I was just listening to something on the radio about that a little while back. It sure would be nice if you could save a little over the years, tax free and use it in retirement
Too late for us old. friend*
Retired employees working as casuals.
- Thread starter Oldfart
- Start date
Too late for us old. friend*
Catatonic
Nine Lives
But very few are in your situation. 55 year olds have their traditional pension reduced by 15%, more if they take another option like guaranteed percentage for their spouse after they die. Pretty difficult to live on 1800 a month or less unless their spouse has a good job.
Oldfart
Well-Known Member
Who thinks they can live on their pension?. My 401k is the basis of my retirement. My pension is I believe 55% of my salary 13 years ago. It will supplement my 401k. Start young, make sacrifices and your 401k can grow into some large numbers.
Route 66
Slapped Upside-da-Head Member
oh great - now ya tell me.....
Certainly. Helps if you get paid enough to contribute.
Oldfart
Well-Known Member
You would cry complain and whine no matter what they paid you and still only contribute a SMALL amount. If a person can't contribute $100 a month when he is just starting out and increase his contribution as time goes on, he needs to revisit his finances.
You're point is well taken but you're missing an important historical event.You and I lived during a time of historically HIGH interest rates. We came to respect if not fear those interest rates. If you were on the saving side of the equation you did great but if you were on the other side God help you. That interest rate just ate you up. Today with interest rates and savings rates at historic LOWS the younger generation who want it all right now don't fear the power of compound interest anywhere close to the extent you and I do . As a result they seem quite willing to roll the dice and trade off the need to begin yesterday to save for retirement for the things they want now. If they're confidant they they will have both the health to work to "full" retirement age of what will likely be age 70 and the job skills to prosper in the economy of 2047 then stop worrying about them.
Nobody does it better
Makes me feel sad for the rest
Nobody does it half as good as you
Baby you're the best
Certainly. Helps if you get paid enough to contribute.
Fred's Myth
Nonhyphenated American
I think "You're so vain!" is more appropriate.
Yep. You probably think this song is about you.
MassWineGuy
Well-Known Member
It's Satan, btw. No. In general, I think FedEx treats people much better than UPS does. The presence of the union creates antagonism between management and drivers.
olroadbeech
Happy Verified UPSer
where can i sign up?
Fred's Myth
Nonhyphenated American
BootsOnTarmac
Well-Known Member
I advise those young and starting out to contribute into the 401k until it hurts. The tax advantage, matching contribution and "Time value of money" will eventually beat all but the most severe of market downfalls.
The 401K is YOUR money and the match is also yours after being vested.
You have many options for investment, loan capability, hardship, and removal for a new home.
The 401K is YOUR money and the match is also yours after being vested.
You have many options for investment, loan capability, hardship, and removal for a new home.
Fred's Myth
Nonhyphenated American
In keeping with a recurring theme in this thread, maybe indecision meant "Nights in White Satin"....
BootsOnTarmac
Well-Known Member
Moody Blues?
Oldfart
Well-Known Member
Never was into The Moody Blues.
How bout Pat Travers. Snortin' Whiskey, Drinkin' Cocaine.
nycfeeder
New Member
35 bucks an hour is loser money for basically bringing trailers back and forth on your own terms?
