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.
It's going to be interesting once Gen X starts retiring. First generation without much access to pensions and many were late or didn't contribute much to 401ks.
Three more years baby! Started my 401K in 1999, 20 years later it has grown nicely and will be a nice supplement to my private pension, and hopefully, S.S. (if that is not raided by Republicans by the time I'm eligible, which is over 10 years away)
The younger generation are savers, I think, but many owe mortgage sized student loans. How can they ever buy a house, especially considering 7.25% interest? Such a racket.
The number will increase. Many of the people who are retiring now still receive pensions, but those who will retire 15+ years from now for the most part will not have pensions. Gen-X and Millenial retirees will have a very large percentage who will be broke in first 5 years of retirement, and many can't afford to retire at all.
401Ks are NOT delivering what they were advertised to deliver. I remember in the 1990s when I was young, the 401K salesmen would come to the office every year to show their stats and graphs showing how you'll have 5 million in the bank when you retire if you put 10% of your income to their 401Ks starting in your 20s. I have been maxing out since my 20s and I'll never have those numbers. And of course many people put only 5% and others put nothing. Others pulled the money out for emergencies. It is voluntary, so people do as they wish.
Other countries have better ideas, where a certain percentage is taken from the income, and employer matches it, and the money is invested on an account with your name on it. If you work a full career, you can expect to receive 80% of your income from your account. In such system retired people won't become burdens to the society like they do in our system. We have s system which guarantees millions of people becoming burdens, and all we do is preach about personal responsibility. Well, not everyone is personally responsible and those who are responsible will pay for those who were not. Its dumb. We HOPE everyone would be personally responsible, which is a pipe-dream.
"The number will increase" You do not have a very good record in the prediction department.
"but those who will retire 15+ years from now for the most part will not have pensions."
Pensions have been replaced with 401Ks and people have been able to have IRA's for decades now.
Well if people actually lived within their means and planned for retirement they would have plenty of money. You can't live lavishly and spend like a drunken sailor and then complain when you're broke.
Three more years baby! Started my 401K in 1999, 20 years later it has grown nicely and will be a nice supplement to my private pension, and hopefully, S.S. (if that is not raided by Republicans by the time I'm eligible, which is over 10 years away)
The younger generation are savers, I think, but many owe mortgage sized student loans. How can they ever buy a house, especially considering 7.25% interest? Such a racket.
Good move re your 401k.
My son graduated university in May and accepted an employment offer the next day.
He just became eligible for benefits and started contributing 10% into his 401k and 2% into an HSA.
My son graduated university in May and accepted an employment offer the next day.
He just became eligible for benefits and started contributing 10% into his 401k and 2% into an HSA.
He lives in TaxHell, NJ, LOL.
It can be done. Priorities.
Yea, I still remember what got me started, all employees were eligible for a decent sized settlement that I kinda lucked into, I contributed half of it to my 401K and maxed it for the year. That set the hook. Your son is ahead of the game, good for him!
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.
