Hear me out here big dawg - every working person should be guaranteed financial security at retirement age, regardless of how stupid you think their decisions are. Stop being such a cuck for the wealthy - I’m sure you’re insecure about your own financial status, but shitting on poor people doesn’t make you part of the club
Bold of you to ask this question. You will never ever ever get an answer. You will get "vibes". "Like people should be able to live where they grew up forever and there should be no suffering, or starving or negative friction of any kind forever and for always."
I often get "vibes" that people want to live like others do without having the actual means to do it. Why does Joe Schmo have a $900,000 house and a $125,000 car and I dont?
lol yea exactly. On top of that, they religiously pointing to a time 50 years ago and conveniently leaving out the fact that the standard of living in this perceived "Goldilocks Time" was so fundamentally different than how we live today you can't even truly compare it. House sizes, creature comforts, food availability, food quality, technology, etc.
But it's always "Grandpa was a glove-box repairman that raised 8 kids, lived in a palatial estate, and ate lobster thermador for dinner every night. And mee-maw stayed home baking apple pies and gazing out over her white picket fence all day."
yes that is literally what these people think. I mean, they directly said it, everyone should be given "financial security" regardless of their decisions.
they're saying they should be able to be lazy for 40 years, spend every penny they have on dumb shit, and have everyone else pay taxes to fund their financial security once they're 65.
Well, it's easy to pay less; have fewer poor people. If our society rewarded honest work instead of just capital & corporate gains, then a lot fewer would be poor and we wouldn't have to pay very much to give everybody a good standard of living.
Por que no los dos? Why not guarantee a retirement income to all working people at a certain age, and if you have enough money that you don’t need to work you can do that at any age?
SS is a horrible program and always has been. It should be phased out over time and replaced for younger workers taking similar amounts of money out of your paycheck but investing them in a menu of funds and investments that will actually grow for you over time. I think often about the money I’ve thrown into SS over the years that just sits there or worse is wasted by government.
Where’s the money come from? Giving people things is never a good idea in any economy. The most that should ever happen is safety net programs that get you back on your feet but where the onus is still on you.
I guess we’re giving meme answers now. Someone making $50k a year can absolutely contribute to retirement. Just because ordering 3 servings of Burger King through DoorDash a day puts financial strain on you does not mean you are poor.
how much of my wages should be taken in taxes to be given to someone else as their reward for not making better choices. how many extra years should i be required to work for you?
Personally I don’t think the average American worker should have any tax increase. But framing this as “us vs the lazy” just reinforces the view that poverty is a personal failing that can’t be corrected with policy.
In my ideal world, the ultra rich would be taxed 100% above some arbitrary number and stock market liquidity would be transferred to improving companies and raising wages. I’m a pretty dumb guy so I’m not saying “this is my exact plan to lift people from poverty,” but rather that these public attitudes encourage the ultra rich to further take advantage of the average American, while regular folk just argue amongst themselves about a problem that could be solved by liquidating like 1 individuals wealth lol
Lmaooo there’s a big difference between saying “here’s a problem that needs solving” and “here’s the solution to the problem.” Yeah dawg, I’m sure I’m not as versed at you in macroecon, but you have to admit that the ultra rich are vultures who actively take money away from the common man.
Are you like not in the finance world? Lol the majority of the ultra wealthy are those that INVEST in companies; you’re right that they sure make the companies massive, inevitably at the expense of the employees and consumer - but hey, line goes up. This translates to newer companies having massive valuations without ever seeing profit (seen prominently in the tech sector). As these companies start realizing they can’t turn a profit, they start charging more and paying less, just to keep the gravy train rolling from PE and Wall Street. As the stock starts to rise, they start spinning off financial derivatives to increase leverage, meaning a large portion of the money flowing into these companies is only seen by traders without helping the company or its customers at all. So yeah, definitely vultures lol
bc theoretically you should be getting out what you put in. im actually not really even in favor of the current social security system to be totally honest. it is a ponzi scheme and when population flat lines the jig is up
The real question is, if you were creating society from scratch but did not know what your position in society would be upon its creation, meaning you could be one of these people, would you or would you not want to subsidize life for people who can no longer work? Remember we're not talking about a UBI, we're talking about social security.
You can work and spend all your money and retire with nothing. Or you can work and save and retire with enough to live (and live quite comfortably vs the people who would just be getting subsistence level distributions).
I'm fine with my taxes helping the destitute. You pretend like they're living in any condition remotely similar to us that they are content with it? There's a reason majority of people actually work. Your big fear of supporting a lazy person isn't actually that big of an issue nor is it common compared to the rest of the world that needs help.
Having choices is not the same as making choices, and people like you set out to steal other people's choices so that even the best choice they can make with what they have won't be "good enough" - letting you "blame" them for "not making better choices" they didn't have the resources to make in the first place because you stole them.
Get over yourself. You're more transparent than plate glass, and the only people "fooled" by you are your fellow cult members - and they're only going along with you.
Honestly I’m not sure what’s asinine about supporting policy to redistribute wealth to prior US levels of disparity… Do you think that our current wealth distribution is fair? Honestly the only way I’d understand your viewpoint is if you were super rich yourself and acting in your own interest
Apologies for the tone, I reread it and my intent was not to be insulting.
The ostensibly ignorant and blatantly idealistic nature of your comment is what I found asenine.
Our system is certainly less than perfect and inarguably trending in the wrong direction faster than anything in our history.
We can’t even pay our own bills as a country. We are led by sociopathic narcissists on both sides of the aisle.
Guaranteeing financial security for everyone retiring is not just financially impossible it’s not possible to determine how to do that as each persons needs are unique.
The best thing our government can do is stay out of as many things as possible.
Literally everything they get involved in goes to hell. They add taxes all the time while providing worse and worse service to all of us.
Regarding financial redistribution everyone has their own ideas that (shocker) align with their own personal views.
Haha you don’t have to apologize man, I’m not tight over Reddit. It’s absolutely idealistic, I get that, but at the same time I think it’s worth pointing out the absurdity of how our financial system is run. I’m not saying I’ve got a plan to make the wealth gap magically fixed - but I do think it’s something that’s worth advocating for.
Well I agree it’s gotten completely out of control. We are being taxed for everything and then the use of those taxes is beyond wasteful. As a guy who has to support four people I just want my tax money being used effectively.
That would be a great start.
Have a great night
As the population grows and international trade increases, wealth disparity SHOULD increase. A janitor doesn’t necessarily need to be making more for cleaning the same building a sole owner works in where he’s tripled his revenues.
I have to agree with the 6% up there even if I don't want too. Tell every poor person they are getting 6% less and it will make a difficult life even more difficult...but they will manage. Tell the poor to save 6% and someday they will not be poor and they will say they cannot manage it.
Hear me out here big dawg - every working person should be guaranteed financial security at retirement age,
Hear me out kid - Personal responsibility. No one else owes you a goddamn thing and it's on you to plan for the future instead of being an idiot pissing away your money on "fun".
What if I told you my daughter ( who has a three year old daughter) and makes $24 an hour at Amazon commits the 401k match. If she can do it, so can you.
Bro why should I have to pay extra taxes to make sure others can retire when I’ve worked multiple jobs for YEARS to ensure I can retire? I’m sure the government won’t let me double dip my own savings and whatever this “financial security” is, but I bet I’ll be paying for somebody else’s.
I know it sounds counterintuitive but there’s a good argument to be made that redistributing wealth to the working class (eg minimum wage increase to cover inflation) would LOWER your tax burden. Like, for example, the Walton family is worth more than like the bottom 50% of Americans, yet Walmart wages are so low that their employees need government assistance (ie your taxes). If Mr. Walton distributed some of his crazy wealth to his employees, you would end up paying less taxes because less people rely on the government.
I totally agree - this is correct. But it’s hard to do that because Walmart will just cut employees and expect more from the ones left to compensate. This is where I think unions would be beneficial.
But I’m no Walton, and I make quite a bit now. Don’t really wanna see my taxes increase. I started from nothing, so it’s kind of like watching the goalposts move on my own life’s security and goals. I’m not generationally wealthy by any stretch so increasing my tax burden just hinders me on the way there. But yeah, definitely tax the mega wealthy more.
Sure would be nice if the way the government went about that wasn't a pyramid scheme that also managed to torpedo most pensions just by existing, though.
Hear me out big dawg - every person who makes poor decisions for decades on end shouldn’t be protected from the consequences of their decisions by responsible and disciplined people.
How do you know these people aren’t responsible/disciplined? You don’t think there is any other way to end up broke at retirement? Medical bills, market forces and bad timing, education for many children, etc.?
Every working person should be guaranteed financial security at retirement age ...
Utter nonsense!
Life provides no guarantees. None.
Unhappy_local_9502 is not being "a cuck for the wealthy".
I'm guessing he got off his ass and put in the effort to make himself wealthy.
You should, too.
Earn your way and quit complaining.
Complaints will get you exactly nowhere.
Not to mention - 401ks were literally designed for the rich as a tax dodge, then passed along to the regular employees as the replacement for a pension fund. Pretending my 401k is even comparable to the executives who get the miracle $46k match it takes to actually max the fucker is a laugh.
If all the people who made “poor life choices” stopped working tomorrow our entire economy would crumble because the wealthy aren’t the ones adding value for the customer
I get what you're saying but both the front line workers and the higher up execs are adding value. the company wouldn't function without either of those.
There is never a concrete answer. It's only ever vibes with you people. Hunger how? Housing how? There are miles between Palatial Estate with lobster thermidor every night and lean-to shack eating cans of catfood. You guys never have exact metrics for what you think should be necessity levels, its always ambiguous, nebulous bullshit like "Nobody should suffer ever"
Stock buybacks benefit those who are better off already disproportionately because it is percentage based growth, but the cost of living is a flat rate.
At any rate, 6% of $30,203 (the average salary of Lowes employees) is ~$1800. With an 8% interest, that is ~$346,000 after 35 years. With that same term and rate, $47,000 is $765,000, with $0 of contributions from the employee.
If Lowes put half of that $15 bn into their employees’ 401k’s, they’d have been able to double their retirement while still doing $7.5 bn in stock buyouts. Instead, they focused on making their investors rich instead.
Any clue what the cost of living is compared to the amount that Lowe's pays its employees? Base pay should be higher and the only reason its not is that they are pooling that money into the people that already have far more.
They arent actually saying that there should be a 47k bonus, just providing a comparison that makes it easier to understand the numbers. You are seeing that 47k per person is ridiculous but not realizing why. Its insane that the corporate execs have that much extra money for the company and decided to use it exclusively to pour more money into shareholder pocket rather than expanding the business, or increasing wages, or lowering prices, or doing literally anything else productive with it. It doesn't even help the company make more money, just it's investors who haven't done any actual work to make that money in the first place.
There's a massive problem when the labor is entirely separated from the profits that come from that labor.
Don't you think that working harder and doing better at your job would mean that you are entitled to better pay? Isn't that what "pull yourself up by your own bootstraps" saying really means in America? Shouldn't working 40 hours a week in an exhausting job entitle you being able to pay bills and invest in your own future? Isn't it absolutely fucked up that just because someone was born into a wealthy family that they can just buy some stock in a company and earn money, passively? There are people working hard, every single day, in a company that won't increase their pay to match inflation and you are saying that the company they work for has zero obligation to make sure the ones who actually earn the money for said company should feel like they have any sense of financial security?
The company could also choose to spend that money to hire more employees so that people aren't overworked. Or invest in training so that employees are capable of knowing what they actually sell. The reason why people work these jobs for a few years then leave is because it is set up that way and it shouldn't be. If people stuck around they would get yearly wage increases which means there is less "record breaking profits" which also tend to happen right after a massive layoff.
This doesnt solve the problem that the average lowes employee makes approximately $15/hr (between $11-21). Doesnt matter if the company's match is good when economists suggest the poorest areas of the country require $35k/year to live without skipping meals, worrying about skipping gas/healthcare/grocery for another, wtc. This wage is less than that at ~31k at $15 or under $25k at $11 if you assume no holidays or time off or sick time.
and just STOP with the idea that the average employee is worth a $47K bonus LOL
Youre treating it as a "bonus" when its literally just profit sharing. Youre telling me investors provide more value to the store than all the employees? Come on lol. Its also not a 1 time bonus, its over 4 years. Their wage would increase from $11-21/hr to $16-26/hr. How would this not undoubtedly increase the local economy? People are suddenly able to afford things they couldnt before, or atleast save if they lose this job they have a net. This is a 25%-50% increase in pay just from one company's buybacks.
Its okay to hold your opinion, but rejecting it because you just hate people doesnt make it a good opinion
If they are making $31K in an area needing $35K, looks like its time to increase income, for short term get a side hustle and then improve skills.. this is very simple common sense
The average worker enabled Lowes to make that significant profit. Why are they not therefore worth that $47k bonus? Or at least able to share in the success that they created?
A weekly paycheck is not sharing in the success of the company. At least not above the binary measure of whether the company remains in business and the employer continues to have a job. A weekly paycheck is a simple exchange of money for labor.
The point is that the employees have enabled that success and there is plenty of money to reward them but it is directed to shareholders. It isn't a criticism of Lowes but capitalism in general. You work hard to enrich others.
$9 bn was spent in 2021 alone, before they announced this in ‘22. They could have done my proposal 3 years ago, but gave $9 bn to an ever shrinking pool of investors.
If the company didn't make a lot more money than they paid the employee, they cut the employee. This isn't a hard concept. Employees are one of the first costs to get cut at a company.
I mean the options also aren't "give it away" or "buy up our own stock" there are far more valuable investments a company can make with excess capital right now, especially in an high interest environment. It's done because the CEO's primary role is to make the stock value go up because it improves the holding of the board whom they serve. It doesn't make the company healthier in any sustainable way.
Stock buybacks benefit those who are better off already disproportionately because it is percentage based growth, but the cost of living is a flat rate.
I mean... This is literally how compound growth works, yes, and is true not just of stock buybacks, but of stock price appreciation, bond coupons, or even simple bank interest. The more money you have the more you benefit from compound gains.
Their "6%" of their millions and billions, is well.. millions and billions.
You will never get ahead. The system is rigged against you. They take your tiny money, and everyone elses, bundle it together to make some real money, and then go buyout Red Lobster and bankrupt it. They pay themselves millions of dollars in the process, stripmine a company into bankruptcy putting hundreds of thousands of people out of work, and you get a couple pennies.
$585 invested at the beginning of every month for 30 years (start at 35y/o and work till 65) will leave you with 1,000,000 assuming a 9% interest rate (average sp500 returns)
Oh dude you're so right, why don't the people struggling to afford every day cost of living just invest huge portions of their salary every month. Wow I think you've solved the financial crisis. They should give you a medal or something
And nice that they never see an expense, too. No one rearends them or runs a red light, no bones broken or dental work or healthcare cost. No car maintenance despite working constantly. I can't believe people don't just do that every time.
How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year.
Yep, they certainly have an extra 7k laying around the house to invest every year.
$250k a year represents the top 5% of earners. 1/3 of 5 is 1.65% of earners
Compared to 78%. And to be fair, if those people live in very high cost of living areas, think NYC or LA, and have families, they very well COULD be living close to check to check.
A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck
This is, hands down, the most ridiculous thing that constantly gets repeated on reddit, and it isn't even remotely believable. We have Federal Reserve data on checking and savings account balances as well as family balance sheets, the median checking and savings balance is four figures, that's the 50th percentile. It simply is not true that nearly 80% of Americans live paycheck to paycheck. It literally isn't.
If you actually look at how the survey was conducted, they asked a sample of people "how would you pay for an emergency" and if the person answered "with a credit card" instead of "with savings" they were counted as living paycheck to paycheck.
That is fucking stupid.
I would use a credit card for an emergency because I have credit cards on me all the time and don't have a debit card on me to use cash.
That's 7k a year. If you make less than $50k, and have kids, medical bills, or student loans, you're likely not left over with that much. That's half of people. Also, let's assume you have $1mil at age 65 (and always had continuous employment for the full 30 years)..
You forgot to count inflation, buddy.. that mil is only worth $411k in real terms at 3% inflation. Think you can live off that for 15-20 years? Oh and remember that when retired, it would be a bad idea to stay 100% vested in stocks. A bad recession could wipe out 20-30% and you ain't got time to recover while you're also spending it.
So instead of being complacent with a broken system, why don't we try and improve it like we did in the past? We ended up on this system because the other systems didn't work. This one isn't working either. So let's fix it.
i don't understand how it's possible all the asian kids of immigrants are now living in mansions after going to harvard but the system is rigged against you specifically
I know you think you just did something here, but lemme tell you why you are wrong. You are right that Asian Americans tend to do financially better than a lot of other immigrants, but have you heard of sum called selection bias? Follow me here - the majority of Asian Americans were able to immigrate to the US for higher education or they had a skillset deemed valuable enough for a visa (eg scientists often leave china to pursue greater academic freedom and funding). Do you know how most African American families got their start here? They were stolen from their homes, enslaved, and denied the very education and employment prospects that most Asian families START with in America. It’s not a 1:1 comparison, blood
Yes, but since your 401k deduction is before taxes, it doesn't actually take $3k out of your paychecks for the year.
You will never get ahead. The system is rigged against you.
No, you just make shittarded choices and then blame "the system" instead of admitting you fucked up. I've made massive progress in improving my life over the past decade and finally bought my first house right before I turned 39. Because I put in the effort to make smart choices and learned to prioritize long term goals over short term fun. You can do it too, but you'd rather dick around and then blame everyone else for your actions.
You’re disconnected from reality. A lot of us are. It’s ok. Maybe try to be more open minded about how circumstances and just plain old luck actually play into how people end up where they are. I’m a different kind of asshole.
Take that $10 of weed 15 times a month... $30 a month for phone payment and $100 a month for Starbucks... Invest that $280 each month into an index fund and do the math for 40 years
There are actual dumb people who will never function at a level that you or I do. I don’t think they should go without just because they’re dumb. What you find has worked for you is based on a lot more than just being smart.
You don’t have to be ultra rich to be disconnected. They certainly are, but plenty of us making six figures or less, but well above poverty, are entirely disconnected. A few people not saving because they smoke weed, drink Starbucks, and have the latest iPhone does NOT equal the majority of people out here barely able to afford to eat. Ffs
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That would require people to take responsibility for their actions, do that and you cant blame the 1%.. the entitlement of the younger people is just jaw dropping
Exactly this. So you want to complain about how you can't save for your retirement. Who should be saving for you? How do you explain everyone who is saving? If you don't like a 401(k) or the stock market, fine, but come up with a plan that involves some sense of self sufficiency. The government can't give you anything it doesn't take from someone else.
Everyone in Fl made the shitty life choice to let their rent go up 30%+? Teacher made the shitty life choice to only make 47k in FL? Fuck off boot licking pig.
I'm managed to save a LOT of money bcuz military then federal service. The options available to me were not available to most of my friends, family, peers.
You failing to see that reflects more on you than anyone else.
6% when you are already living below the poverty lines is a lot.
What don't you understand?!
Ex. I make $2500 a month.
My bills and expenses cost $2600 a month.
"it's just six pERceNt"
When 60% of the population doesn't make enough, and middle class debt is higher than every, and birthrates are falling, and the middle class is shrinking, and the richest 3% are making more money now than ever, and companies are more productive now than ever, and individual workers are more educated and more productive now than ever, and CEO pay is higher than ever, but the average person still can make ends meet....
The problem is SYSTEMATIC.
What I don't get is why people like you have the boots of the wealthy so far down your throats VOLUNTARILY.
Listen cupcake, I grew up in the burbs, went to college, both parents retired, just like many others. I went into construction after college and have been in Line Work for a decade. I cannot tell you how many times I've had to explain to both young and old about saving for retirement, especially the difference between a 401k and a Roth 401.
You have no idea how many people are out there just unaware and uneducated on finances and retirement. A number of them don't trust banks and would rather save their money, have cash in hand.
In your mind, you are right, but you also lack a great deal of perspective.
It genuinely isn't and you either know that and are lying or are so incredibly privileged you have no clue how the world works or how to read statistics. It's such a dumb fucking statement I'm embarrassed for you and I don't even know you.
Privileged??? I am a school teacher, but live within my means and always have, put 15% of my earnings into retirement and haven been for about 30 years.. You are whining about the notion of a person saving a small portion of their wages for retirements, and I am the dumb one??? Your generation is so fucked because they are so stupid as a whole
Like the way you keep making excuses for a system that perpetuates exploitation, needless suffering and environmental destruction for the sake of the ego gratification of a few who are born lucky? "Nah bro, those trash pickers in Nigeria could have been just as successful as Bezos, they just made poor choices bro! Doing anything at all to improve things would just be communism!!"
Are you so entitled that your mind doesn't operate properly??? The wealthy are living in your head rent free because you want to be them so bad.. I spend zero amount of time thinking about them..
"I did it so everyone else can" mentality at work. There's some merit to it, but applying these generalizations over people is often repeated and incorrect. It isn't a shit choice to take the job available to you and it doesn't make you stupid if they don't offer a 401k program. It isn't a shit choice to spend your money on things you value vs. something you don't. It isn't a shit choice to not have been taught financial independence or to have been born in a world where no peer had it either. It's not a shit choice to be poor.
It is a great choice to invest as much as you can into a 401k or whatever tool you have. The absence of funds to or making great financial choices in general doesn't make your other choices shit, though. It makes you human.
This is extemely tone deaf and shows zero understanding of what some people are getting paid. Just because I can afford a retirement plan and what not, it's extemely naive and ignorant of me to assume someone at a different job can do so.
"6% of your income" isn't going to do shit - all of that is going to be stolen through fees alone.
"401K" is a fucking scam - no investment firm is every going to allow the poors to get a slice of the rich man's money. It doesn't matter how much money you put in - if you're not of the correct class, you're not getting anything back out.
Fees for my fund are .02% while gaining around 10% for the last several years... you clearly know nothing about investing... your ignorance is astounding... I have never made more than $70K a year in my primary job, yet have a 401K worth nearly $2M and farmland worth over $1M...
You're obviously in "the club" - no one else is allowed those returns. The "funds" they're allowed to buy have 10% fees and haven't made more than bank interest their entire existence.
It's not that I "know nothing about investing" - it's that I see though the bullshit and advertising (but I repeat myself) and see the scam that's actually running.
And I have absolutely no reason to believe any of your personal figures. Would you believe me if I said I was a millionaire based on the sale of a patent? Of course not - no matter how true or false it is.
It's so wild to me when people think "I want Americans who have worked jobs that exist in society (therefore we deem them to be valuable, people buy tons of cheeseburgers so fast food gigs are needed jobs, people want nice coffee so there need to be baristas, etc)) to starve and avoid the hospital. Fuck them, they need to work until their dying day without retirement or dignity, I hope they suffer and feel terrible." The brainwashing here is so crazy.
How many people do you think have pensions? Less than 15%, of those people, I'd bet all of them are part of that 47%. <Guess who can't afford a 401k at all? That'd be 53% of the population, because they can't afford to save or their jobs don't have the option. You know, the poors that you hate.
21% of Americans have a traditional pension according the garbage internet article below. So when you say everyone you mean 1 out of 5 adults. This is why people view the wealthy as self interested liars manipulating the system while gaslighting everyone.
You do realize that a pension is categorically different than a 401k, right?
No?
Hmm. Maybe this explains some things about your baseless cringe assumptions.
The maximum contribution to any 401k plan in 2024 is $23,000.
Maybe you can make that, maybe you can't, what you will not do without being challenged is conflate $23k per annum of retirement savings with being "rich".
The average home price also in 2024 in the US is $420k. That's just over 18 years of maximal contributions. If you are lucky, your investment over that 18 years will beat inflation. Probably. Maybe.
By how much? Who the fuck knows. The stock market is blatantly rigged in favor of institutional investors, not your average white collar joe.
So when you take the time to open your mouth and whine about the inane concept of "mehhh, if you have a 401k then you're rich", remember that the actual rich people out there make 10,000 times your take home and couldn't give less than a squirrel's shit 🐿️ about something as tiny and restrictive as a 23k 401k.
Oh no, they'll need to put it into their brokerage accounts and pay long term capital gains taxes on the profits! Whatever will they do when the lost profits from the taxes don't let them buy their third vacation home?
The way I frame it to myself is I can't afford to not pay into my pension.
Sure I could really use that money now, but the fact it's matched (I'm really lucky and pay 10% and employer gives 12.75%) means if I don't pay the max matched amount I'm literally throwing free money away. I can't afford to throw money away.
I definitely agree, it’s mandatory at my job and I thought it was stupid at first then learned more about 401ks and investing and realized how great it was. We’re only allowed the mandatory amount (3%) but the employer matches 9% I believe. It’s added up pretty quickly and 15-20 years worth will be a great help at retirement. I’m going to open up a IRA pretty soon and contribute about 10% of my income once my sons old enough for school and we have two incomes again.
My parents didn’t plan for retirement and are now struggling and if it wasn’t for them being able to buy their house’s young and get them paid off I’m not sure what they’d be doing right now. I want to enjoy my retirement and not work until I’m dead.
I wonder how much $ they spend on fucking tats and cell phones instead of investing in a 401K? I am not rich bit always put in my 401K, its common sense. That YOLO lifestyle is why they don't have shit, too bad.
So what about those jobs that don't offer 401ks at all? You know, those jobs that tens of millions of people in our economy work? lol.
Because I agree with you. I have a retirement account and I put money into it. But I've worked other jobs before and not all of them offer retirement benefits, and even the ones which offered retirement benefits liked to play games about it - eligibility restrictions like full-time employees only, no part timers or subcontractors allowed.
Or movement restrictions so that you're not allowed to roll it over into a new account if you ever leave the job. Etc and so forth.
Then you open and max an IRA. My husband and I both worked for a small business that didn’t offer a 401k for 12 and 10 years respectively. We maxed our IRAs and also contributed monthly to a brokerage. It’s not tax advantaged but it is savings and it does grow by 7-10% and is sitting pretty and healthy in 2024. You’ve gotta play whatever hand you’ve been given with whatever tools you can find.
50
u/VortexMagus 5d ago
Guess who has the most money in 401ks? Answer: the rich.
Guess who can't afford a 401k at all?