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Heisman Winner [120777]
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Should participating in 401ks be mansantory
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May 14, 2024, 7:18 AM
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If they are offered at your employer?
Only 57% do now.
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Heisman Winner [120777]
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Re: Should participating in 401ks be mandatory***
May 14, 2024, 7:18 AM
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110%er [6513]
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Re: Should participating in 401ks be mansantory
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May 14, 2024, 7:26 AM
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No. We already have Social Security. Plus, a bird in hand is worth more than two in the bush. Let me spend my money now.
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Oculus Spirit [86922]
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I saw this chart yesterday
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May 14, 2024, 7:39 AM
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Also, no.
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Heisman Winner [106647]
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110%er [7181]
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I wish you would have put those DBs over the right hand column.***
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May 14, 2024, 8:48 AM
[ in reply to I saw this chart yesterday ] |
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Oculus Spirit [86922]
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I wanted to edit each DB to make him age like
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May 14, 2024, 8:52 AM
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flat brim hat to balding to needing a cane, but ain't nobody got time for that!
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Oculus Spirit [98263]
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Oculus Spirit [86922]
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That's very untiggity of you to think you need 100% of your salary
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May 14, 2024, 9:46 AM
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when you retire and the money stops working immediately.
I'm shocked.
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Oculus Spirit [98263]
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Your money better work super hard.
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May 14, 2024, 10:37 AM
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Skilled nursing is only $10K+ a MONTH. Need assisted living only? No problem. That's only $6-7K a month. You're on the hook for $8K a month with meds, and other medical expenses, especially if you're in the doughnut hole. Then you still have property taxes and expenses, with the mortgage being more than replaced with medical.
Nope, it doesn't work like they tell you. It's the exception to the rule, and the best way to go is to be relatively healthy then have a heart attack. Dementia will break you, your spouse, and your kids. And that's with a pension, by the way. They don't exist anymore.
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Oculus Spirit [86922]
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Dang, I didn't know I had to have assisted living or nursing when I retire at
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May 14, 2024, 10:42 AM
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55 until I die.
That's pretty freakin depressing.
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All-In [32051]
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All-In [44163]
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The only people I know who could afford long term care insurance had a
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May 14, 2024, 11:12 AM
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BIG nest egg saved and were just trying to make sure it didn't get eaten up before it went to their grandbabies.
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All-In [32051]
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All-In [44163]
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Maybe that's the key is starting pre-60. But 10K a yr on top of saving for your
May 14, 2024, 11:23 AM
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near-future retirement is out of most people's range.
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All-In [32051]
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Well...$10k is the top end...and considering how...
May 14, 2024, 11:36 AM
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LTC can wipe-out savings and/or end you up in a Medicaid facility, it seems like a good investment to get the insurance.
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All-In [40978]
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long term care insurance is really bad
May 14, 2024, 4:46 PM
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it doesn't go up, there is danger of bankruptcy and it's really expensive. There is a small window of people that it makes sense for. Remember those many years of premiums are no longer working for you either.
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Oculus Spirit [81825]
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I've heard the same thing
May 14, 2024, 5:20 PM
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And teh thought of the insurance company being all "Well, too bad!" when I need it seems like a very real scenario.
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All-In [44163]
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I had a friend whose mom was in LTC and had the insurance. He was constantly
May 14, 2024, 5:46 PM
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fighting with them to get them to pay for stuff and submitting/resubmitting and following up with calls emails etc.
He probably spent several hours a week doing that.
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All-In [40978]
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All-In [44163]
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No man. 5k or 10k maybe, but a 401k is like super long.***
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May 14, 2024, 7:47 AM
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Heisman Winner [136309]
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That brings back nightmares
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May 14, 2024, 7:52 AM
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of having to run a 401k to qualify to fly Apache Tomcat Errors during the war.
But I don't like to talk about it.
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110%er [7181]
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Legend [18010]
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Should employers be mandated to provide 401k or equivalents?***
May 14, 2024, 7:52 AM
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All-TigerNet [13386]
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Yes!
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May 14, 2024, 7:52 AM
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We should mandate a savings plan controlled by the govt and allow them to use that money and then some to spend frivolously! And then we can hope that when we actually get of age to use that money there’s no chance it’ll be there and we can all point fingers at politicians of the day like they are the problem. We should call this program Social Security!
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Legend [17515]
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Get back to work and keep my SS checks coming .
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May 14, 2024, 8:47 AM
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Good luck on yours. Maybe Trump has the answers to SS and Medicare solvency without raising taxes or changing eligibility.
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All-TigerNet [12332]
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It's not just politicians to blame but also how our culture has changed to view
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May 14, 2024, 11:20 AM
[ in reply to Yes! ] |
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"work". Social Security was designed for a society where the homegrown population would continue to increase and able bodied working age folks didn't actively sit out of the workforce as a choice. "Work" of all types was respected and to a large degree culturally expected - especially for males.
Years of ever lower labor participation rates combined with lower birthrates just as the boomers aged into their retirement years is really putting the squeeze on Social Security.
Social Security is bad need of a real re-design to more closely align benefits to our culture of "work optional" attitudes as reflected in our lower work participation rates.
Maybe something like after 6+ months of being out of the workforce (for those between 25 and 60 years of age) their eligibility age to draw benefits for Social Security is raised by the same amount of time they are out of the workforce. In other words - don't work for 4 years and your age for being eligible to draw SS benefits is raised by 4 years (i.e. from 65 to 69).
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110%er [7181]
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No.
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May 14, 2024, 8:47 AM
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Different people have different needs.
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All-In [49422]
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don't many employers auto-enroll now, employees can opt-out?
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May 14, 2024, 8:59 AM
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that's as far as we should go.
People have the right to be stoopid. Maybe they'll have some credit limit leftover on their credit cards when they retire.
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All-In [44163]
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My employer offers a 401k, but no match. So I don't participate. I IRA.***
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May 14, 2024, 9:01 AM
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All-In [49422]
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Re: My employer offers a 401k, but no match. So I don't participate. I IRA.***
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May 14, 2024, 9:11 AM
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I should have qualified that as "people who don't participate in a 401k that offers a match or a Roth option are stoopid.
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All-In [44163]
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Listen pal. I am NOT SAYING that I am not stoopid.***
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May 14, 2024, 9:14 AM
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Heisman Winner [136309]
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YEAH! Who says Ken is not stoopid???
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May 14, 2024, 9:34 AM
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I GOT YOUR BACK ON THIS ONE MY FRIEND!!!
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All-In [44163]
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Re: YEAH! Who says Ken is not stoopid???
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May 14, 2024, 9:43 AM
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Oculus Spirit [86922]
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All-In [44163]
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They say they don't have enough people participating to match. It's like a
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May 14, 2024, 9:15 AM
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chicken-egg situation, where they don't give us eggs OR chickens.
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All-In [49422]
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Carter Machinery increases their match based on years of service.
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May 14, 2024, 9:15 AM
[ in reply to No match? ] |
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they get to at least $1.25 match per dollar by 20 yrs of service. Best I've heard of.
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All-In [44163]
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I worked at two places that had a nice 401k match. They both went #### up.***
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May 14, 2024, 9:17 AM
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Oculus Spirit [86922]
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CU Medallion [60327]
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looking back, one of the best things I ever did
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May 14, 2024, 9:10 AM
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if the employer matches or does 50%, you are crazy not to do it. I know that lured me in.
It's like the Social Security and tax deductions taken out of your salary before it gets to you, it doesn't seem to hurt as much when it never reaches your paycheck, so not really as much to miss. Just pretend you make ~$5000/yr less than you actually do and budget accordingly.
I lived paycheck-to-paycheck for many years to keep a 401K but so glad I did.
That "unseen" dough I put away when I was in my mid-20's and pretty much forgot about, man it's looking G-O-O-D nowadays a few years away from retirement. It's grown 10X and I haven't contributed a dime to it since I was 30.
Present-day me thanks dumbayss twentysomething me PROFUSELY.
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Oculus Spirit [86922]
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I could be wrong, but it sounds like you didn't do no savings since you was 30
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May 14, 2024, 9:12 AM
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Surely knot?
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CU Medallion [60327]
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I do other investments now
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May 14, 2024, 9:39 AM
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I left the employer with the sweet matching 401K.
I work for one without the match now, so that advantage went away. Started doing my own after-tax investments. Bit more money-astute than I was in those days, I'd like to think that anyways. I needed a LOT of help managing things when I was in my 20's, so I'm glad that was there.
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All-In [47039]
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I think you call that a pension***
May 14, 2024, 9:19 AM
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Hall of Famer [24659]
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Re: Should participating in 401ks be mansantory
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May 14, 2024, 9:37 AM
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No - but you definitely should
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Oculus Spirit [81825]
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I don't get why there is a limit on how much I can contribute.
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May 14, 2024, 9:51 AM
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If I can afford to put in 100% of my salary, I should be able to do that. The gubmint is going to get my taxes later anyway.
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All-In [32051]
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The presumption is that you'll be in a lower tax bracket...
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May 14, 2024, 9:55 AM
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when you retire than when you're working.
I think that's the reason for the limit...plus we're in deep debt and Uncle Sugar needs the $$ now!
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Oculus Spirit [81825]
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Yeah, but how many people would do it?
May 14, 2024, 9:58 AM
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At this stage in the game, I'd prob contribute 30-40%. There's a break even in there somewhere that I'd be contributing just about the same amount that I'm paying in taxes now, so it'd be worth it.
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All-In [32051]
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There is a "catch-up" provision that allows a higher limit...
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May 14, 2024, 10:06 AM
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in the later years, but I can't remember how that works exactly.
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Oculus Spirit [81825]
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Its $7500 this year.
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May 14, 2024, 10:10 AM
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It goes up about $500 most years. 401K contribution limit this year is $23,000, so I can contribute $30,500 pre tax.
I live like a college student, so I'd prob be comfortable in a ~65-70K pre tax contribution (maybe even higher if I tightened up going out on weekends, or sold my boat), and with the ###### I take in taxes, I doubt I'd see much less take home.
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Oculus Spirit [86922]
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Wait, you make over $65K per year? IE be like
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May 14, 2024, 10:14 AM
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All-In [32051]
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You can also fund an traditional IRA pre-tax...
May 14, 2024, 11:06 AM
[ in reply to Its $7500 this year. ] |
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and also look at a Roth IRA with post-tax money that isn't taxed at withdrawal.
We offer Roth 401k and traditional 401k...I do Roth 401k and traditional IRA.
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Oculus Spirit [81825]
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Isn't the IRA part of the $30,500 max pre tax?
May 14, 2024, 11:12 AM
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I used to do my limit in the Roth but needed to lower my taxable income so I wouldn't get ram rodded as hard at year end.
I have no idea how I got money back this year. That hasn;t happened in at least 10 years. But Biden bought himself a vote!
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All-In [32051]
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$30,500 sounds like IRA and 401k limit combined for pre-tax.***
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May 14, 2024, 11:20 AM
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All-In [32051]
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Heck no...the government shouldn't be able to force anyone...
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May 14, 2024, 9:59 AM
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into a private retirement account or any other savings instrument.
At my company, we auto-enroll new employees and they have to opt-out.
We match 80% up to 5% of income.
It is shocking the number of salary and hourly employees that don't participate in the plan.
Out of our ~375 employees, we have ~150 participants in the plan. And we allow participation after 6 mos employment.
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Oculus Spirit [81825]
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When do they vest?***
May 14, 2024, 10:03 AM
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All-In [32051]
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after 1 yr***
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May 14, 2024, 10:52 AM
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CU Medallion [56429]
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It's interesting to note why the 401K exists.
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May 14, 2024, 10:51 AM
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The idea was that you'd retire with a pension, SS, and your 401K. That's a nice balance between your employer providing retirement income, the government providing retirement income, and you investing for your own retirement in addition to whatever savings you have.
My grandfather retired in '82 and died in '08. I'm gonna work until I die.
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Oculus Spirit [81825]
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Maybe..if you are lucky.
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May 14, 2024, 11:02 AM
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Keeping a job in a corporate gig ain't easy after about age 50. Getting ANOTHER corporate gig after about age 55 is almost impossible.
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CU Medallion [56429]
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Well that's terrifying.
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May 14, 2024, 11:44 AM
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At first I wrote this off as typical Ineligible user cynicism. Then I thought about how many of my colleagues are over fifty.
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Heisman Winner [106647]
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My youngest graduates HS in about 9 years, he can get loans for college, so
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May 14, 2024, 11:47 AM
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I can just get a lower paying job, right????
RIGHT?????????
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Oculus Spirit [81825]
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If thats what it takes to get you to sleep at night
May 14, 2024, 12:02 PM
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Sure!
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Oculus Spirit [81825]
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Oculus Spirit [76043]
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I didn't read all of the replies.
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May 14, 2024, 12:43 PM
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But some sort of mandatory savings should exist and it should not be a pot of money that can be messed with my DC like social security is.
The reason I say this is because I realize that in 20-25 years there is going to be a problem with folks my age that never saved anything. It will be the problem of those of us who have.
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Hall of Famer [24579]
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Sorta tried that. GW tried to privatize required FICA contributions,
May 14, 2024, 2:01 PM
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inaccessible until retirement age, providing security to the donor while getting the govt out from under the system. That idea lasted about a month. So here we are.
Message was edited by: CUintulsa®
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All-In [44163]
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I think you are wrong about George Washington.***
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May 14, 2024, 2:04 PM
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Hall of Famer [24579]
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Re: I think you are wrong about George Washington.***
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May 14, 2024, 2:32 PM
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Ha. Yes. More and more people are. It's a growing problem.
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Hall of Famer [23109]
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We offer SEP-IRA and fund it at 12% of salary
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May 14, 2024, 2:15 PM
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Only twice has a newish employee asked if the SEP-IRA could instead be paid to them in salary. Both cases we declined. Both employees have been working for us for 7+ years now and enjoy checking their retirement balance.
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All-In [27898]
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what is this communist Germany?***
May 14, 2024, 5:14 PM
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