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Posted: 6/3/2022 5:04:06 PM EDT
[#1]
While I agree with the sentiment, it's their money. Freedom is a bitch.
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Posted: 6/3/2022 5:32:16 PM EDT
[#2]
*looks at avatar* sounds like some treading to me
I know people just like that, its dumb, but its their money |
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Posted: 6/3/2022 6:12:17 PM EDT
[#3]
I know it’s nice to say “I set them up with”, as if it was charity, but it was just part of their compensation package.
It’s a business, not a fiefdom. You aren’t responsible for them, and they aren’t to you. |
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Posted: 6/3/2022 6:27:09 PM EDT
[#4]
I appreciate the generous percentage of 401K matching my employer provides. I started my 401K in my mid 20's, have 10x of my current yearly wages squirreled away, and have never touched a dime of it.
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Posted: 6/3/2022 9:02:52 PM EDT
[#5]
If the money is going towards homesteading, rental properties, and other means of early retirement self-sufficiency I would say "smart guys, past performance doesn't guarantee future results. Just look at the Nikkei index that peaked in 19 fricken 89" but most likely the money is being frittered away on rapidity depreciating shiny toys, vacations, and dirty women. Either way if fully vested it's their money to save or take out and blow as they see fit.
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Posted: 6/3/2022 9:37:52 PM EDT
[#6]
but once they get 10k or so in their retirement account they just can't fucking resist and then they cash it out, bitch about the taxes and penalties they have to pay, etc and start over from square one. |
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Posted: 6/3/2022 10:26:16 PM EDT
[#7]
I honestly don't know anyone that did that. Probably because it's stupid with the penalties and interest.
Ours was setup so you could take a loan though. There was probably a limit on the amount and it had to be paid back within a certain time period or it would trigger a disbursement. |
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Posted: 6/3/2022 11:04:27 PM EDT
[#8]
I am really torn between principle and reality. My idea of a free society and what we have aren’t the same. In my world people who fail to prepare should starve and die on the street but we know that doesn’t happen. One way or another the responsible citizens will pay for those who fail to plan so why not force them to. I wouldn’t give a fuck if Billy bob cashed out his retirement to but rims for his Camaro if you let his ass starve to death when he didn’t have money at 70 but if you are going to take my tax dollars to feed his ass in old age his careless spending concerns me.
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Posted: 6/3/2022 11:15:14 PM EDT
[#9]
I can understand the sentiment, but this is the problem with society these days in which we can't just let people fail and allow others to learn from their mistakes.
and honestly to hell with you wanting .gov to take away mine and others ability to control our own lives if you wish to control your own employees' lives feel free and stop matching their retirement contributions. that's between you and them, leave the rest of us out of it |
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Posted: 6/3/2022 11:21:50 PM EDT
[#10]
It's their money. They should be able to do whatever the fuck they want with it, and the government should keep their slimey, tyrannical hands off of it.
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Posted: 6/4/2022 1:21:47 AM EDT
[#11]
The freedom to be smart
ALWAYS includes the freedom to be stupid. 
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Posted: 6/4/2022 12:16:03 PM EDT
[#12]
Quote HistoryQuoted: I am really torn between principle and reality. My idea of a free society and what we have aren’t the same. In my world people who fail to prepare should starve and die on the street but we know that doesn’t happen. One way or another the responsible citizens will pay for those who fail to plan so why not force them to. I wouldn’t give a fuck if Billy bob cashed out his retirement to but rims for his Camaro if you let his ass starve to death when he didn’t have money at 70 but if you are going to take my tax dollars to feed his ass in old age his careless spending concerns me. I agree with your sentiment again. But the gov is gonna blow your tax dollars on something and always ask (aka take) more regardless. If it isn't a handout to a bum it will be giving billions to some shit hole third world country. Or funding development of a novel virus in China. Look at it this way, at least those few bucks would be staying in country
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Posted: 6/4/2022 12:25:46 PM EDT
[#13]
They should be free to do it, however with the taxes/penalties it’s an extremely dumb financial move
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Posted: 6/4/2022 8:04:45 PM EDT
[#14]
Quote HistoryQuoted: They should be free to do it, however with the taxes/penalties it’s an extremely dumb financial move It sure is. 59.5 will be here in a blink of an eye and they will have nothing to show for it. Will suck to have 7 more years of cursing at the alarm clock every morning with every fiber of their broken down body and being the old slow fuck at work that everyone pities/hates while waiting for SS to send them just enough to live in a van down by the river . I talked a new hire into at least putting in the 6% the company will match 100%. Hell, just leave it in the money market fund if you don't want to gamble in stock funds. Where else can you continually get 100% risk free return on your investment. No brainer. Work some OT and it really builds up fast. Set it and forget it for 35 yrs. She later said she doesn't even notice that measly 6% being taken out every week. |
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Posted: 6/4/2022 9:07:27 PM EDT
[#15]
Quote HistoryQuoted: It sure is. 59.5 will be here in a blink of an eye and they will have nothing to show for it. Will suck to have 7 more years of cursing at the alarm clock every morning with every fiber of their broken down body and being the old slow fuck at work that everyone pities/hates while waiting for SS to send them just enough to live in a van down by the river . I talked a new hire into at least putting in the 6% the company will match 100%. Hell, just leave it in the money market fund if you don't want to gamble in stock funds. Where else can you continually get 100% risk free return on your investment. No brainer. Work some OT and it really builds up fast. Set it and forget it for 35 yrs. She later said she doesn't even notice that measly 6% being taken out every week. I had a 457 b plan. No matching, all your own but 3-5% pretax was truly un noticeable but I would still have to goad the young people into getting started. My plan was bumping up my percentage with raises,....only marginally increase my take home but grow the funds. I retired at 52. ( for now/ until I get bored or catch up on the homestead. ) |
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Posted: 6/5/2022 7:07:39 AM EDT
[#16]
I have 3-5 employee's at any given time and since the beginning I have thought about setting up a matching retirement system. I have brought it up to all of them and none of them seem interested. I talked it over with my CPA several times and they have all said that in businesses like mine ( most Hires are between 20-30) most are a lost cause and they won't appreciate it or understand it.
they want the CASH on payday. I've talked to my current employee's until I'm blue in the face. |
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Posted: 6/5/2022 9:35:48 AM EDT
[#17]
Quote HistoryQuoted: I have 3-5 employee's at any given time and since the beginning I have thought about setting up a matching retirement system. I have brought it up to all of them and none of them seem interested. I talked it over with my CPA several times and they have all said that in businesses like mine ( most Hires are between 20-30) most are a lost cause and they won't appreciate it or understand it. they want the CASH on payday. I've talked to my current employee's until I'm blue in the face. You could do a SEP IRA instead for them. That way there is no reduction of the employee's paycheck, you just figure out year over year what your company can afford to contribute to it. |
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Posted: 6/5/2022 10:16:09 AM EDT
[#18]
Depends on whether the government is going to bail them out with welfare money when they get old and can't work. If that's likely then I don't think they should have access to the money. Unless they retire early due to a disability or something like that. I know so many people that make well over 100k and save the minimum for a match or save nothing or borrow against their 401ks for stupid crap. Why should I pay for them, when they retire with nothing?
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Posted: 6/5/2022 12:37:01 PM EDT
[#19]
Quote HistoryQuoted: Depends on whether the government is going to bail them out with welfare money when they get old and can't work. If that's likely then I don't think they should have access to the money. Unless they retire early due to a disability or something like that. I know so many people that make well over 100k and save the minimum for a match or save nothing or borrow against their 401ks for stupid crap. Why should I pay for them, when they retire with nothing? You shouldn't but you will pay (more) for their retirement as long as they have the majority vote in the near future (hint: they WILL based on changing demographics that favor socialism). SS and Medicare will also become even more means tested to help level out wealth inequality even though it was your paycheck that got raped against your will every week for 40yrs. Isn't democracy grand in a declining atheistic empire? 2 entitled layabout wolves and a lamb (you) voting on what to have for dinner. |
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Posted: 6/6/2022 8:15:42 AM EDT
[#20]
Quote HistoryQuoted: You could do a SEP IRA instead for them. That way there is no reduction of the employee's paycheck, you just figure out year over year what your company can afford to contribute to it. I'm actually working on that now. we will see. |
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Posted: 6/11/2022 8:48:15 AM EDT
[#21]
Quote HistoryQuoted: I have 3-5 employee's at any given time and since the beginning I have thought about setting up a matching retirement system. I have brought it up to all of them and none of them seem interested. I talked it over with my CPA several times and they have all said that in businesses like mine ( most Hires are between 20-30) most are a lost cause and they won't appreciate it or understand it. they want the CASH on payday. I've talked to my current employee's until I'm blue in the face. Can you make it a mandatory deduction on a rising rate until they max out the match? My company does that at a 1% rate each year until they meet the company match maximum. |
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Posted: 6/12/2022 9:53:28 AM EDT
[#22]
It’s sad when people waste opportunities to make themselves more financially secure.
Perhaps they should make it much more transparent that by cashing out every year, they are giving up hundreds of thousands of dollars at retirement. |
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Posted: 6/12/2022 10:33:22 AM EDT
[#23]
Quote HistoryQuoted: Can you make it a mandatory deduction on a rising rate until they max out the match? My company does that at a 1% rate each year until they meet the company match maximum. That's the liberal Democrat government "mandate" method of coerced behavior. |
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Posted: 6/13/2022 7:24:51 PM EDT
[#24]
I want to say freedom is scary, but when they spend it and then start voting for democrat handouts it affects me. Now if we were truely a free country and uncle sam didnt hand out. ANYTHING then sure let them have at it
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Posted: 6/29/2022 3:59:58 PM EDT
[#25]
I'm not really seeing a problem. No one is forcing IRAs or 401k programs on an earner. You can keep the cash or pay in. However once you decide to join one, you need to follow the program. If it costs them extra to raid, I'm good with it.
If their future shortage messes with my future gains then that's the real problem. |
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Posted: 6/30/2022 3:09:22 PM EDT
[#26]
i was good with it until my 401k plan removed cash equivalent options prior to 2007 crisis. for 13 years i was stuck in a 401k where i had no safe options. i made a ton most years in index funds, but because i can't take it to cash when the market looks like it's turning down, i used loans or anything i could to withdraw the max (which wasn't much). I took advantage of the covid waiver of the tax penalty too.
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Posted: 6/30/2022 6:05:30 PM EDT
[#27]
Quote HistoryQuoted: i was good with it until my 401k plan removed cash equivalent options prior to 2007 crisis. for 13 years i was stuck in a 401k where i had no safe options. i made a ton most years in index funds, but because i can't take it to cash when the market looks like it's turning down, i used loans or anything i could to withdraw the max (which wasn't much). I took advantage of the covid waiver of the tax penalty too. That sucks. Usually they have a money market fund option so you can keep contributing and get the company match. I know a few of my co-workers who were mostly in bond funds because they wanted to "play it safe" only to find out the hard way this year that bond funds get annihilated in a rising rate environment. Years of interest gone with the wind, not to mention inflation eating up a good chunk of the buying power of what they had saved. 
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Posted: 7/2/2022 6:36:58 AM EDT
[#28]
Cannot imagine paying the penalties in a non-emergency. Or even the extra taxes...
Bad enough if you do a loan for say house improvements or to build a shop. But most won’t be that useful of spending plans. I am conflicted... Kind of like seatbelts. I worked traffic crashes for years. Could honestly care less if you choose to die....except we all know that when someone gets disabled, or in a persistent vegetative state, that the taxpayers are on the hook, forever. Same with people who piss away their retirement opportunities. They should be left to sink if they can’t swim, but nope, we can’t do that anymore, so we financially prop them up, financially punishing those who chose to be smarter, work harder, or were just more cautious. It is extremely unfair in a country where excelling is so idolized, that we punish those same people who actually excel... |
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Posted: 7/2/2022 6:41:00 AM EDT
[#29]
You set them up?
all honesty you cannot be mad at people for doing it, be mad at the system and laws around it. Im sure you do things that may upset folks but are fully allowed to do it. |
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