401k savings

[neurosis]

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

I agree.

Raise the taxable wage limit

I also agree. 

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

Also agree. 

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

100% agree. 

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.

This is where I start to fall off a little.

401K's were never meant to be a retirement option. So what would the other options be?

We should all be working very hard to try to prepare for our future.  We're all one or two medical issues away from bankruptcy at this point so how are we supposed to save for our future and also take care of ourselves medically? My deductible right now is almost 7k and I'm still dealing with Cancer scans every year.  I pay for MRI's straight out of my pocket.

And yes. Stop borrowing from Social Security!

[Del.]

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.

That's because you live in a very Liberal run state. All Liberal states are like that. It's just the truth. Cost of living is insane. 

[neurosis]

That's because you live in a very Liberal run state. All Liberal states are like that. It's just the truth. Cost of living is insane.

Oh geez, Del. 

You're not forced to stay here. Anyone can go retire in a "red" State.

[neurosis]

Not to stick up for Blue States, because I hate this State,  

But the wages are also typically higher in Liberal areas and they also typically, not always, have more benefits for seniors.

[Del.]

I agree.

I also agree. 

Also agree. 

100% agree. 


This is where I start to fall off a little.

401K's were never meant to be a retirement option. So what would the other options be?

We should all be working very hard to try to prepare for our future.  We're all one or two medical issues away from bankruptcy at this point so how are we supposed to save for our future and also take care of ourselves medically? My deductible right now is almost 7k and I'm still dealing with Cancer scans every year.  I pay for MRI's straight out of my pocket.

I've got the best medical insurance in my life. For $284 a month I am fully covered for anywhere I want to go that accepts Medicare. I have a total out of pocket cost of $226. My five prescriptions cost $48 a year with no monthly premium. Why the entire country is not doing this to some degree astounds me.

[neurosis]

Why the entire country is not doing this to some degree astounds me.

I guess you're voting for Bernie next year rather than Trump then?

That's a pretty controversial thing to say on this forum.   

Our Country spends so much money on medical that we could easily afford to do that. It's just not popular and the insurance companies that line the pockets of our politicians so they convince us that's a horrible idea wouldn't like you pushing that opinion on others. 

[Del.]

Oh geez, Del. 

You're not forced to stay here. Anyone can go retire in a "red" State.

That's what scares me. You come to a Red state and then fuck it up. 😂

[Del.]

I guess you're voting for Bernie next year rather than Trump then?

That's a pretty controversial thing to say on this forum.   

Our Country spends so much money on medical that we could easily afford to do that. It's just not popular and the insurance companies that line the pockets of our politicians so they convince us that's a horrible idea wouldn't like you pushing that opinion on others. 

Sooner or later I piss everyone off.

[neurosis]

That's what scares me. You come to a Red state and then fuck it up.

I don't think it's the older people coming to the red States and fucking them up. Or maybe boomers are starting to vote blue now?  I guess if you start talking about fucking with their SS that doesn't surprise me? 

I'm coming to turn your State blue, Del!

[neurosis]

Sooner or later I piss everyone off.

Yea, me too.

[Del.]

I don't think it's the older people coming to the red States and fucking them up. Or maybe boomers are starting to vote blue now?  I guess if you start talking about fucking with their SS that doesn't surprise me? 

I'm coming to turn your State blue, Del!

I already feel bluer. 😝

[neurosis]

I already feel bluer. 😝

After that "Why the entire country is not doing this to some degree astounds me. " comment, I'm not surprised.   

[Elmer Fudd]

Up your 401K. You can retire at 59 1/2. 

[neurosis]

Up your 401K. You can retire at 59 1/2. 

Haha.. I wish I could.  With medical bills I can barely afford to put in what I am.

Like I always say, I'm on that work until I die retirement plan. 

[JParis]

This is where I start to fall off a little.

401K's were never meant to be a retirement option. So what would the other options be?

With the absence for many workers of a "pension" account....the 401k was meant to give workers options...

That said, pensions accounts are invested, though most in stable notes of some sort...so not necessarily a 401k per se, but when a worker files their fist income tax a government funded "pension" style account could be opened...funding could be very similar to SS funding but accounts would be held until retirement..

Some companies, those that still offer one, manage those accounts, most though have to have them managed by private entities.

Those funded should be managed by a private fiduciary.

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.