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.
Were you putting in a nickel per paycheck? The market has killed it over the last 30 years, even with a relatively low contribution, if you contributed consistently for 30 years you should have way more than that
You go tell my 401k account that.
You were certainly putting in minimums. You should be aiming for 10%-15%.
how the fuck do you set aside 15% of your paycheck to invest in something you won’t see for another third of a century? you mansa musa or something?
I am so confused here–this is what you do to prepare for the future. I guess you could blow it on women or something.
no i mean who HAS 15% of their paycheck available to spend
Most people here decided they’re better than those with less money than them and it’s fine to blame those less fortunate for “thier mistakes”. It’s pretty depressing.
The only person I see being blamed obviously fucked up their 401k, or is complaining that they added a couple hundred dollars over the course of decades and don’t have a ton of money.
It has nothing to do with them being poor, but with them fucking up and then trying to claim they are the victim.
I think you just figured out why we’re doomed. Don’t assume I have spent my life doing this, I’ve tried to stay out of poverty for most of it. Now that I can, I do. Those who have good pay right after college spend their lives paying in.
The trick is to set aside something, anything, no matter how small, to start. Then whenever you get a raise, set aside part of that so you will never have seen it or spent it.
Your most powerful weapon is not how much you can set aside now, but how early you can start. Investments over the length of your career can turn a little into a lot. Get started now, no matter how small, and use time as your greatest weapon.
Even that percentage is somewhat suspect: they used to recommend 7% as sufficient for most people. Yeah the investment world has changed but I can only guess the higher percentage is that reality happens and you’ll never achieve it perfectly. In my case, marriage, medical disasters, trying to buy a too expensive house and cars, layoffs, and divorce stole most of what had started as a promising investment
Living expenses > income. It’s not complicated math. You can’t save when you don’t have enough to live and already putting off things like car repairs, health care, hair cuts, buying clothes…
I’ve always made decent money, so admittedly it has been easy for me, but my first job, on the advice of our security officer (of all people lol) I immediately put 10% of my income into my 401k. So I went from making no money to 90% of what I had negotiated and learned to live on that. Every raise I got, I increased the amount so my raise was smaller, but my savings larger.
This is how you make it work.