Current Events > 9 out of 10 people will not have enough save for retirement

(+) Yeah! (+)

This worries me a lot. My mom got lucky that she was allowed residence in a federal housing place for elderly, but it was a lottery getting in. But now she can make do with SS alone. If you dont have retirement savings then gotta try to have a paid residence...which is also becoming next to impossible.

Then theres us. Pensions wont exist. Fully reliant on SS and 401ks+ investments, but thats only for the people with good income and low liabilities. My dad had a good job while we were growing up, but never put money aside for 401k cause "he needed every last cent" since we were 3 kids, private schools, stay at home mom..etc. He probably wouldve had millions in 401k since were talking late 80's to current.

So the average person will more than likely have to keep working. Also, SS cuts are expected at some point due to fund running out.

Plumeofdusk posted...

I'm 30 and I've got like 22k in my 401k :v is that a good start?

Use a calculator like this

https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

The yearly interest rate is the most important thing. 7.5% would be an average yearly return that you want to strive for, with 5% being below average and 10% being above average.

Use 35 years because its a 401k, and an initial investment of $22k obviously. Then just start plugging in different numbers and see what you get.

I'll be part of the 1 in 10 that do.

[LFAQs-redacted-quote]


You're severely underestimating how much compounding interest can help

pretzelcoatl posted...

This is naive. I've saved and saved for retirement, but I'm not foolish enough to believe that people not saving for retirement won't affect me.

Might affect you. Won't affect me.

Plumeofdusk posted...

I'm 30 and I've got like 22k in my 401k :v is that a good start?

It's a good start, but ideally you want 1x your yearly salary in your 401k by 30

Billyionaire posted...

Might affect you. Won't affect me.

People who didn't save will see you retired and think they deserve what you have (If you live in the West). I can almost promise you that they will legislate a solution that takes from you to give to others who didn't have foresight or discipline.

pretzelcoatl posted...

People who didn't save will see you retired and think they deserve what you have (If you live in the West). I can almost promise you that they will legislate a solution that takes from you to give to others who didn't have foresight or discipline.

Youre making me glad I dont live in the west.

pretzelcoatl posted...

People who didn't save will see you retired and think they deserve what you have (If you live in the West). I can almost promise you that they will legislate a solution that takes from you to give to others who didn't have foresight or discipline.

I feel like this is another form of doomerism. Usually doomerism online involves no one being able to afford anything in the near future and everyone living in favelas and dying in the streets. But this is saying the opposite - that regular people will be ok but if you were responsible with your money or rich you will get screwed over and should worry about what the masses will do to you.

People need to chill

https://gamefaqs.gamespot.com/a/forum/c/ca31c193.jpg

[LFAQs-redacted-quote]

But that's okay because Duncan said the human race will continue to exist whether or not we all die at work.

The man who used to spend every waking minute afraid of nuclear holocaust is suddenly too cool for school.

RevivedPacifist posted...

What's going to happen? There are only so many homeless shelters

Thats a problem for those suckers in the 2056 Congress.