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<blockquote data-quote="olroadbeech" data-source="post: 1586561" data-attributes="member: 52145"><p>do you know anyone that misses the 7.5% deduction for social security out of their checks? probably not.</p><p></p><p>you should view your 401k the same way. start small. I started with 5%. didn't miss it at all. then went up from there to the max in just a few years. now it is in the middle 6 figures after only 15 years.</p><p></p><p>I tell young employees not to depend solely on their pension or SS. contribute as much as you can to your 401k and even an IRA. we max our IRA out every year without penalty since my spouse does not work and we don't make over a certain amount. plus pay off house early .</p><p></p><p>i'll get my pension and retirement amount first. probably 4% from the 401k and iRAS. then SS in 3 years. the total of all 4 will be about 9200 ( before taxes ) a month.</p><p></p><p>my point is , even if we lose half our pensions , contribute to other plans and just don't depend on one thing.</p><p></p><p>not bad for less than 30 years of work.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 1586561, member: 52145"] do you know anyone that misses the 7.5% deduction for social security out of their checks? probably not. you should view your 401k the same way. start small. I started with 5%. didn't miss it at all. then went up from there to the max in just a few years. now it is in the middle 6 figures after only 15 years. I tell young employees not to depend solely on their pension or SS. contribute as much as you can to your 401k and even an IRA. we max our IRA out every year without penalty since my spouse does not work and we don't make over a certain amount. plus pay off house early . i'll get my pension and retirement amount first. probably 4% from the 401k and iRAS. then SS in 3 years. the total of all 4 will be about 9200 ( before taxes ) a month. my point is , even if we lose half our pensions , contribute to other plans and just don't depend on one thing. not bad for less than 30 years of work. [/QUOTE]
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