Current Events > Make sure to contribute to your 401k or Roth IRA

(+) Yeah! (+)

You don't want to be living in poverty your final years
---

I have 20 years of SS and a pension building, fuck that private shit
---

voldothegr8 posted...

I have 20 years of SS and a pension building, fuck that private shit

Exactly (minus the pension), I've been pumping money into Social Security for a couple decades now. I should be well taken care of by the time I retire.
---

God will provide.
---

AngryRedHatter posted...

voldothegr8 posted...

I have 20 years of SS and a pension building, fuck that private shit

Exactly (minus the pension), I've been pumping money into Social Security for a couple decades now. I should be well taken care of by the time I retire.

*breathes through teeth*
---

I'm gonna feel bad for all the people looking forward to SS only for it to potentially not be available by the time you qualify.
---

AngryRedHatter posted...

voldothegr8 posted...

I have 20 years of SS and a pension building, fuck that private shit

Exactly (minus the pension), I've been pumping money into Social Security for a couple decades now. I should be well taken care of by the time I retire.

Lol
---

My company announced yesterday they are suspending 401k match for Q4. Supposed to be reinstated Q1 2020. Peeps are not happy.

---

mattnd2007 posted...

My company announced yesterday they are suspending 401k match for Q4. Supposed to be reinstated Q1 2020. Peeps are not happy.

Financial issues?
---

Social security will be there for us all, I hope
---

Hanky_Bannister posted...

Financial issues?

I work in oil. Whole industry is in rough shape. They are being "proactive" so we will be "in a better position" for an expected stronger 2020.

---

I liquidated my 401k and donated it all to Yang so I won't have to worry about retirement.
---

AlephZero posted...

I liquidated my 401k and donated it all to Yang so I won't have to worry about retirement.

same
---

mattnd2007 posted...

Hanky_Bannister posted...

Financial issues?

I work in oil. Whole industry is in rough shape. They are being "proactive" so we will be "in a better position" for an expected stronger 2020.

I work in auto finance, so Im expecting all these oil foreman to be in collections soon?
---

But then next year is an election year. So at most I'd expect 1st half to maybe be better. But 2nd half will slow down as there is always a lot of uncertainty in the industry.

---

AlephZero posted...

I liquidated my 401k and donated it all to Yang so I won't have to worry about retirement.

based and Yangpilled

WaterLink posted...

I'm gonna feel bad for all the people looking forward to SS only for it to potentially not be available by the time you qualify.

Agreed, not to mention those that are counting on a pension like it's a done deal. They better pray the company doesn't fold or that the pension becomes underfunded.
---

JBaLLEN66 posted...

I work in auto finance, so Im expecting all these oil foreman to be in collections soon?

Possibly. I always laugh at guys that buy these stupid expensive vehicles when they get their nice oil jobs. I still drive an 08, paid off. They get laid off and then can't afford their brand new 2019s. They want sympathy, it's like dude you work in an extremely volatile industry. Gotta plan for slowdown.

---

mattnd2007 posted...

Hanky_Bannister posted...

Financial issues?

I work in oil. Whole industry is in rough shape. They are being "proactive" so we will be "in a better position" for an expected stronger 2020.

Yup, oil has been getting absolutely hammered this last year by the market, I think the entire industry is going to have to go through a massive change the near future. Companies can no longer just go spend a bajillion dollars to raise production by 20% every year, when global demand for oil is only increasing a few % every year. Which sector are you in?
---

Y'all talking about social security, have you even looked up the amount it pays? There's a benefit cap at like 2400 a month or something.
---

AngelsNAirwav3s posted...

Yup, oil has been getting absolutely hammered this last year by the market, I think the entire industry is going to have to go through a massive change the near future. Companies can no longer just go spend a bajillion dollars to raise production by 20% every year, when global demand for oil is only increasing a few % every year. Which sector are you in?

I work for a service company. They do frac and cement work. Cement is still really busy, frac has slowed down considerably. The lease companies have to get their wells cemented so they are ready to go. But then they can wait to frac them and start production when the market gets more profitable.

---

I wish I had a cushy pension so 401 scam it is.
---

AngryRedHatter posted...

voldothegr8 posted...

I have 20 years of SS and a pension building, fuck that private shit

Exactly (minus the pension), I've been pumping money into Social Security for a couple decades now. I should be well taken care of by the time I retire.

lol, ain't gonna be any SS when we retire. Contribute to a diverse portfolio
---

AngryRedHatter posted...

voldothegr8 posted...

I have 20 years of SS and a pension building, fuck that private shit

Exactly (minus the pension), I've been pumping money into Social Security for a couple decades now. I should be well taken care of by the time I retire.

Good luck. They've been giving my grandma a hard time. She couldn't collect grandpa's ss until 2013 (he passed in 2005), but she didn't even try until her injury this year. Now she can collect his, but not her own despite the fact that she held her job for 20 years up until retirement.
---

mattnd2007 posted...

JBaLLEN66 posted...

I work in auto finance, so Im expecting all these oil foreman to be in collections soon?

Possibly. I always laugh at guys that buy these stupid expensive vehicles when they get their nice oil jobs. I still drive an 08, paid off. They get laid off and then can't afford their brand new 2019s. They want sympathy, it's like dude you work in an extremely volatile industry. Gotta plan for slowdown.

Its insane, they go straight for the expensive luxury trucks they dont need with 1k monthly payments.
---

mattnd2007 posted...

AngelsNAirwav3s posted...

Yup, oil has been getting absolutely hammered this last year by the market, I think the entire industry is going to have to go through a massive change the near future. Companies can no longer just go spend a bajillion dollars to raise production by 20% every year, when global demand for oil is only increasing a few % every year. Which sector are you in?

I work for a service company. They do frac and cement work. Cement is still really busy, frac has slowed down considerably. The lease companies have to get their wells cemented so they are ready to go. But then they can wait to frac them and start production when the market gets more profitable.

Ah yeah those are usually the companies that feel it first on a downturn, also midstream has been a big problem, why spend money drilling and completing wells if you can't even turn them on because there is no gas pipeline? I am really hopeful though that the industry changes this time around, instead of the typical boom/bust cycle, it will level out to just a flat, grow production slightly each year, steady business model like industrial companies.
---

Shablagoo posted...

God will provide.

Ok well where he been at these last 29 years

I'm pouring 15% of my income currently into my 401k, once my car loan is payed I'm going to bump that bump that all the way to 40-50% considering theres not much else I'll need money for.
---

AngelsNAirwav3s posted...

Ah yeah those are usually the companies that feel it first on a downturn, also midstream has been a big problem, why spend money drilling and completing wells if you can't even turn them on because there is no gas pipeline? I am really hopeful though that the industry changes this time around, instead of the typical boom/bust cycle, it will level out to just a flat, grow production slightly each year, steady business model like industrial companies.

Yeah this is my 2nd run in the industry. Did 2012-15 before. Got laid off in 15, went into pharma. Absolutely hated it, but did it for about 2 years. Got back in Mar 2018. See how long this one goes. They seem like they are they are trying to be a little more reasonable with growth this time. Industry has changed in the couple years I was out. Especially frac, when I was in it was always cross-linked fluid. Now it's more slickwater, which is cheaper, takes a lot less chemical. Slickwater is pretty much just water and guar. So it's a just a slightly thick fluid they pump at a high rate which produces similar results to cross-linked gel.

---

WaterLink posted...

I'm gonna feel bad for all the people looking forward to SS only for it to potentially not be available by the time you qualify.

To all the people saying this, they've been saying it since before most anyone here was born. It might be true but most likely we'll get SS.
---

JBaLLEN66 posted...

Its insane, they go straight for the expensive luxury trucks they dont need with 1k monthly payments.

Yeah. The parking lot at work is full of them. It's crazy.

---

Supplemental Security Income
---

The only way SS is going away entirely is if congress kills it. Since old people on SS are likely to vote that's never going to happen. The age to qualify for SS might go up, and benefits will probably be reduced once the surplus runs out, but as long as the program continues to exist it's literally impossible for SS payments to stop entirely.
---

AlephZero posted...

The only way SS is going away entirely is if congress kills it. Since old people on SS are likely to vote that's never going to happen. The age to qualify for SS might go up, and benefits will probably be reduced once the surplus runs out, but as long as the program continues to exist it's literally impossible for SS payments to stop entirely.

Qualify at 78, get 50 bucks a month lol

---

Nah, it will operate at 70-80% of what it is now. It's not a lot but it's something. Of course you shouldn't expect to rely only on SS in retirement.
---

mattnd2007 posted...

AngelsNAirwav3s posted...

Ah yeah those are usually the companies that feel it first on a downturn, also midstream has been a big problem, why spend money drilling and completing wells if you can't even turn them on because there is no gas pipeline? I am really hopeful though that the industry changes this time around, instead of the typical boom/bust cycle, it will level out to just a flat, grow production slightly each year, steady business model like industrial companies.

Yeah this is my 2nd run in the industry. Did 2012-15 before. Got laid off in 15, went into pharma. Absolutely hated it, but did it for about 2 years. Got back in Mar 2018. See how long this one goes. They seem like they are they are trying to be a little more reasonable with growth this time. Industry has changed in the couple years I was out. Especially frac, when I was in it was always cross-linked fluid. Now it's more slickwater, which is cheaper, takes a lot less chemical. Slickwater is pretty much just water and guar. So it's a just a slightly thick fluid they pump at a high rate which produces similar results to cross-linked gel.

I got in during 2012 also, its crazy how much the industry has changed. Back then, it was just printing money when oil was $100+ a bbl. I was lucky and never got laid off, but the industry has been a really tough place to work since 2014.

Slickwater has definitely taken over frac'ing, there are all sorts of theories that it gives provides a better frac than gel and better production, but for my company it is strictly a cost thing. Everyone is getting hammered to lower well costs, and pumping less chemical is an easy way to do it. We still pump Xlink gel, but it is very weak and so it costs just about as much as slickwater, but we get the stages done 50% faster.

Hopefully the industry is able to weather this and turn it around, it has been brutal working through the downturn, but the people and culture in the O&G industry are amazing, wouldn't want to work anywhere else.
---

From 2012-2015 I worked at a company that got a significant amount of their revenue from selling pressure and temperature sensors to oil companies. Getting laid off due to the downturn was probably the best thing that could have happened to my career tbh.
---

What do you do? I work in the lab. It's okay. Pretty easy. @AngelsNAirwav3s

---

RevivedPacifist posted...

Make sure to contribute to your 401k or Roth IRA

Are those slang words for drug dealer?
---

And yeah except some dudes being dicks I like the peeps and culture for the most part. Not all super PC and shit. Pharma was super PC. Like I made an off color Jenner joke one time and my coworker got super offended. I was like really? Defending the person that famously said the "hardest part of being a woman is deciding what to wear?"

---

mattnd2007 posted...

What do you do? I work in the lab. It's okay. Pretty easy. @AngelsNAirwav3s

Ah nice, probably pretty boring then if everyone is pumping slickwater, no more experiments on new gel types, breaker tests, etc! That's where I had the most fun in the lab.

I started as a power/electrical engineer for a year for QEP, became a field engineer for a frac company for a year, now I have been at an E&P company for about 5 years, where I was a completions engineer for a few years and now I do development engineering, basically plan out how we develop a big block of acreage.
---

Oh wow. Must be making some pretty good coin then

---

I can't, I have to make home repairs.
---

JACKBUTTMOMMY posted...

Why not both?

Costly, hate the idea of being in debt for any reason and would want to clear it ASAP.
---

I need to make some catch up contributions to my TSP, I feel like I don't have enough (almost 31 with only 65k in the account :|)
---

I was maxing my Roth IRA for a couple years but bought a house. Been putting my extra money towards the mortgage because I want to get to that 20% mark where I can stop getting ripped off with that mortgage insurance garbage (only did 10% down when I bought it)

Also my current job has a pension plan where like 15% gets taken out for that already so not much to spread around
---

I contribute to my IRA otherwise (at my current job I have no 401K I can contribute to, which is dumb) but in doing so I have enough money to live like an unrestricted teenager. If I have adult things I have to deal with I'd rather get those out of the way before investing my money again.
---

JACKBUTTMOMMY posted...

Solid Sonic posted...

JACKBUTTMOMMY posted...

Why not both?

Costly, hate the idea of being in debt for any reason and would want to clear it ASAP.

I havent setup my 401k yet. Is there a minimum or something? Im pretty low maintenance.

401k is done through your company via payroll so you don't have to do anything other than agree to have some of your money deducted pretax.
---