78% OF AMERICANS HAVE SAVED $50,000 OR LESS FOR RETIREMENT

[ORDER_66]

grinding all your life but they aint save nothing no investments nothing... sad....

 

[Cloutius Maximus]

Man......it's so many young women I'm talking about 18-23 are selling there body on the low as a second job or on occasion to supplement their job just to survive. in my wicked days I use to be involved in it it was bad then how many women are prostituting themselves ....the people I now are are still in it says it worse they ever before pretty women because of the economy are out there in droves ...from a moral biblical stand point it's really sad but to me it's all set up for people to get used it's not enough resources for everyone to live comfortable.

meh, i get what you are saying but it's probably less women overall selling p*ssy compared to a decade ago when Backpage was poppin. women got options now if they wanna sell some sex. we never seen anything as bad as the crack era in LA, some of the stories I've heard

 

[Koapa]

Cashing out a 401(k) and borrowing against a 401(k) are 2 different things though. If you borrow against your 401(k) that is basically an investment for your plan, because you are paying the funds back to the plan at a market rate of interest. Pension plans make investments anyway, which is how they produce returns to the pensioner.

Example; my cousin left her job and cashed out her 401k. Not smart. She basically has no retirement. Has not a cent left from that cash out.

You still have to pay back that money if you borrow from your 401k. Even though the interest rates are low. That money will be coming straight out your pay or check.

 

[BlackBall]

I’m resigned to dying on the job at this point

 

[Koapa]

Man, you are blessed, especially if this is a high paying job.

Man Im blessed and fortunate to have a market competitive high paying job. I been with my job for 8 years now. Pension plus a yearly bonus. I'm on-call 24/7 but it's not that bad. Every once and a while I have to postpone a night out.

My next long term investment will be in a mutual fund. I need to talk to a experience investor about my best options.

 

[Sauce Mane]

Man Im blessed and fortunate to have a market competitive high paying job. I been with my job for 8 years now. Pension plus a yearly bonus. I'm on-call 24/7 but it's not that bad. Every once and a while I have to postpone a night out.

My next long term investment will be in a mutual fund. I need to talk to an experience investor about my best options.

VTI/VOO and chill

 

[CBSkyline]

If you're a millennial or younger, you're gonna need about a million maybe 2 to retire comfortably. Most ain't never hitting that target, but it's much better to have something stored away than nothing. Biggest lesson we can teach the young kids coming up is to put aside some of the money they make. Even if it's only 10 to 20 a week starting out, that's still a good habit to develop.

 

[Gritsngravy]

You know this is a great time for citizens to come together and stand for something, since majority are in the same boat as far as finances is concerned

This should be a stepping stone for us to really come together and change shyt, why do we allow these people to keep playing games with us?
Cause pensions and social security isn’t the only issues

 

[NSSVO]

VA got me

 

[beenz]

I'm fortunate to have a job that contributes up 7% dollar for dollar to your 401k and offer a pension. I currently contribute 5%. Next year I plan to go up 1%.

I know so many people that either cashed out their 401k or has borrowed from it. I get it emergencies happen but damn. Good luck.

if ur job is putting up 7%, don't u need to contribute at least 7% to get the full match? if so, u should at least be doing that at a minimum.

my job does 6%, so yours is even better than mine.

 

[Conan]

Stop renting, and get you a home. It doesn't have to be a new home or a McMansion. Get that thing paid off asap, retire early, and become a birdwatcher...lol. But this is easier said than done, and it depends a lot on the housing market, and doing this at the right time. But in the long run, you'll come out better regardless.

Meanwhile, start putting money in an IRA, if your job doesn't have a 401K or TSP...the federal government's version of a 401K. I'll just say 401K from here on out. I read where this woman spent her entire career working for McDonald's, and was able to retire early at 45. She started working there in her late teens, or early 20's, and immediately opened an IRA. That's how she did it, with the magic of compound interest.

People in my generation weren't getting this kinda financial knowledge, like the younger generations get today. The younger generation got their wake up call after the financial meltdown in 2008, and more of them were forced to learn how to invest earlier for retirement. We depended on pensions, if we were lucky to have them. But if you had a job that didn't pay much, then your pension wasn't enough to retire off of, unless you were married. And sometimes, that was even enough. I remember so many retirees having to either come back to work, retire to a room, or not be able to retire at all. And these were the older boomers. But today, a lot of younger boomers are catching it worse, and they have a growing homeless population. This is because a lot of their careers started right about the time they were phasing out pensions, and replacing them with 401Ks. And most of them didn't put enough into their 401Ks. And the jobs that had a pension and a 401K, practically cut the pensions in half, where you had to put money in a 401K to retire comfortably. But most single people, especially young men, weren't thinking about retiring, and they didn't know anything about the old pensions getting cut in half. So they had no ideal they were facing a worse retirement disaster than the older boomers.

The bad part is, this is affecting the young Black boomers the most, especially the men.

Btw, being debt free is just as important, if not more, than just saving for retirement.

@Sauce Mane don't listen to the first part of this. You don't HAVE to buy a home NOW. Look at it like this: you will never stop paying for a roof over your head for the rest of your life. You can pay a mortgage off early but you'll be paying taxes and maintenance and replacement costs forever and those aren't fixed.

Ask yourself if you want to be a home owner first and foremost. Second, treat your home as an expense, not an investment. (If you're buying a multifamily property and living on the first floor it's different) Third, as an expense, ask yourself how much you can afford to spend on housing for the term of the mortgage, and after the mortgage. Then patiently wait for a house that fits your pockets comfortably.

But you don't have to "stop renting now", that's why so many people are house rich and investment account poor . Especially in this fukked up housing market. Bound your cost of housing and invest the difference.

 

[Koapa]

if ur job is putting up 7%, don't u need to contribute at least 7% to get the full match? if so, u should at least be doing that at a minimum.

my job does 6%, so yours is even better than mine.

No I believe a company will match you dollar for dollar up to an X%. So if you contribute 3% then your company will match 3%.

If that makes sense.

 

[Gunz&Butta]

Git yo hands outta my pocket, ho!

 

[beenz]

No I believe a company will match you dollar for dollar up to an X%. So if you contribute 3% then your company will match 3%.

If that makes sense.

my company doesn't work like that. they will match 1% if I put in 2% up to them matching 3%. so I have to put in 6% to get the full 3%. then EVERYONE gets an automatically 3% lump some every february regardless of if u put anything into the 401K. so technically we get 6% from them.

 

[CrushedGroove]

What if my credit score is over 800?