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Old 06-28-2013, 01:54 AM
 
33,016 posts, read 27,388,296 times
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Quote:
Originally Posted by jerseygal4u View Post
Where have you been the last 10 years?
Employers have been doing away with contributing to retirement accounts.

It's our two-tier society in action. What's happening is that workers with the best jobs are the ones still enjoying employer retirement matches, while everyone else either has no retirement plan at work or has no employer match.
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Old 06-28-2013, 01:56 AM
 
33,016 posts, read 27,388,296 times
Reputation: 9074
Quote:
Originally Posted by SamBarrow View Post




Look it up. It's pretty much common knowledge. Social security was never in any way intended to be a retirement plan.



Poor you. Somehow I manage to do it.

Man, this country is screwed.

How much do you expect minimum wage workers to save for retirement?
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Old 06-28-2013, 02:52 AM
 
Location: USA
6,230 posts, read 6,906,412 times
Reputation: 10779
More and more people will be relying on SS as their primary retirement income. Long gone are the days of the 30 year single company career and defined pension plan. 401k's aren't enough by itself. I think the main problem is that people are living longer. Long ago most never made it to retirement or died a few years after.
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Old 06-28-2013, 02:55 AM
 
Location: USA
6,230 posts, read 6,906,412 times
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Quote:
Originally Posted by freemkt View Post
How much do you expect minimum wage workers to save for retirement?

Well hopefully one won't be making minimum wage their entire career. Minimum wage jobs generally have a "rotating door" policy where you will be fired before long.
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Old 06-28-2013, 02:55 AM
 
6,137 posts, read 4,853,557 times
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Quote:
Originally Posted by freemkt View Post
How much do you expect minimum wage workers to save for retirement?
Well considering that 98% of people don't make minimum wage, much less minimum wage forever, I'll make an exception.

Save a penny a week to show some effort though.
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Old 06-28-2013, 05:16 AM
 
Location: USA
13,255 posts, read 12,100,383 times
Reputation: 4228
I'd like to see our income levels broken down by population percentage. I'd be willing to bet we're trending down towards an increasingly high portion of the population on the lower end of the income spectrum.

That's bad because those entering into the workforce are making the least regardless of education.
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Old 06-28-2013, 11:47 AM
 
Location: NJ
18,665 posts, read 19,934,632 times
Reputation: 7314
Quote:
Originally Posted by freemkt View Post
It's our two-tier society in action. What's happening is that workers with the best jobs are the ones still enjoying employer retirement matches, while everyone else either has no retirement plan at work or has no employer match.
The 2nd tier are MCJob's. Advance past working those. Having a 401k is hardly an exclusive club.

Last edited by bobtn; 06-28-2013 at 12:26 PM..
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Old 06-28-2013, 12:09 PM
 
Location: Londonderry, NH
41,478 posts, read 59,660,138 times
Reputation: 24860
What about all the folks that invested their 401k's in the stock marker and were devastated in the 2007 collapse? Did you have 30 years of investment just dissappear? Are you trying to increase your savings at 0.5% interest? Have you see your career job replaced with a robot or moved over to China? Or are you one of the know it all executive theives with more money than they need?

FWIW - We have a small house we have been in for 35 years, a 10 year old Buick sedan, a 42 in TV and more books than we can count. The mortgage is paid off, we paid cash for the car and the TV is 11 years old. We always knew the difference between what we needed and what the advertizers told us to want. I can afford to retire.
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Old 06-28-2013, 12:25 PM
 
Location: NJ
18,665 posts, read 19,934,632 times
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Quote:
Originally Posted by GregW View Post
What about all the folks that invested their 401k's in the stock marker and were devastated in the 2007 collapse? Did you have 30 years of investment just dissappear?.
By 2013, the stock market was higher than before the crash. If I took my 2007 401K, adjusted for new money put in, adjusted for 5% growth annually..it would be less than my 401K now.

It isn't January, 2009. the DJ is not at 7,000.
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Old 06-28-2013, 12:27 PM
 
1,614 posts, read 2,067,945 times
Reputation: 804
Quote:
Originally Posted by jerseygal4u View Post
Prove it.
I thought it was supposed to be retirement income?

What's the point of them taking money out of my paycheck for something that's supposed to be supplemental?

Something isn't making sense....my employer doesn't offer a retirement plan.
Between you and your employer, roughly 12.4% of your salary gets paid into S.S every working year.

Is that enough for you to retire on? According to SSI, if you averaged 50,000 a year during your career, you'll get 1,250 a month from social security to retire on.

Is 15,000 enough?

Most experts recommend you save at least 15% of your income. If you haven't already, you can set up your own 401k or Roth IRA, and start putting pre-tax income into it.
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