The focus on 401ks has destroyed the retirement for millions of Americans over the last generation.

Discussion in 'Current Events' started by BlackJack616, Sep 5, 2016.

  1. BlackJack616

    BlackJack616 Active Member

    The focus on 401ks has destroyed the retirement for millions of Americans over the last generation.
     
  2. How very true. Pensions are almost extinct.
    At the same time many people do not participate or do not take advantage of the company match, if it's offered.
     
  3. Screenshot_2016-09-05-08-59-46.png
     
  4. bbsam

    bbsam Moderator Staff Member

    kinda makes me sick reading this.

    The same "Titans of Wall Street" that suck all the profit up and distribute the pennies to investors are chiding hard working Americans for not investing what they don't have for a future working class families have very little hope of obtaining. F off.
     
  5. newfie

    newfie Well-Known Member

    Hillary?
     
  6. bbsam

    bbsam Moderator Staff Member

    Don't kid yourself. Hillary, Donald, local, state, and federal governments and their Corporate America sponsors for the last 40 years. As soon as 2 parent working families began being common, executives all over the country started cashing in.
     
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  7. Baba gounj

    Baba gounj pensioner

    My 401K has always been above the Median Retirement Savings and I would encourage you to save more as I can't continue to support these inflated averages forever.
     
  8. We all have to take a little responsibility for our selves
     
  9. Baba gounj

    Baba gounj pensioner

    I get a good pension and I plan on using my 401K funds to offset on coming medical bills and get finally a new boat.
     
  10. rod

    rod retired and happy


     
  11. brett636

    brett636 Well-Known Member

    The problem with 401ks is that people simply don't have the discipline to put what they need to put into their 401ks. They get too focused on having the biggest house, go on the most lavish vacations they can afford, buy new cars all the time, and generally live on borrowed money from credit cards. The problem is mostly with the lack of savings, not the 401k program itself. One can generate a healthy retirement income from a 401k if they save consistently over a long period of time. Those who understand the principle of compound growth will benefit from it, those that don't will be paying it. Its that simple.

    Pensions on the other hand aren't all that they are cracked up to be. Sure they provide a steady income in your retirement years, but as we have learned from the Central States debacle that money isn't guaranteed. Not to mention the whole host of other Teamster pension funds that are on the ropes as well. I've said it before on here and I will say it again, if I could opt out of my pension and have that money redirected to my 401k I would take that in a heartbeat. If I had control of that money at least I would have the piece of mind knowing I can manage it well enough to ensure it will be there when I need it.
     
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  12. brett636

    brett636 Well-Known Member

    None of those people you mentioned have anything to do with your lack of financial discipline. As someone who is self employed you have the ability to contribute to a SEP which has far higher contribution limits than our 401ks do. Take advantage of that and put away all those big bucks Fred is paying you. If anything do it so the government won't have another excuse to try to dig into my retirement savings.
     
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  13. DriveInDriveOut

    DriveInDriveOut The One Who Knocks

    So in your mind, the money that companies are no longer contributing to pensions, has all gone to the workers, and those workers are just irresponsible for not investing this imaginary money?
     
  14. Baba gounj

    Baba gounj pensioner

    I click on post#12 Derail list and nothing comes up.
    Has DriveInDriveOut reached his limit on derails for the year?
     
  15. brett636

    brett636 Well-Known Member

    Do you have no understanding of compound growth and what it can mean to those who take advantage of it?
     
  16. DriveInDriveOut

    DriveInDriveOut The One Who Knocks

    Do you have no understanding of not being able to invest what you don't have? The money companies spent on pensions was not transferred to the workers. TTKU.
     
  17. Baba gounj

    Baba gounj pensioner

    Do you have any idea how much the docking fees are for a vessel that size ?
    I need something quite smaller.
     
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  18. Baba gounj

    Baba gounj pensioner

    The Central States pension has always been mismanaged and very little had been done to correct the issue.
    UPS bought out of the pension fund and for good reasons.
    The fact that many UPS workers fail to stay on until they become vested ( For me it was 10yrs ) is the only thing keeping our pensions alive.
     
  19. brett636

    brett636 Well-Known Member

    Don't give me that BS. When I was making $15k/yr. I was able to save up a down payment on a foreclosed house that needed significant work, qualify for a mortgage, and I still invested money in my 401k. Anyone who actually wants to invest money into their future can, but it takes sacrifices today. As of now my 401k savings are well above the norm and by the time I retire will return 2-3 times more than my pension will in income.
     
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  20. DriveInDriveOut

    DriveInDriveOut The One Who Knocks

    Ok. So it's better to get rid of pensions and let the company keep all the money?