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401Ks began in 1978 which still makes them relatively young. So it is no surprise that a lot of people do not have them.
Whoever only has 200k in them only has themselves to blame. Put more in. Get rid of cable <gasp!> and save that for retirement.
People nearing retirement should only be partially in equities. That is Common Sense Investing 101.
Most people should find a good financial planner. You are one such person.
Right, cuz 40 years just isn't even time for people to sign up.
You do realize that the point is that people don't join, under contribute and nearing retirement still need anywhere from 50-70% equities, right?
Point is, left to their own devices people have not shown they can do better on their own. Thanks for confirming it.
If you knew what I have accumulated on an average pay, and the average annual return I have achieved in my lifetime, you would be . I am the exception to the rule. But, thanks for playing.
You want to pay a financial advisor, have at it! I have no need for one.
Right, cuz 40 years just isn't even time for people to sign up.
You do realize that the point is that people don't join, under contribute and nearing retirement still need anywhere from 50-70% equities, right?
Point is, left to their own devices people have not shown they can do better on their own. Thanks for confirming it.
If you knew what I have accumulated on an average pay, and the average annual return I have achieved in my lifetime, you would be . I am the exception to the rule. But, thanks for playing.
You want to pay a financial advisor, have at it! I have no need for one.
WRONG!!! Galveston has proven it does work. 401ks prove it does work.
Social security is taken out of every single paycheck. It is our money for our future. But the government has borrowed these funds to pay for other government spending. And now evidently, they can't pay it back.
It is not your money. You have no contractual or property right to any of your prior contributions.
Socialist Security and Mediwelfare are standard, pay as you go, tax ad spend welfare entitlement programs. They just have less stigma attached to them than welfare programs for poor people because they have a specific tax that makes you think you are contributing to an account. You aren't, any more than your general income taxes are set aside in some account.
Standard welfare programs that Congress has 100% legal and constitutional right to change, alter or abolish any time they please for any reason they please. Accept it.
Oh, so you’re saying it’s a failure that a person who only paid in for 12 years is getting between $1500 and $200 a month?
ROFLMAO.
Please tell me how much SS he would have received if he started putting into SS at 20 and began taking his benefits at 32.
You do realize that he only contributed to that system for 12 years don’t you?
Wow, you sure did step in it on that one.
Read it again, the part where he switched from SS to a private plan ran out in 10 years.. He is living on the SS from a previous job, where he did not opt out foolishly.
The idiot still defends a system, that failed him. Without SS, he would be screwed!
But it's probably one of the most effective government programs ever created. I posted the statistics on senior poverty before SS, not sure if you read it. Love it or hate it, but it works pretty well and can continue to work if we care enough to tweak it.
Anyway, if you want to opt out, more power to you I'm going to keep paying in.
Oh, you can survive on peanut butter sandwiches, but that would not be my first choice on my mainstay diet.
The privatized plan used in Galveston is far superior to SS. That is the road to go.
Right, cuz 40 years just isn't even time for people to sign up.
You do realize that the point is that people don't join, under contribute and nearing retirement still need anywhere from 50-70% equities, right?
Point is, left to their own devices people have not shown they can do better on their own. Thanks for confirming it.
If you knew what I have accumulated on an average pay, and the average annual return I have achieved in my lifetime, you would be . I am the exception to the rule. But, thanks for playing.
You want to pay a financial advisor, have at it! I have no need for one.
Judging from your inane numbers and ignorance veiled as arrogance, you of all people need one. People left to their own devices includes YOU.
Read it again, the part where he switched from SS to a private plan ran out in 10 years.. He is living on the SS from a previous job, where he did not opt out foolishly.
The idiot still defends a system, that failed him. Without SS, he would be screwed!
Is that pooh on your shoes?
Simple question.
How long did he contribute to the private system? (If you can do very simple math, it’s in the story)
We pay into the system but it's so insolvent that there is a snowball's chance on Mercury of it still being around by the time we're ready to use it. Why aren't we demanding that Congress fix the problem and stop spending further? It's already broke and now they're on their way to bankrupting the IOUs on it.
Because then we would have a fica tax to pay but no benefits. That would be stupid.
A 401K is not anything like SS. Read up on annuities. And the term "risk-adjusted".
The fellow from Galveston took his best shot and ran out of money in ten years. That is some success story you are touting.
How long did he contribute to the plan?
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. I am the exception to the rule. But, thanks for playing. 
