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Posted: 3/23/2015 11:07:28 PM EDT
Is the 401k experiment a failure?
it should be no surprise that given the choice people don't save for retirement. I am shocked by the bias in the article. Link fixed. 
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Posted: 3/23/2015 11:37:32 PM EDT
[#1]
Linky no worky
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Posted: 3/24/2015 8:01:48 AM EDT
[#2]
This thread with its broken link is a failure........
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Posted: 3/24/2015 8:10:57 AM EDT
[#3]
Link to a similar article, no small surprise people are too stupid and short sighted to save for retirement, that is not the 401k program's fault, its the fault of the dolts that would rather buy a new iPhone every year instead of save and invest.
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Posted: 3/24/2015 8:29:46 AM EDT
[#4]
Quoted:
Is the 401(k) experiment a failure? it should be no surprise that given the choice people don't save for retirement. I am shocked by the bias in the article. fixed it for you Linky Worky |
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Posted: 3/24/2015 8:37:36 AM EDT
[#5]
Now the rich can retire and workers have to work until they die," said Teresa Ghilarducci, a labor economist at the New School for Social Research who has proposed eliminating the tax breaks for 401(k)s and using the money saved to create government-run retirement plans.  |
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Posted: 3/24/2015 10:35:13 AM EDT
[#6]
"I'm not saying defined benefit plans are flawless, but they certainly didn't put as much of the risk and responsibility on the individual," said Terrance Odean, a professor of finance at the University of California, Berkeley's Haas School of Business. Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan 
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Posted: 3/24/2015 10:53:14 AM EDT
[#7]
Quote HistoryQuoted:
Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan Quote HistoryQuoted:
"I'm not saying defined benefit plans are flawless, but they certainly didn't put as much of the risk and responsibility on the individual," said Terrance Odean, a professor of finance at the University of California, Berkeley's Haas School of Business. Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan The problem with these liberal economist is that they think the government is there to provide people with cush retirements.
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Posted: 3/24/2015 10:56:42 AM EDT
[#8]
Quote HistoryQuoted:
The problem with these liberal economist is that they think the government is there to provide people with cush retirements everything. Quote HistoryQuoted:
Quoted:
"I'm not saying defined benefit plans are flawless, but they certainly didn't put as much of the risk and responsibility on the individual," said Terrance Odean, a professor of finance at the University of California, Berkeley's Haas School of Business. Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan The problem with these liberal economist is that they think the government is there to provide people with cush retirements everything. FIFY |
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Posted: 3/24/2015 10:56:50 AM EDT
[#9]
Quote HistoryQuoted:
Link to a similar article, no small surprise people are too stupid and short sighted to save for retirement, that is not the 401k program's fault, its the fault of the dolts that would rather buy a new iPhone every year instead of save and invest. http://www.cnbc.com/id/102496157 I would love to see an overlap of the demographics (age, income, net worth) of those people who have a 700 dollar perpetual car note and how much they put into their retirement plan a month? I am willing to bet it would confirm what you said. Also, professors at colleges as a whole, (not Dk Prof, he is a genious! ) have no idea what investments you can put into a IRA. You could basically self fund your own pension inside of one if you wanted to.
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Posted: 3/24/2015 10:57:40 AM EDT
[#10]
Quote HistoryQuoted:
FIFY Quote HistoryQuoted:
Quoted:
Quoted:
"I'm not saying defined benefit plans are flawless, but they certainly didn't put as much of the risk and responsibility on the individual," said Terrance Odean, a professor of finance at the University of California, Berkeley's Haas School of Business. Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan The problem with these liberal economist is that they think the government is there to provide people with cush retirements everything. FIFY QFT!! |
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Posted: 3/24/2015 9:00:48 PM EDT
[#11]
No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure.
I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. |
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Posted: 3/24/2015 9:02:15 PM EDT
[#12]
Quote HistoryQuoted:
No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure. I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. This. The average joe is a terrible investor though. |
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Posted: 3/24/2015 11:07:18 PM EDT
[#13]
Quote HistoryQuoted:
This. The average joe is a terrible investor though. Quote HistoryQuoted:
Quoted:
No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure. I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. This. The average joe is a terrible investor though. Yep, the average joe is a victim of behavioral finance. Buying High, selling low, chasing returns etc etc etc. You see it here when someone recommends investment advice. Alas, though an interesting article that says DB plans suck too. Link No wonder pensions look so good, because they are bears to keep running properly. It goes back to the pension managers who forget that the fed can lower interest rates. |
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Posted: 3/25/2015 2:49:20 AM EDT
[#14]
401ks aren't perfect but I've never understood why anyone would think that supporting a terrorist group in Ireland is a viable alternative.
Being serious now, I think most people are basically totally disinterested and distrustful of investing in stocks. They might put in the minimum if they have a 401k plan but they don't really know the difference between a Roth and a regular contribution. Also they probably don't have a good understanding of their investing choices. They may have heard of a Roth IRA but don't know how to start one. I'm not basing this on any formal study, just on my own talks with people. |
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Posted: 3/25/2015 3:12:43 AM EDT
[#15]
Quote HistoryQuoted:
Quote HistoryQuoted:
Now the rich can retire and workers have to work until they die," said Teresa Ghilarducci, a labor economist at the New School for Social Research who has proposed eliminating the tax breaks for 401(k)s and using the money saved to create government-run retirement plans.
What is this "money saved" bullshit? IT IS NOT THE GOVERNMENT"S MONEY! |
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Posted: 3/25/2015 4:04:46 AM EDT
[#16]
Quote HistoryQuoted: What is this "money saved" bullshit? IT IS NOT THE GOVERNMENT"S MONEY! Quote HistoryQuoted: Quoted: Now the rich can retire and workers have to work until they die," said Teresa Ghilarducci, a labor economist at the New School for Social Research who has proposed eliminating the tax breaks for 401(k)s and using the money saved to create government-run retirement plans. What is this "money saved" bullshit? IT IS NOT THE GOVERNMENT"S MONEY! Every cent you have is one less cent the gov has. That quote does a excellent job of illustrating just what liberals think about Uncle Sam's money. |
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Posted: 3/25/2015 9:28:25 AM EDT
[#17]
Quote HistoryQuoted:
This. The average joe is a terrible investor though. Quote HistoryQuoted:
Quoted:
No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure. I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. This. The average joe is a terrible investor though. 
Average Joe and admittedly a terrible investor here. I'm far more knowledgable on the topic than your average Joe, but I've come to realize that I get too emotional over my hard-earned money. As soon as I have a large enough account balance I will be paying someone else to manage my investments. |
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Posted: 3/25/2015 9:39:23 AM EDT
[#18]
Quote HistoryQuoted:
401ks aren't perfect but I've never understood why anyone would think that supporting a terrorist group in Ireland is a viable alternative.
Being serious now, I think most people are basically totally disinterested and distrustful of investing in stocks. They might put in the minimum if they have a 401k plan but they don't really know the difference between a Roth and a regular contribution. Also they probably don't have a good understanding of their investing choices. They may have heard of a Roth IRA but don't know how to start one. I'm not basing this on any formal study, just on my own talks with people. This is another weakness in the article though. It sounds like they are only looking at 401k balances and not looking at all at IRAs. Some people forego the 401k and go straight to the IRA. I have no doubt that most people aren't saving anything though. I know quite a few people that are about as good with money as a fish in a tree. They spend the entirety of their paychecks two days before their next check. Almost down to the last cent. Net worth is far into the negatives and never significantly improves. The government is even providing people with INCENTIVE to save in a retirement account and they still aren't saving a dime. There is a tax credit called the retirement savers credit, though it is non-refundable so it is probably pointless. Not that I support the idea anyway, but when the government is giving people anywhere from 10-50% of their contributions in the form of a tax credit to an account that already gives them tax advantages and they STILL aren't saving it there are serious issues with people's money habits. |
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Posted: 3/28/2015 7:52:57 PM EDT
[#19]
Quote HistoryQuoted: This is another weakness in the article though. It sounds like they are only looking at 401k balances and not looking at all at IRAs. Some people forego the 401k and go straight to the IRA. I have no doubt that most people aren't saving anything though. I know quite a few people that are about as good with money as a fish in a tree. They spend the entirety of their paychecks two days before their next check. Almost down to the last cent. Net worth is far into the negatives and never significantly improves. The government is even providing people with INCENTIVE to save in a retirement account and they still aren't saving a dime. There is a tax credit called the retirement savers credit, though it is non-refundable so it is probably pointless. Not that I support the idea anyway, but when the government is giving people anywhere from 10-50% of their contributions in the form of a tax credit to an account that already gives them tax advantages and they STILL aren't saving it there are serious issues with people's money habits. Quote HistoryQuoted: Quoted: 401ks aren't perfect but I've never understood why anyone would think that supporting a terrorist group in Ireland is a viable alternative. Being serious now, I think most people are basically totally disinterested and distrustful of investing in stocks. They might put in the minimum if they have a 401k plan but they don't really know the difference between a Roth and a regular contribution. Also they probably don't have a good understanding of their investing choices. They may have heard of a Roth IRA but don't know how to start one. I'm not basing this on any formal study, just on my own talks with people. This is another weakness in the article though. It sounds like they are only looking at 401k balances and not looking at all at IRAs. Some people forego the 401k and go straight to the IRA. I have no doubt that most people aren't saving anything though. I know quite a few people that are about as good with money as a fish in a tree. They spend the entirety of their paychecks two days before their next check. Almost down to the last cent. Net worth is far into the negatives and never significantly improves. The government is even providing people with INCENTIVE to save in a retirement account and they still aren't saving a dime. There is a tax credit called the retirement savers credit, though it is non-refundable so it is probably pointless. Not that I support the idea anyway, but when the government is giving people anywhere from 10-50% of their contributions in the form of a tax credit to an account that already gives them tax advantages and they STILL aren't saving it there are serious issues with people's money habits. It would be surprisingly easy to spend all of your paycheck even if you make over $100k. The problem is that everyone tries to shove their wealth in your face with new vehicles, mcmansions, etc. when you are just living a normal life. |
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Posted: 3/28/2015 8:03:20 PM EDT
[#20]
How many folks are not even offered a 401K plan at their place of work. I was only offered it by one employer that was a temporary job for me. I have about $2000 in it and no way to add to it.
I can only work for small employers. Even now, as my company has added three new workers recently from four, I feel too crowded. Small blue collar employers with fewer than 10 employees are not likely to even offer 401K plans. |
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Posted: 3/29/2015 2:28:59 AM EDT
[#21]
Quote HistoryQuoted: How many folks are not even offered a 401K plan at their place of work. I was only offered it by one employer that was a temporary job for me. I have about $2000 in it and no way to add to it. I can only work for small employers. Even now, as my company has added three new workers recently from four, I feel too crowded. Small blue collar employers with fewer than 10 employees are not likely to even offer 401K plans. It's not the end of the world. You can max out your IRA contributions and save in taxable accounts. |
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Posted: 3/30/2015 12:56:45 PM EDT
[#22]
I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open?
My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? |
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Posted: 3/30/2015 1:02:38 PM EDT
[#23]
Quote HistoryQuoted:
I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open? My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? No they aren't, which skews the results. Look at the financial services institutes numbers. It's way better. |
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Posted: 3/30/2015 2:26:07 PM EDT
[#24]
Quote HistoryQuoted:
I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open? My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? That's another good point. We still have an old 401k of my wife's from her former employer that we haven't gotten around to rolling yet and it's only got about $4k in it. I'm sure there are plenty of accounts like that sitting around out there and they're all "Oh no, only $4k in retirement savings" which is not even remotely true. |
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Posted: 3/30/2015 2:29:32 PM EDT
[#25]
Quote HistoryQuoted:
That's another good point. We still have an old 401k of my wife's from her former employer that we haven't gotten around to rolling yet and it's only got about $4k in it. I'm sure there are plenty of accounts like that sitting around out there and they're all "Oh no, only $4k in retirement savings" which is not even remotely true. Quote HistoryQuoted:
Quoted:
I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open? My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? That's another good point. We still have an old 401k of my wife's from her former employer that we haven't gotten around to rolling yet and it's only got about $4k in it. I'm sure there are plenty of accounts like that sitting around out there and they're all "Oh no, only $4k in retirement savings" which is not even remotely true. you are right. I read another article in which the retirement services institute took into account IRAs also and it was significantly higher to the point where it proved this article sucked. |
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Posted: 3/30/2015 2:52:08 PM EDT
[#26]
Quote HistoryQuoted: you are right. I read another article in which the retirement services institute took into account IRAs also and it was significantly higher to the point where it proved this article sucked. Quote HistoryQuoted: Quoted: Quoted: I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open? My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? That's another good point. We still have an old 401k of my wife's from her former employer that we haven't gotten around to rolling yet and it's only got about $4k in it. I'm sure there are plenty of accounts like that sitting around out there and they're all "Oh no, only $4k in retirement savings" which is not even remotely true. you are right. I read another article in which the retirement services institute took into account IRAs also and it was significantly higher to the point where it proved this article sucked. Got a link? Most people I know have very little retirement savings. |
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Posted: 3/30/2015 3:02:28 PM EDT
[#27]
Quote HistoryQuoted:
Got a link? Most people I know have very little retirement savings. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
I just skimmed the article, but are they talking about all employees eligible for a 401K or people who actually have a 401K currently open? My wife and I have rolled over 3 401Ks into IRAs and she just got a new job and is starting a new 401K next month with her new employer. Are they counting us in this? That's another good point. We still have an old 401k of my wife's from her former employer that we haven't gotten around to rolling yet and it's only got about $4k in it. I'm sure there are plenty of accounts like that sitting around out there and they're all "Oh no, only $4k in retirement savings" which is not even remotely true. you are right. I read another article in which the retirement services institute took into account IRAs also and it was significantly higher to the point where it proved this article sucked. Got a link? Most people I know have very little retirement savings. I'll find it may take a little while |
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Posted: 3/30/2015 3:50:58 PM EDT
[#28]
Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant.
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Posted: 3/30/2015 4:40:45 PM EDT
[#29]
Quote HistoryQuoted:
Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. |
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Posted: 3/31/2015 9:22:11 AM EDT
[#30]
Quote HistoryQuoted:
I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. Quote HistoryQuoted:
Quoted:
Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. A certain segment of our employees have a pretty good percentage of participation. The company I work for matches dollar for dollar up to 4% of base salary and we have over half that participate in the 401k. Still almost half that don't put in a dime even when you can double your money right out the gate. Edited to add: Our average wage among this segment is considerably higher than the average for our geographic area. Most of them make more than I do. |
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Posted: 3/31/2015 9:59:15 AM EDT
[#31]
Quote HistoryQuoted: A certain segment of our employees have a pretty good percentage of participation. The company I work for matches dollar for dollar up to 4% of base salary and we have over half that participate in the 401k. Still almost half that don't put in a dime even when you can double your money right out the gate. Quote HistoryQuoted: Quoted: Quoted: Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. A certain segment of our employees have a pretty good percentage of participation. The company I work for matches dollar for dollar up to 4% of base salary and we have over half that participate in the 401k. Still almost half that don't put in a dime even when you can double your money right out the gate. |
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Posted: 3/31/2015 2:22:07 PM EDT
[#32]
Quote HistoryQuoted:
No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure. I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. There is such a thing as a Roth 401-k (may or may not be offered at all firms). Some 401-k administrators offer a self directing option- you call them up and buy / sell what you want. The charges are generally rapacious. |
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Posted: 4/9/2015 10:43:32 AM EDT
[#33]
Quote HistoryQuoted: The problem with these liberal economist is that they think the government is there to provide people with cush retirements. Quote HistoryQuoted: Quoted: "I'm not saying defined benefit plans are flawless, but they certainly didn't put as much of the risk and responsibility on the individual," said Terrance Odean, a professor of finance at the University of California, Berkeley's Haas School of Business. Businesses go under all the time. How is putting all your eggs in one basket, i.e. the company you work for, less risky than a diversified portfolio in a 401k? If the company you work for goes under, you can't very well put in another 20 years for a different company can you? Of course, there was this really upsetting yet really convenient defined benefit plan run by the government called "social security" that was pretty good at providing a reasonable supplement to retirees' incomes in retirement, but then the .gov started taking money from that plan and using it to give handouts to non-retirees as well as taking from it to shore up the general fund. It is facing insolvency. But I think that Teresa Ghilarducci is so right. We definitely need another government run retirement plan The problem with these liberal economist is that they think the government is there to provide people with cush retirements. |
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Posted: 4/9/2015 10:52:31 AM EDT
[#34]
Quote HistoryQuoted: No surprise that most people don't save and live beyond their means. I don't understand it, but I'm young enough to be punished for their decisions, I'm sure. I don't have a 401 (still in school), but it would be nice if matched contributions could just be put into an IRA or Roth IRA instead. It usually seems like 401(k) fund options are sub-par compared to what you could do on your own. |
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Posted: 4/9/2015 11:02:51 AM EDT
[#35]
Quote HistoryQuoted: Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. |
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Posted: 4/9/2015 11:28:46 AM EDT
[#36]
Quote HistoryQuoted: The top 5% of income earning households take home 22% of income. The top 20% take home 51% of all annual income. But the bottom 20% have to split only 3% of annual income. I'm in no way arguing anything about income inequality, simply pointing out that 20% of workers/households are splitting a tiny amount of annual income so its easy to see why so many have little to no retirement savings. I don't think many people realize just how many workers in America are low-wage earners. It's a pretty big percent. Quote HistoryQuoted: Quoted: Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. |
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Posted: 4/9/2015 12:03:51 PM EDT
[#37]
I've maxed my 401(k) almost every year since I was in my mid 20s. Hell, I contributed when I made $28K/year.
I'm happy with the results so far. |
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Posted: 4/9/2015 1:08:33 PM EDT
[#38]
Quote HistoryQuoted:
I've maxed my 401(k) almost every year since I was in my mid 20s. Hell, I contributed when I made $28K/year. I'm happy with the results so far. Good for you. I started with an IRA when I was 18 and put *something* in every year, even in college. It is starting to get big now and at 33, I am looking at a comfortable retirement with the wife. People don't realize how even the smallest amount can grow over 20, 30 years if you just keep at it. |
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Posted: 4/9/2015 1:33:16 PM EDT
[#39]
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The top 5% of income earning households take home 22% of income. The top 20% take home 51% of all annual income. But the bottom 20% have to split only 3% of annual income. I'm in no way arguing anything about income inequality, simply pointing out that 20% of workers/households are splitting a tiny amount of annual income so its easy to see why so many have little to no retirement savings. I don't think many people realize just how many workers in America are low-wage earners. It's a pretty big percent. Quote HistoryQuoted:
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Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. That's just how statistics work and where the study fails. At any given moment you will have people that are not making hardly any money. The problem arises when they stay at the income level for life. Then that's when somthing like SSI which is a forced savings retirement plan saves their ass when they can't work any longer. |
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Posted: 4/9/2015 3:39:42 PM EDT
[#40]
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I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. Quote HistoryQuoted:
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Almost 40% of employees have less than 10k? How the fuck is that even possible? I've been at my current job for 17 months and I have 14k in the new 401k that I started at this job, didn't roll my last one in. Neither my salary nor contribution % are extravagant. I know how much our matching contribution is every month at my company. One month for kicks and giggles i figured it up and as close as i can tell my boss, his neice, myself and one other person put money in, out of 32 people. Which can royally screw you over. Ever gotten money refunded from your last years contribution because not enough others in the plan participated? SUCKS! You get penalized because others did not save. How retarded is that? |
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Posted: 4/9/2015 3:40:35 PM EDT
[#41]
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I've maxed my 401(k) almost every year since I was in my mid 20s. Hell, I contributed when I made $28K/year. I'm happy with the results so far. You are a God! |
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Posted: 4/9/2015 3:44:53 PM EDT
[#42]
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Good for you. I started with an IRA when I was 18 and put *something* in every year, even in college. It is starting to get big now and at 33, I am looking at a comfortable retirement with the wife. People don't realize how even the smallest amount can grow over 20, 30 years if you just keep at it. Quote HistoryQuoted:
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I've maxed my 401(k) almost every year since I was in my mid 20s. Hell, I contributed when I made $28K/year. I'm happy with the results so far. Good for you. I started with an IRA when I was 18 and put *something* in every year, even in college. It is starting to get big now and at 33, I am looking at a comfortable retirement with the wife. People don't realize how even the smallest amount can grow over 20, 30 years if you just keep at it. I recently rolled some orphaned 401(k) accts from former employers into an IRA for easier management (same handler as one of my brokerage accounts). I had forgotten to roll them when I changed jobs. So I suppose I can say I got both... |
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