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Message
re: A quarter of Americans have no retirement savings. Zero.
Posted on 5/27/26 at 2:02 pm to JohnnyKilroy
Posted on 5/27/26 at 2:02 pm to JohnnyKilroy
This applies to most generations except for possibly the Greatest Generation.
0
Posted on 5/27/26 at 2:02 pm to AUIH1
quote:
start investing ASAP in your 20”s or earlier. Sure, it’s difficult and there are times that extra 5-12% would look nice in the checking account,
Been putting in 14% with a 7% match since I was 26. Covid scared the shite out of me as far as retirement but it’s rebounded and then some. Thankfully back on track.
Posted on 5/27/26 at 2:03 pm to Slippy
quote:
What are these millions upon millions of people going to do to support themselves when they get old?
Vote for people who promise government handouts.
quote:
What happens if social security goes belly up?
Government bailout.
quote:
I'm more interested in the politics of this than the economics.
Both sides will screw over the American people to put money in their own pockets.
quote:
Seems like we could be fricked on both fronts.
We likely will be.
Posted on 5/27/26 at 2:03 pm to Shexter
quote:
It's fairly f'ing simple - all I've done is auto deposited $40-50 per paycheck for the past 35 years. Company matched up to 5% of my contributions.
I've done this with a less than $100k salary. How do so many people screw this up?
For starters, there is a significant number of people that won't take the first step. Then, for those that do take that first step, there is a small percentage that will start to see a decent balance, then take out a 401k loan since they are just paying that interest back to themselves. 3 of my 6 top paid employees (all 6 figures) were not contributing to their 401k (2 will finally start next pay period).
Of the 21 people I employ, only 9 contributed, will finally be up to 11.
Posted on 5/27/26 at 2:04 pm to BOSCEAUX
I know it’s hard, but if you can push through; a fun life can await on the other side.
Posted on 5/27/26 at 2:04 pm to MMauler
quote:
This might be a little misleading. Many Boomers had "real" retirement plans, i.e., debined benefit plans. These plans don't have a set amount of money that can be counted, but rather a monthly income amount until death.
yep, we had two(three, counting 401k,). the largest of the three was similar to a Roth/mutual fund/IRA, was all pre-tax, and the third is a life time annuity, I know they got those numbers from somewhere but $200k seems awful low, most of of my peers that are retiring are set up for a pretty comfortable retirement, hell, their grandkids will have a pretty nice nest egg if that's what they choose to do
Posted on 5/27/26 at 2:05 pm to Slippy
I know a guy that is 70 that lived with his mother until last year, in a 30 year old trailer. She died at 87, he finds out she had a second mortgage on the trailer and 1 acre lot. He is about to be homeless. He never said a cent and neither did she.
Posted on 5/27/26 at 2:05 pm to Weekend Warrior79
quote:
take out a 401k loan
I've made that mistake before
Posted on 5/27/26 at 2:06 pm to AUIH1
What's funny is, when you think about it, the people who will be most likely to be handed down a "free nest egg" via their inheritance from their parents who were well off and saved.. are likely the same people already properly saving for their own retirement.
I could somewhat understand being lax on retirement savings if you're someone with a nice inheritance down the line (although it is dumb, anything can happen), but I highly doubt those are the people being lax of saving and investing.
I could somewhat understand being lax on retirement savings if you're someone with a nice inheritance down the line (although it is dumb, anything can happen), but I highly doubt those are the people being lax of saving and investing.
Posted on 5/27/26 at 2:07 pm to Dire Wolf
quote:
i did not know how good i had when my old company matched up to 9% full and $.50 up to 14%. Luckily i took advantage of it
I started with a new company last year.
They put in 10% into my 401k no matter if I put anything in or not and then will match 100% up to another 8%.
I'm riding this as long as they keep doing it.
I honestly didn't know companies were still doing this much anymore.
Posted on 5/27/26 at 2:08 pm to Slippy
Many make 6-figure (or more) wealth destructive decisions in their 20’s, 30’s and early 40’s when they choose to live at or above their means, often with high consumer debt, during the investing years that could be working the most for them.
Note - I am not speaking to those with significant detrimental life events (health, death in family, etc).
The 401k and Roth were built for this. Many people really cannot handle money. The pension going away (relatively expensive to companies) hurt these folks. But not more than they hurt themselves.
Note - I am not speaking to those with significant detrimental life events (health, death in family, etc).
The 401k and Roth were built for this. Many people really cannot handle money. The pension going away (relatively expensive to companies) hurt these folks. But not more than they hurt themselves.
Posted on 5/27/26 at 2:08 pm to LouisianaLady
quote:
the people who will be most likely to be handed down a "free nest egg" via their inheritance from their parents who were well off and saved.. are likely the same people already properly saving for their own retirement.
wealth(all relevant,) begats wealth
Posted on 5/27/26 at 2:08 pm to Shexter
I have an employee that is on his 4th in a row. Within 3 months of paying it off, he'll take out a new one and pay it over 5 years.
Posted on 5/27/26 at 2:11 pm to CPA Yung Boi
quote:
Not sure what you think the difference is. A LOT of Boomers are like 10 years into a 30 year mortgage and don’t have enough to wealth to clear the lien on their home
Not sure about that.
If you’ve held real estate for 10 years in the average market, I’d think you are in the black.
Posted on 5/27/26 at 2:11 pm to Slippy
quote:I think about this way more than I should.
I guess the question is.... What are these millions upon millions of people going to do to support themselves when they get old?
Posted on 5/27/26 at 2:12 pm to AUIH1
Something else people need to do besides 401K is have enough money in ROTHs or traditional savings to live on for a couple years after retirement. Let that money start making money especially if you retire before 59.5 years old. A lot of people don’t realize there is a 10% penalty to pull out of that rolled over 401K principle. If you leave that money in what ever investment company your company uses then the rule of 55 comes into effect and you can draw out without a penalty.
Posted on 5/27/26 at 2:12 pm to Slippy
Some have other assets
Posted on 5/27/26 at 2:13 pm to Shexter
quote:
It's fairly f'ing simple - all I've done is auto deposited $40-50 per paycheck for the past 35 years. Company matched up to 5% of my contributions.
I've done this with a less than $100k salary. How do so many people screw this up?
A lot of people are truly ignorant about finances and the power of compounding interest. And a lot of lower class people don't have 401-k matching at their crappy jobs or even know what a 401-k is. These are some of the things that should be taught in highschool but aren't because teaching diversity and not hurting feelings is more important to a lot of people. Coincidentally those are the same people who are the most likely to complain about equity but they have no interest in doing what it takes or learning how to build wealth and gain financial stability.
Posted on 5/27/26 at 2:14 pm to bayouvette
quote:
Some have other assets
yep, I have several paid off, money making properties that are worth quite a bit if they were sold, no reason to at the moment
Posted on 5/27/26 at 2:15 pm to LouisianaLady
Yep. As I posted in the “Boomers are Satan” thread, I was in a middle class subdivision in North Metro Atlanta and the vast majority of my friends and neighbors were like me. They maxed out savings to pay for kids’ college and retirement. Most of us have all retired and are empty nesters now. Many have left the shite hole that is the ATL for much greener pastures!
This post was edited on 5/27/26 at 2:22 pm
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