401k savings

[Tim Johnson]

How many of you have a 401k account and currently have money in it? It appears now is a good time to get in. I've currently made 59k this month alone and we're less than halfway through.

[Incogneeto]

I gotta go look under the mattress.

Hang On.

[JakeL]

I've had one for a couple years. I have a bad habit of not checking on it.

[neurosis]

I've had one for a couple years. I have a bad habit of not checking on it.

Same here. I'm not sure that is a bad habit

[RobertELee]

I've had one for a couple years. I have a bad habit of not checking on it.

You're likely young enough that it doesn't matter yet. It will go up and down daily, and until you are near your retirement years or need to draw from it, it's not something to really worry about. Check it occasionally, but not constantly.

[mowens]

Mine has been showing a pretty consistent -2%.

[Del.]

I'm getting my 5% and don't have to worry about it anymore.

[neurosis]

I'm getting my 5% and don't have to worry about it anymore.

I'm not trying to be a smart ass. I know that's hard to believe.   

But are you going to be ok if the next Republican Administration starts gutting SS and Medicare? Raising the retirement age, etc?  Or will you be "i got mine, it needs to be done"? 

[JParis]

I'm not trying to be a smart ass. I know that's hard to believe.   

But are you going to be ok if the next Republican Administration starts gutting SS and Medicare? Raising the retirement age, etc?  Or will you be "i got mine, it needs to be done"? 

C'mon man...

Seriously....something HAS to be done...I am frankly in the everything to keep it needs to be on the table...

Raise the taxable wage limit
Increase the 6.2% tax on earners and companies.
A "means test" for the "high" earners...say a million +
There are other ideas out there and should be brought to the table.

Raising the age should be on the table ONLY if it can be gotten there any other way...

Bottom line, every administration for the last 40 or so years has kicked this can down the road too damn many times.

When I was younger,  I would have gladly opted out for a chunk of my change back to invest...now, I'm too far along and it's now part of my retirement factor...

I do think there should be a very hard look at setting people up with their own individual accounts. Things would need to be put in place to make sure those accounts could not get raided by government or the individual...people of a certain age at this point would have to be grandfathered into the existing system.

[Leehound]

I like this guy.

[Del.]

I'm not trying to be a smart ass. I know that's hard to believe.   

But are you going to be ok if the next Republican Administration starts gutting SS and Medicare? Raising the retirement age, etc?  Or will you be "i got mine, it needs to be done"? 

They won't touch SS. It's political death. Just raise the income threshold to supply fund. SS is still a fully funded entitlement and has been since inception.

Most people retire at 62

[Smit]

I expect most people retire at 65, when they're eligible for Medicare. Healthcare is so expensive people can't afford it unless they have a pretty large retirement savings.

I think they'll eventually raise the full retirement age on the young people. A 25 year old has a hard time even comprehending they'll one day be 70 years old so they won't raise as much of a fuss as the people who see it on the horizon.

[neurosis]

Most people retire at 62

I don't know anyone personally who's been able to retire at 62. I do know some people who are still working in their 70's because they can't afford not to and it's a struggle for them.

[neurosis]

I like this guy.

Whatever  your take is on SS, our future as a Country doesn't look good for our retired seniors.

[neurosis]

They won't touch SS. It's political death. Just raise the income threshold to supply fund. SS is still a fully funded entitlement and has been since inception.

They've discussed ways to fix SS that aren't popular. Lift the cap on upper earners.  That would never happen because they have all of the influence.