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It's just really hard to save when you are barely making ends meet. And that is the case for many American families.
I understand. I also understand that a heck of a lot of people make lousy financial decisions and live well beyond their means their entire working lives. Electronics, phone plans, internet plans, cable TV and coffee suck the retirement out of a lot of people. It's easy to fall into the trap of consumerism.
since 90% of all companies offer some type of 401k, and anyone working more than 10 years would have more than 30k is savings (you really cant touch the 401k money until retirment time anyhow, with out paying an IRS penalty)
hmmm guy making 60k a year....contriutes 5% (plus gets company matching (((but we WON'T count that))))
that's 3k a year....10 years to have saved 30k (and its INVESTED so its GROWING all the time)
would have 30k in 5 years if they contribute 10% (even less with employer matching)
as far as i am aware, i have never worked for an employer that offered some type of 401k, i have never had any employee benefit beyond free fountain drinks at a convenience store.
If a person doesn't have the self-discipline to save for retirement, then they should work into old age and not retire. Why do we reward bad behavior at the expense of the people who are responsible enough to save for themselves?
We should make SS voluntary and if that means 1/3 of people still have to work when they are 75 years old, then that is their fault.
How much do you expect someone with student loan debt and a minimum wage job to save for retirement?
as far as i am aware, i have never worked for an employer that offered some type of 401k, i have never had any employee benefit beyond free fountain drinks at a convenience store.
Quote:
Originally Posted by freemkt
Small min-wage businesses don't. I worked for Little Caesars and never heard of a 401k, or any other benefits. Same for Domino's and Papa Johns.
really now...should I call you on that???
mcdonalds...offers 401k, with matching (one of the most generous employeers out there as far as matching)
pizza hut...not only a 401k but also a profit sharing plan
little caesars...401k
dominoes...not only a 401k, but also profit sharing
walmart...401k and profit sharing
almost all companies out there offer some type of 401k.....my local deli offers its people a 401k
If a person doesn't have the self-discipline to save for retirement, then they should work into old age and not retire. Why do we reward bad behavior at the expense of the people who are responsible enough to save for themselves?.
Bwahaha, yea, I bet the average fast food worker is going to be maxing out their 401K!!!
First the complaint is that min wage workers don't have access to a 401K and now you are complaining that they can't max it out when they start working?
Neither are homeowner taxes: property and school, nor maintenance.
Can't you do anything but feel sorry for yourself.
You make your lot in life.
No one else.
Sheesh.
It's always easier to blame the victim than face actual societal problems, but during the recession there were many, many workers in their 50s and early 60s who lost their jobs and due to outdated skill sets and/or age discrimination have been forced into an early retirement, along with being forced to cash out their 401ks which took a major hit at the same time.
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