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re: This Is What Life Without Retirement Savings Looks Like
Posted on 2/22/18 at 9:56 pm to OleWarSkuleAlum
Posted on 2/22/18 at 9:56 pm to OleWarSkuleAlum
Insane. I haven't hit 30 yet and I already have 15k in both a company sponsored retirement plan and a Roth IRA.
3
Posted on 2/22/18 at 9:58 pm to Martini
If the government is going to force me to pay for others retirements via SS, there should at least be an opportunity to select a safe investment vehicle in which that money could go to. I hate pissing that money away with every paycheck knowing that SS won’t exist when I’m ready to retire. Worlds largest Ponzi scheme and the gov has us all fooled.
Posted on 2/22/18 at 9:58 pm to Jcorye1
I just turned 40 and have 15x that amount. Granted I have always maxed out. If your company matches you are giving them free money if you don't
Posted on 2/22/18 at 9:59 pm to fallguy_1978
I've been using some of the money I could have put away to get a cpa accreditation.
Posted on 2/22/18 at 10:00 pm to Jcorye1
At your age, why a Roth IRA? I understand diversification, but you’re losing major earning potential on those pre-tax dollars going the Roth route.
Posted on 2/22/18 at 10:00 pm to DCtiger1
quote:
Worlds largest Ponzi scheme and the gov has us all fooled
I'm not fooled and it absolutely is a Ponzi scheme. It's just a forced one where I have no opt out.
Posted on 2/22/18 at 10:01 pm to Traveler
quote:
Hate to break it to you, it isn't just boomers in this scenario. A lot of the young people I worked with aren't saving much either. The comment I always heard went something like this, "I'll start saving and get in the 401 program after I pay off my car". You can guess how that is going to turn out.
Millennials, on average, are saving more than any generational group in the history of this country.
Posted on 2/22/18 at 10:01 pm to DCtiger1
quote:
The thing about a pension though is that it really only benefits you if you spent most of your career with said company.
This is true, but remember a pension doesn't cost you a thing. Like your company, mine had both plus stock options, trasop where the company actually gave you stock and most important, money management counseling so you could retire before 65.
It was a shame to see so many people not take part of the best benefit this company had to offer-the counseling.
Posted on 2/22/18 at 10:01 pm to Peazey
I have that much and haven't contributed since I was 24 years old. Unfortunately, I have many friends as well where this isn't even a thought.
Posted on 2/22/18 at 10:01 pm to DCtiger1
quote:
At your age, why a Roth IRA? I understand diversification, but you’re losing major earning potential on those pre-tax dollars going the Roth route.
I wanted the flexibility to grab money out if something horrible happened.
Posted on 2/22/18 at 10:02 pm to DCtiger1
quote:
At your age, why a Roth IRA? I understand diversification, but you’re losing major earning potential on those pre-tax dollars going the Roth route.
When you are young chances are you make less money than you will later in your career. You put in post tax money at lower marginal rates than if you start contributing to a Roth later, and it grows for a longer time tax free.
Posted on 2/22/18 at 10:03 pm to Mingo Was His NameO
Are they saving on what it takes to retire today or 30 years from now?
Posted on 2/22/18 at 10:03 pm to Traveler
quote:
This is true, but remember a pension doesn't cost you a thing. c
I mean, yeah sure, but it's not like the money's just coming out of thin air. It's more than likely reflected in your salary.
Posted on 2/22/18 at 10:04 pm to DCtiger1
quote:
At your age, why a Roth IRA? I understand diversification, but you’re losing major earning potential on those pre-tax dollars going the Roth route.
He'll likely face much higher taxes in retirement. I think having a tax deferred account also is smart
Posted on 2/22/18 at 10:05 pm to Traveler
This is true. My company does a match every year, and I can’t tell you how many people don’t even contribute the amount necessary to get that. I don’t believe millennials are saving more than the generations before them.
Posted on 2/22/18 at 10:05 pm to DCtiger1
Because he is probably in the lowest tax bracket he'll ever be in (total assumption but not far fetched or atypical)
Posted on 2/22/18 at 10:07 pm to Y.A. Tittle
In my case it wasn't. Salaries were based on the upper end industry averages and that didn't change very much through the years.
Posted on 2/22/18 at 10:08 pm to DCtiger1
quote:
This is true. My company does a match every year, and I can’t tell you how many people don’t even contribute the amount necessary to get that. I don’t believe millennials are saving more than the generations before them.
Well, you are just factually wrong
Millenials are saving twice as much as Boomers for retirement
Posted on 2/22/18 at 10:08 pm to fallguy_1978
quote:
There are plenty of millennials on here that live in 350k houses on 85k income.
I thought millennials didn't work or worked at Starbucks?
quote:
fallguy_1978
And you're like 2 fricking years away from the millennial generation, genius.
Posted on 2/22/18 at 10:09 pm to Traveler
We're pensions commonplace in your industry, or was that unique to your company?
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