"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy."
Nope. Company matching and everything.
You can doubt all you want, but I’m the one sitting here without anything to show for being in the workforce my whole life.
You seem to be in complete disbelief that other people have a hard time, questioning anyone that relays 401k does almost nothing for them. It must be nice for you to be in a better position, a huge portion of the population is not though.
If you put “money in for decades” it would be almost impossible to only have enough for “two months rent” at this point. Either you’re not telling the whole story or you were literally robbed.
This still doesn’t explain the “only 2 months rent” part, but I’ve had friends who thought they were investing in a 401k but were seeing virtually no growth. Upon looking into it, they hadn’t allocated funds but were required to do so, so the money was sitting in a cash reserve pile earning the typical .02% interest.
So, this could mean losing out on 30 years of gains if it were to go on long enough. But 30 years of deposits should still have been way more than 2 months rent so dunno what to say about that part
I put 4%, matched by my employer, for 5 years and have 40k in there. Have you sorted out where the money all went? It’s wild that you can contribute and have nothing.
What were you invested in? An index fund? I’m doubting, but explain. Did your investments go poorly? Which investments? We’ve had a bull run for the past 20 years (when you look at general markets and not particular markets). Sucks if you invested in one company, but that’s why they say diversify…
Your retirement, still, IMO shouldn’t be predicated on you knowing how to invest. Just because you might have made bad investments, doesn’t mean you should be destitute. But I’m trying to make sense of your story.
Nope. Company matching and everything.
You can doubt all you want, but I’m the one sitting here without anything to show for being in the workforce my whole life.
You seem to be in complete disbelief that other people have a hard time, questioning anyone that relays 401k does almost nothing for them. It must be nice for you to be in a better position, a huge portion of the population is not though.
If you put “money in for decades” it would be almost impossible to only have enough for “two months rent” at this point. Either you’re not telling the whole story or you were literally robbed.
This still doesn’t explain the “only 2 months rent” part, but I’ve had friends who thought they were investing in a 401k but were seeing virtually no growth. Upon looking into it, they hadn’t allocated funds but were required to do so, so the money was sitting in a cash reserve pile earning the typical .02% interest.
So, this could mean losing out on 30 years of gains if it were to go on long enough. But 30 years of deposits should still have been way more than 2 months rent so dunno what to say about that part
Removed by mod
I put 4%, matched by my employer, for 5 years and have 40k in there. Have you sorted out where the money all went? It’s wild that you can contribute and have nothing.
Or is your rent like 80k/month? lol
What were you invested in? An index fund? I’m doubting, but explain. Did your investments go poorly? Which investments? We’ve had a bull run for the past 20 years (when you look at general markets and not particular markets). Sucks if you invested in one company, but that’s why they say diversify…
Your retirement, still, IMO shouldn’t be predicated on you knowing how to invest. Just because you might have made bad investments, doesn’t mean you should be destitute. But I’m trying to make sense of your story.
A lot of people don’t even know they need to invest the 401k funds. So they throw money into a bucket and it only grows as much as they put in.