401k savings

[neurosis]

I don't have it all worked out but it seems to me, on the surface at least, that something along those lines could easily replace the current system.

These accounts would be started for those say under 35....their weekly deductions would remain as they would still need to contribute to their account, along with the companies.

*If* they could come up with something that doesn't leave us exactly where we are now, I'd be open to something privatized.  With the way things are, greed and corruptions makes me believe that would never happen. Maybe I'm too cynical.

Most of us have no clue how to navigate our 401k in a way that we can stay ahead of inflation.  Some do. Most don't.  That's probably our own fault for not educating ourselves, but passing blame isn't going to solve the issue that were going to face in generations to come. 

As you know, it's tough for us. I feel for future generations.

[neurosis]

Some light reading if anyone is interested.

There are several articles out there like this one.  I'd originally watched a documentary on it but I can't remember what it was.

https://www.cnbc.com/2017/01/04/a-brief-history-of-the-401k-which-changed-how-americans-retire.html#:~:text=%E2%80%9D%5BMany%20early%20backers%20of%20the,The%20Wall%20Street%20Journal%20reports.

[Tim Johnson]

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.

We have people in their mid-seventies stilling working here not because they need the money but because they don't want to sit at home waiting to die. I don't feel that way because there are many volunteer opportunities that will keep me as busy as I want to be while being around people. My heart attack has also changed my thoughts about how long I want to keep working. I don't know when I'll retire but one day in the near future I will wake up in the morning and know It's time.

[CADCAM396]

I am determined to work until I can no longer resist the urge to choke the living shit out of my coworkers that keep doing stupid shit,, or I get so senile that I am doing there stupid shit.
lol

[neurosis]

We have people in their mid-seventies stilling working here not because they need the money but because they don't want to sit at home waiting to die.

We have a guy in his late 60's working at our shop for the same reason. He just doesn't want to sit at home being bored all day.  He only works part time.

[Incogneeto]

I am determined to work until I can no longer resist the urge to choke the living shit out of my coworkers that keep doing stupid shit,, or I get so senile that I am doing there stupid shit.
lol

Well let's see . I have paid in to SSI $196,000. I have not received one dime of interest.

I am now collecting and they are bleeding me slow at about $2000 per month. I can still work and earn 22,900 PY.
and they will take half of what I earn after that.

My Father paid his entire life and received two years of Benefits.

My Sister died and received none. at age 65. and paid in her entire career.

I don't know what I am going to do. But Imma get somma my money back.

I won't be rich but it pays all my bills. and I can bank a bit too.

I'm tired of being taken advantage of.

I can eat steak every day of the week. and travel as I please. Not Philippines like Smit. But I can hit Texas and Cali
and Vegas as I please.

Neuro now you know someone that retired at 62. Ok Maybe Semi.

But I work cause I'm bored and Can meet women.

[Del.]

I sit on porch and watch the squirrels and birds, cut the grass on my riding mower and catch a few old westerns on TV. It's not like I'm doing nothing.

[Tim Johnson]

*If* they could come up with something that doesn't leave us exactly where we are now, I'd be open to something privatized.  With the way things are, greed and corruptions makes me believe that would never happen. Maybe I'm too cynical.

Most of us have no clue how to navigate our 401k in a way that we can stay ahead of inflation.  Some do. Most don't.  That's probably our own fault for not educating ourselves, but passing blame isn't going to solve the issue that were going to face in generations to come. 

As you know, it's tough for us. I feel for future generations.

For forty+ years I have been putting 5% of my pay check into our 401k retirement plan and at the end of my work life I will roll the money to a researched fiduciary company and it will continue to grow.
  Technically our 401k is only a savings account that a stock broker manages. At the end of the year the funds are analyzed and changed to a better set of funds if available. In my eyes the 401k is a retirement plan and if done correctly their will be little taxes to be paid. For me I'll have approximately 5 years of tax payment from the mid nineties when .gov changed the rules to not taking taxes out. The Roth 401k allowed for prepaying the taxes the same way as it was in the beginning.

[gcode]

I was 15 when I made my first contribution to SS
There have been contributions every year since with the exception of 1980.
That year I worked for a small job shop who's owner discovered the joys of teenaged girls
and cocaine. It took him about 9 months to put a nice profitable job shop up his nose.
He took my SS contributions and taxes withholdings out, but SS/IRS never saw them, so there is one year of my work history showing zero contributions.
I didn't get a real 401K started till 2002 and I've contributed heavily since it's inception.
Due to massive OT last year, it was the first year I actually contributed the max allowable ($30K)
I'll be 70 this year and will begin taking my SS benefits.
The plan is to continue working until my wife hit's 70 so that we are both drawing max SS benefits.
California is on a jihad to turn dairies into warehouses and that plan may no longer be viable, but we'll see.

[CNCAppsJames]

You need to get into the bovine backpack business G... somebody gotta be collecting those cow farts.

Make that dolla!

[gcode]

You need to get into the bovine backpack business

When my wife started her job in the dairy industry, there were 600+ dairies in the agricultural preserve.
They were mostly small family owned business and the Feds and the state smothered them in paperwork/ labor laws
and eco-laws.  There are 6 left and they cannot survive the current regulatory environment.
The land is now covered by empty warehouses and housing developments.
I doubt any of the remaining 6 will survive another couple of years.

[CADCAM396]

When my wife started her job in the dairy industry, there were 600+ dairies in the agricultural preserve.
They were mostly small family owned business and the Feds and the state smothered them in paperwork/ labor laws
and eco-laws.  There are 6 left and they cannot survive the current regulatory environment.
The land is now covered by empty warehouses and housing developments.
I doubt any of the remaining 6 will survive another couple of years.

Warehouses and housing developements??   I just cant twist that into a successful green movement unless we talking weed. 
that is very sad

[Jim at Gentex]

My wife and I just recently decided we would both retire next March.

She will be 62 and I will be 63 and a half.

I served 20 years in the Army National Guard, which qualifies me for Tricare, the military health insurance.
That is a HUGE benefit that allows me to not have to worry about health insurance.

I have a 401k, and between that and both of our Social Security benefits we should be ok.

I realize we have it better than a lot of people, but we worked hard and sacrificed time together when I was in the Guard, so now we get to enjoy the benefits of that.   

[gcode]

Warehouses and housing developements??   I just cant twist that into a successful green movement unless we talking weed. 
that is very sad

Nothing green about it. It's all about the money.
Warehouses and housing pay more taxes that cows and 50K agricultural workers (who are now unemployed)

[mowens]

Every time I think about retiring some crisis happens somewhere in the family that requires an influx of cash. That's where I come in.

My daughter in Cleveland (where my wife lives) just bought a house with her husband. Ostensibly, this is where I'll live when I retire. So, I gave them $22,000 to put down on the house. Then my wife tells me "Ashley and John paid off all of their credit card debt". So, basically, I paid off their credit cards. Which pissed me off. My wife doesn't see the issue. I don't mind helping to buy a house. But I have plenty of bills myself that I would rather have paid off.

So, I plan to work until I can't. I'm not going to Cleveland unless there is absolutely no other choice. I like my work and make good money. I don't see the point of leaving this job just to end up working part time.