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Started By
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re: 1 in 3 Americans have less than $5,000 saved for retirement
Posted on 8/27/18 at 1:57 pm to SlowFlowPro
Posted on 8/27/18 at 1:57 pm to SlowFlowPro
1
Posted on 8/27/18 at 1:58 pm to rowbear1922
quote:
As soon as I got my big boy job, I immediately started to save 20% of my salary between 401k, Roth and stock options. Besides that, I still will take extra money and put it into stocks I research. I should be fine but I won't know until much later in life.
Trying not to stump for my profession, but there are people who can help you figure this out now instead of taking a wait and see approach
Posted on 8/27/18 at 1:59 pm to chitiger91
quote:
I have TERRRIBLE spending habits and don’t make a shitload and still have a decent sum tucked away at 25. A quarter of the population seems so high.
Not everyone lives in their parents's house.
Posted on 8/27/18 at 2:00 pm to CorkSoaker
i have found it's very difficult to explain to someone that they don't have the results to expect me to listen to their advice without them getting all defensive and taking it as an attack (and i mean WITH me using euphemisms and not the cold robot words above)
Posted on 8/27/18 at 2:09 pm to Covingtontiger77
Yeah those pre-approved amounts are criminal. They pre-approved me and my wife for four times what are yearly after taxes pay was. We only used a fraction of the amount, but it is horrible that they even suggest such a number.
Posted on 8/27/18 at 2:10 pm to LuckyTiger
Yep. There are people in my neighborhood that are close to my age that have houses that are 2-300k more than mine and I know for a fact their combined income is significantly less than my household. How the frick do they afford it? I guess there is NO savings
Posted on 8/27/18 at 2:11 pm to Areddishfish
quote:
Yeah those pre-approved amounts are criminal.
Do you think the bank wants to repossess your house?
Posted on 8/27/18 at 2:11 pm to Darth_Vader
I have a coworker in his mid/late 50s that hasn't put anything in his 401k, and we match 100% up to 6%. He makes well over 100k.
No, that's why they sell your mortgage.
quote:
Do you think the bank wants to repossess your house?
No, that's why they sell your mortgage.
This post was edited on 8/27/18 at 2:13 pm
Posted on 8/27/18 at 2:12 pm to eScott
That doesnt mean he has no investments. He just doesn't utilize the stock market.
Posted on 8/27/18 at 2:13 pm to AUCE05
quote:
doesnt mean he has no investments. He just doesn't utilize the stock market.
He can utilize the stock market outside of his 401k
Posted on 8/27/18 at 2:14 pm to eScott
quote:
I have a coworker in his mid/late 50s that hasn't put anything in his 401k
Dear lord. I always laugh when somebody on here gets grilled by the financial gurus for only having a couple hundred thousand in a 401(k) at like 45 or something. That's not great, but it's way ahead of most of the country, I'd bet.
This post was edited on 8/27/18 at 2:16 pm
Posted on 8/27/18 at 2:14 pm to eScott
quote:
No, that's why they sell your mortgage.
Do you think the company holding the lien wants to repossess your house?
This post was edited on 8/27/18 at 2:16 pm
Posted on 8/27/18 at 2:17 pm to LanierSpots
quote:
Thats gonna be fun for them
Until they have a majority vote and 401k withdrawals are taxed more heavily than others and distributed through social security.
Posted on 8/27/18 at 2:18 pm to Bunk Moreland
quote:
I always laugh when somebody on here gets grilled by the financial gurus for only having a couple hundred thousand in a 401(k) at like 45 or something. That's not great
well then i'm fricked
Posted on 8/27/18 at 2:20 pm to SlowFlowPro
How accurate are 401k calculators online?
Posted on 8/27/18 at 2:22 pm to Paul Allen
Depends on the detail they allow you to put in
Posted on 8/27/18 at 2:23 pm to SlowFlowPro
So, how long will this current ride last?
Posted on 8/27/18 at 2:24 pm to Darth_Vader
Easily explainable. Many work jobs where they earn an hourly wage that slightly above minimum wage if not minimum wage. Many work for small business that don't offer any type of retirement plan through work and these people, living check to check mostly, don't seek any type of financial planner that can help them with this.
Posted on 8/27/18 at 2:25 pm to Thib-a-doe Tiger
quote:
Do you think the company holding the lien wants to repossess your house?
I think you should read up on it some more.
Also I should add my coworker has no savings, two 7 year car loans and a mortgage within the last three years. I didn't want to go into all of his business even though no one would know who he his. The smartest thing to do is max out your 401k before making other investments. Especially when it's matched.
Posted on 8/27/18 at 2:27 pm to Areddishfish
quote:They should start looking into it. My parents let me live with them for a year after college and I saved a shite load of money during that time period.
Not everyone lives in their parents's house.
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