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

[Ironman]

Struggle is indeed real

 

[AAKing23]

I save like any day could be my last day at my job.

 

[OperationNumbNutts]

Meanwhile no reports on the fees taken out on 401ks.

 

[Laidbackman]

Meanwhile no reports on the fees taken out on 401ks.

The hidden fees are one of the reasons why people with a 401K plus a pension, come out so much better. It's rare to see people getting both today, unless they work for the federal government, where they get a pension plus a TSP...the government's version of the 401K.

Those fees taken out on 401Ks, eat up a lot of your investment over time, when you consider those market crashes that happen every six or eight years. More people need to educate themselves on this. That's why you have to put so much of your income in these plans, however most people don't. Then a lot of people run into financial hardships at some time during their careers, and have to borrow from their 401K, or in some cases, withdraw the total amount like I had to, after being forced outta my job, and nearly becoming homeless. What if I didn't have my pension, and only my TSP when this happened. I would have been in pretty bad shape.

Tbh, the 401K was originally meant to supplement the pension as a cushion, like SS, and not replace it. Doing this was a huge mistake, and we're just now seeing it.

 

[RhymesWell]

Late stage capitalism

 

[Belize King]

If someone chose to work forever, what’s a good job for 50 plus year olds to work

I thought maybe teaching would in theory be the best route to go

I was thinking about this as well. My Dad getting four checks being retired. I want at least three. Military, disability, and…

Teachers still get pensions? Post office? I’m about to hit 40 and thinking I can do twenty somewhere. Everybody is switching over to a TSP or some hybrid of it.

Where are the pensions?

 

[Belize King]

PPP, free health, education, child care to anyone that crosses the border, student loan absolution, reparations, $30/ hr burger servers, and guaranteed income has to be paid for.

Let's nationalize corporations, control prices and redistribute profits.

Everybody wins, right?

You see it. UBI is the future Brother. Nationalized health care. If you are a citizen, health care should be a right. There’s 350M Americans. The govt could get the best rates for everything and tax us for it.

Unfortunately, the USA govt only true skill is killing people and they get that wrong even.

100 years from now, America will be very socialist leaning (expanded services) or a complete shythole. Nothing in between. I free bad for future generations. The Boomers are fukking us as we speak and we let them.

 

[Gritsngravy]

I was thinking about this as well. My Dad getting four checks being retired. I want at least three. Military, disability, and…

Teachers still get pensions? Post office? I’m about to hit 40 and thinking I can do twenty somewhere. Everybody is switching over to a TSP or some hybrid of it.

Where are the pensions?

I guess it depends on what type of skills people got

Need something pay for some things like groceries, property taxes, maybe mortgages, maybe whatever debts you got left, and for extracurricular activities retired people do

I thought teaching would almost be perfect cause you can still technically live like you retired since you get summers and winters off, and it will keep your brain active during the year, just got to deal with dumb ass kids/teens during the school year

 

[AAKing23]

Feels good to know I have more than this at 32 years old when I don't even own any property

 

[Bugzbunny129]

Idk anyone with 50k in retirement.

 

[Kiyoshi-Dono]

Right, fukk is they talking about.

Buddy in here talking about buying a house and stop renting
If it was only that easy for everybody
Thecoli is an echo chamber of nikkas not living in the real world and type a bunch of shyt that sounds good to other weird nikkas
If you have a family
You are paying for
Healthcare
A mortgage/rent
Car Insurance
Money for car repairs
Food
Gas
Electric
Water
Everyday necessities
If your kids are small
Daycare
After school activities
Their dentistry
College prep
Clothing
If you own a house
Out of the blue repairs if the insurance doesn’t cover it
Muthafukkas will say live within your means
How the fukk are supposed to do that when shyt is priced out the ass
This ain’t 2015
Not everybody is out here splurging and yolo-ing their checks
Muthafukkas are making real life decisions even at a100k
Only on this forum will you find these hot takes from people with no real responsibility

 

[Mr. Jack Napier]

nikkas keep thinking this world ain’t about to be on fire or underwater
Climate change is going to fukk us all if not the oligarchs finally pushing that button to crumble all this shyt
Retirement is not in the cards for us
If you have the means now
You better do it and enjoy your life
shyt ain’t sweet out here

This moronic line of thinking is why people are going to be screwed come retirement time...good luck

 

[Insensitive]

Meanwhile no reports on the fees taken out on 401ks.

? If a person is paying attention to their 401k they can eliminate or lower fees considerably.
People should be paying attention to any percentage given to the company for any plans they sign up for.

So "wealth advisors" - should be nixed.
"High fee" funds - should be nixed.
Any additional fees will be outlined, a large percentage of "fees" that don't occur
from early withdrawal can straight be eliminated.

And platforms like Fidelity literally offer zero fee funds now.

401ks are one of THE BEST investment vehicles for the general public.

I 100% don't agree with the talk in here about drag on your investments from "fees".

Most 401k plans even crappy ones offer ways to lower fees.
My ex has a little plan with Kroger, I personally set it up, did the percentages and opted out of everything high fee.
She barely had to pay for it's maintenance, even though we're no longer together, I did her a HUGE favor the year we broke up.

 

[Kornball The Conqueror]

I'm about to hit 2k a month in dividends

 

[Laidbackman]

Buddy in here talking about buying a house and stop renting
If it was only that easy for everybody
Thecoli is an echo chamber of nikkas not living in the real world and type a bunch of shyt that sounds good to other weird nikkas
If you have a family
You are paying for
Healthcare
A mortgage/rent
Car Insurance
Money for car repairs
Food
Gas
Electric
Water
Everyday necessities
If your kids are small
Daycare
After school activities
Their dentistry
College prep
Clothing
If you own a house
Out of the blue repairs if the insurance doesn’t cover it
Muthafukkas will say live within your means
How the fukk are supposed to do that when shyt is priced out the ass
This ain’t 2015
Not everybody is out here splurging and yolo-ing their checks
Muthafukkas are making real life decisions even at a100k
Only on this forum will you find these hot takes from people with no real responsibility

You always post like this, why? And how could you turn the information I'm tryna share here, into something this negative, to the point you're calling people weird

I clearly said it was easier said than done, and it depended on the market, and you needed to do this at the right time, which meant you may not be able to buy a house tomorrow. And before you say something bad about that, they're predicting another crash in housing prices, like houses did in 2008. People who bought homes at the peak of that crash, which was around 2012, got the best deals, and wounded up with a lot of equity. So if house prices crash like they're predicting, this will give people, including young people, that long awaited opportunity to buy. Although a lot of homeowners lost equity when prices first started dropping in September 2006, today you see they recovered. That's one of the reasons I said owning overrides renting in the long-run, imo.

But since you came in here with such a low spirit, let me give you a little more detail about my experience. I was forced to sell my house in the DMV, which was in August 2006, right before prices began to fall a month later in September. After suddenly finding myself with no income to pay my mortgage, this move kept me from becoming homeless...and I wound up in a bigger, brand new house in the ATL, and was able to pay it off in full with the equity from selling my house in the DMV. After paying a lawyer $11,000 to win an early pension, I wounded up in that 1% bracket of Americans who retired between age 40 and 45. The percentage of Black people who retire this early is even lower, especially Black men.

I know you think I shared the paragraph above to brag, but I didn't. I shared this part to show you that nobody but The Most HIgh could have done this for me. To call this luck, would be an insult. He could do a lot more for you as well, if you change some of that mindset, and not attack people only trying to help. I've watch a lot of people show envy towards me since I retired. And I watched things only get worse for them, or they stagnated, while things got even better for me. Try not to be one of those with that mindset. It will blind you every time, even if you're doing good