return2ozmaSenator Bernie Sanders Report Warns Nearly Half of Older Americans 'Have No Retirement Savings'
WarmSodaI put money into my 401k for decades only to find out I had enough to cover two months of rent. Shits fucked.
Captain JanewayIs this a meme? Were you putting pennies into your 401k over those decades of investment?
I think everyone deserves a retirement. But aside from that, your claims are dubious at best.
Nope. Company matching and everything.
You can doubt all you want, but I’m the one sitting here without anything to show for being in the workforce my whole life.
You can doubt all you want, but I’m the one sitting here without anything to show for being in the workforce my whole life.
If you put “money in for decades” it would be almost impossible to only have enough for “two months rent” at this point. Either you’re not telling the whole story or you were literally robbed.
This still doesn’t explain the “only 2 months rent” part, but I’ve had friends who thought they were investing in a 401k but were seeing virtually no growth. Upon looking into it, they hadn’t allocated funds but were required to do so, so the money was sitting in a cash reserve pile earning the typical .02% interest.
So, this could mean losing out on 30 years of gains if it were to go on long enough. But 30 years of deposits should still have been way more than 2 months rent so dunno what to say about that part
WITH a company match? Did you have it invested in Enron or something? Even if you have zero investment gain, a company match just plain doubles your money.
I put 4%, matched by my employer, for 5 years and have 40k in there. Have you sorted out where the money all went? It’s wild that you can contribute and have nothing.
Or is your rent like 80k/month? lol
What were you invested in? An index fund? I’m doubting, but explain. Did your investments go poorly? Which investments? We’ve had a bull run for the past 20 years (when you look at general markets and not particular markets). Sucks if you invested in one company, but that’s why they say diversify…
Your retirement, still, IMO shouldn’t be predicated on you knowing how to invest. Just because you might have made bad investments, doesn’t mean you should be destitute. But I’m trying to make sense of your story.
A lot of people don’t even know they need to invest the 401k funds. So they throw money into a bucket and it only grows as much as they put in.
Yeah that’s fair, but decades of doing that pretty much guarantees you’d have more than 2 months rent. Even without investing, you should have - what - $50k? And that would be $50k/~15 years = ~$3,000 a year, which is about $150/month.
In terms of contribution amounts, that’s on the lower end no? But even still they should have something to show for it. Not 2 weeks of rent.
But all of this conjecturing is moot. I’m pretty sure the original commentor is either trolling or just angry and uninterested in providing wisdom from their mistakes. I’d love to know what they did just so I can avoid it. 乁( •_• )ㄏ