tax advantaged account. but the odds are different i think the less your income and less your savings.
i do hear that and i do contribute to an ira in the hopes that it will earn me more than if i didnt. but i would be very concerned if it was a large % of my savings. the government has made it clear that there are no guarantees on what they do with that money in the future. when it comes to my situation, i dont expect to make out better in a tax advantaged account. but the odds are different i think the less your income and less your savings.
You could be right. It's impossible to say for sure. I half wonder if any of these economics discussions are going to matter.
You should be, think of all those who worked for small private sector firms all their career and have nothing but Social Security. Or those self employed who used deductions to reduce their income (or under reported it) who don't even have much of that.
Both scenarios apply to my father, who never developed a savings mentality when he worked for a large corporation, a small private company, and for his own small business as a self-employed shopkeeper. If he had had access to a 401k or 403b, he might have had a more fulfilling retirement, but even a lot of people with the option do not use it.
The key is to save--in a 401k/403b or something else--and try to have some positive control over future income.
i do hear that and i do contribute to an ira in the hopes that it will earn me more than if i didnt. but i would be very concerned if it was a large % of my savings. the government has made it clear that there are no guarantees on what they do with that money in the future. when it comes to my situation, i dont expect to make out better in a tax advantaged account. but the odds are different i think the less your income and less your savings.
What could the government possibly do? Sure they could change the tax policy, but as far as a "money grab".... I don't see it happening. And if it could happen, then it could happen with any non-IRA account as well.
I don't trust the government or the money system, either. If you're stuck in the money system, might as well maximize the game.
it is always best to plan around what was , what is and what stands a reasonable chance of continuing . thinking this time will be different has caused so many to give up growth and wealth because they bet on the fliers or the visions they dream up in their heads . i used to get the gold bug letters with their forecasts of doom back in the 1980's . glad i did not follow their give up paper asset logic and pile in to gold . .
gov't still has to do what is right and politically correct if they want their jobs . 80 million voting boomers says they would be nuts to do anything that turned us against them as it would be political suicide .
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
