Current Events > Pensions are basically a big scam

(+) Yeah! (+)

yeah?
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No, 401k are though.

no, sunsetter awnings are though

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401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

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AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

Good luck still being on your feet all day doing physical labor in your 60s.

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Thanks, good luck with that 401k when something happens to you in the next 40 years and you need that money but have major fees to even access it.

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AFrench2 posted...

Thanks, good luck with that 401k when something happens to you in the next 40 years and you need that money but have major fees to even access it.

My employer matches 100% of the 4% I put into it.

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AFrench2 posted...

Thanks, good luck with that 401k when something happens to you in the next 40 years and you need that money but have major fees to even access it.

Alright, I'm finally 59 1/2 years old and can access this shit penalty free!

*gets diagnosed with cancer with six months to live*

Or

*stock market nose dives and wipes out half of your money*

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Don't feed the troll

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Orlando_Jordan posted...

My employer matches 100% of the 4% I put into it.

Usually have to be vested or they will take that a way. Also 1.7 inflation a year. Company that does 401k isn't doing it free. So all that gets eat up in fees. Also it's not tax free. It's tax deferred. You will pay higher taxes in the future than getting that money now and investing for your own retirement.

I Like Toast posted...

Don't feed the troll

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Lol at the 401k hate ITT

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Orlando_Jordan posted...

My employer matches 100% of the 4% I put into it.

AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

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on second thought maybe sunsetter awnings aren't that bad

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shockthemonkey posted...

Do people not understand how interest works or something?

They don't or compound interest. Remember, most of CE are minors that don't have actually careers.

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PIITB415 posted...

CE are minors that don't have actually careers.

CE polls tell a very different story!

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AFrench2 posted...

I saved $100,000 in the past 50 years

lmfao

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EndOfDiscOne posted...

Lol at the 401k hate ITT

Life is way too short to try and put money under a mattress and save yourself for 50 years later. You could die, the economy could crash, there could be a war, there could be a change in monetary policy, there could be a catastrophe.

Putting your money into a blue chip stock for 10 years will take you way further in dividends and profit than putting money away for 40 years to be accessed after your 60's. Even if you have to sell everything due to some crash, it will be liquid in a couple days and will be only a couple dollars in fees.

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PatrickMahomes posted...

lmfao

One hundred thousand dollars is a fuckton of savings for the average person. The fuck are you laughing about?

OK bud.

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EndOfDiscOne posted...

Lol at the 401k hate ITT

This. The ignorance is outstanding. Sure, you can prefer pensions over a 401K if you'd like, but lol at the people that have no idea how 401Ks work.
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public pensions are a big issue

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can you buy a sunsetter awning with one hundred thousand dollars
they look pretty sturdy on the commercial

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Master_Bass posted...

This. The ignorance is outstanding. Sure, you can prefer pensions over a 401K if you'd like, but lol at the people that have no idea how 401Ks work.

It's untaxable income that can knock you down in tax brackets and help you with planning for retirement.

Everyone knows how it works, dude. I promise you're not special.

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They could be if UBI is forced down the road
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AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

And this ladies and gentlemen, is why there's a widening wealth gap, Sees no value in savings or compound interest.

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EndOfDiscOne posted...

Lol at the 401k hate ITT

I have one, my company matches 100% up to 4% of my salary and I'm completely vested in it at all times

I can still think it's kind of dumb though

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has anyone ever considered just eschewing the 401k contributions and investing in sunsetter awnings?

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ITT: People who finance iPhones and don't plan for retirement.

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AFrench2 posted...

It's untaxable income that can knock you down in tax brackets and help you with planning for retirement.

Everyone knows how it works, dude. I promise you're not special.

Look at some of the posts in this topic, dude.
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I mean what dude is saying is basically standard financial advice... just shared abrasively.

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okay guys i looked into it
i think if we pool our retirement funds we can buy a fabrication place and start selling sunsetter awnings
i'll look at what overhead costs would be to keep the operation running

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lightwarrior78 posted...

And this ladies and gentlemen, is why there's a widening wealth gap, Sees no value in savings or compound interest.

This is a screenshot from my current portfolio. I'm 31 years old and have over 3000 in stock savings. I see no value in savings you say?

https://i.imgur.com/kXQPwch.jpg

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hey anthony when do you think you'll buy your first sunsetter awning
follow up: will you install it at your mansion or on your yacht?

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I'll get a sunsetter awning when my 401k clears and I'm ready to retire and drink lemonade under my awning on my porch.

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AFrench2 posted...

This is a screenshot from my current portfolio. I'm 31 years old and have over 3000 in stock savings. I see no value in savings you say?

https://i.imgur.com/kXQPwch.jpg

Holy shit, $3,000 in savings

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i don't see what's so worthy of mockery, this dude is well on his way to his first sunsetter awning

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EndOfDiscOne posted...

Holy shit, $3,000 in savings

Was simply refuting this dude's point - actually ALL of your points - that I'm some idiot 10 year old who has no clue how things work.

Not stating that I'm Bill Gates.

Thanks for playing, though! That's how you debate things! Idiot says something wrong, smart person refutes idiot. etc etc

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XD

Good topic phil

He strikes again
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Damn, yall bit hard.

Solid read

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DoGCyN posted...

Damn, yall bit hard.

Solid read

i bet this dude doesn't even have a sunsetter awning

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AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

.....good luck in your 60's if you think thats how they work

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AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

lol

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BignutzisBack posted...

.....good luck in your 60's if you think thats how they work

in his 60s he won't need luck because he'll be sitting under a nice sunsetter awning, coolly shaded and playing bridge with his son, who is a sunsetter awnings salesman and thus set for life

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Tired-Insomniac posted...

Alright, I'm finally 59 1/2 years old and can access this shit penalty free!

*gets diagnosed with cancer with six months to live*

Or

*stock market nose dives and wipes out half of your money*

"Live in the now!" is why everyone is broke.
https://www.fool.com/retirement/2019/12/18/the-percentage-of-americans-with-less-than-1000-in.aspx

AFrench2 posted...

401k's are - save for bonuses or employer contributions.

But saving away your money for 50 years from now is just plain stupid. "Look honey! I saved $100,000 in the past 50 years! Too bad my money is worth 1/3rd of what it was 50 years ago! Yaaay!"

That has literally never happened in the history of the stock market.

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What's stupid is the 65 years old rule for retirement funds.

If I'm happy with my savings and investments at 50, why can't I retire then? The average American male lives to be 78. 65 leaves you a mere 13 years.

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DevsBro posted...

What's stupid is the 65 years old rule for retirement funds.

If I'm happy with my savings and investments at 50, why can't I retire then? The average American male lives to be 78. 65 leaves you a mere 13 years.

sunsetter awnings warranty is 25 years on parts so don't worry about it

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DevsBro posted...

What's stupid is the 65 years old rule for retirement funds.

If I'm happy with my savings and investments at 50, why can't I retire then? The average American male lives to be 78. 65 leaves you a mere 13 years.

Age 59.5 is the age you can start taking 401k withdrawals without a penalty. And this is part of the reason I invest outside of my 401k.

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www.sunsetter.com

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