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Idk know much about retirement but I kno my job had good plans. I'm enrolled in a qpp and also have a TDA account that I put 10% into
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I've read on Reddit you want to do the minimum to get the max employer match in your 401k and the rest into your other accounts.
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In what fantasy land do you get 10% returns annually til you retire?
Constant charts like this completely ignore people who hit retirement age at a bad time. There are people still working wouldve retired soon after the 2008 recession, and whats worse is if they didn't move their money into government bonds by now they could lose a bunch of value if the market dips again while they chase their losses.
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you dont, which is why its considered an example or guide. a visual tool for those that dont know.
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I'm just here to learn 
antidope
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The S&P 500 has returned 10% annualized since inception.
Not like that should count for anything 6-8% annualized is way more realistic.
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like Dave Ramsey says, why even argue about percentages, just save and find some place to put it.
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I have a retirement from work plus a tda that I contribute 13.5% too and raise 1-2% each year that’s giving me 7% return. Tempted to get an ira as well for an extra revenue stream long term. Might not be able to contribute too much to that though after mortgage and bills.
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Yup. Send em here. https://www.aarp.org/aarp-foundation/get-involved/
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antidope
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I just started listening to his pod a week ago he's hilarious.
I care about return statistics to a degree, but mostly only on an absolute basis. As long as I made money every year IDC, not really concerned about relative return, IE beating the index all that much.
I'm also a huge proponent of indexing if you're really not into the markets like that. You'll be better off, your portfolio will be less volatile and honestly you'll probably do better than the bulk of people who try and go active with theirs.
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Wow.
lightweight champion
Banned
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Which is why you need investment accounts.
Also, if you are self employed even as a part timer you can open a SEP IRA along with a traditional ira. Contribution limits still apply, max contribution is $5,500 per year
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I wonder how many people read the article? I think a number of posters saw the headline and decided that this would be an occasion to show off their knowledge of basic personal finance.
A well invested 401k is not a public policy, it is not a viable anti poverty measure. The fact is that the social contract is broken. People work, they get skills and credentials, they hold up their end of the bargain but they end up in poverty or adjacent to poverty because our public policy favors the already wealthy and their ability to extract most of the value created by the labor of most people.
A well invested 401k is not a public policy, it is not a viable anti poverty measure. The fact is that the social contract is broken. People work, they get skills and credentials, they hold up their end of the bargain but they end up in poverty or adjacent to poverty because our public policy favors the already wealthy and their ability to extract most of the value created by the labor of most people.
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My pops retired a year ago and it's changed his whole personality, he's never been happier
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I've been rolling over my 401k from company to company since I started working at 18. My dad taught me early to be on it.
RustyShackleford
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Yep, there is a time and place for sharing and educating of personal finance. It is an important topic no doubt.
But when presented with information of a structural failure in our economy and social contract, pulling out the personal finance advice as a way to combat it is akin to telling someone to pull themselves up by their bootstraps.
If you care about the general public having enough money when they retire or living comfortably in their later years, then maybe we should also worry more about changing out tax code keep Social Security paying out full benefits, empowering labor/workers, increasing wage growth, pushing other anti-poverty measures; and worrying less about tax loopholes for our 401K and IRA accounts.
But when presented with information of a structural failure in our economy and social contract, pulling out the personal finance advice as a way to combat it is akin to telling someone to pull themselves up by their bootstraps.
If you care about the general public having enough money when they retire or living comfortably in their later years, then maybe we should also worry more about changing out tax code keep Social Security paying out full benefits, empowering labor/workers, increasing wage growth, pushing other anti-poverty measures; and worrying less about tax loopholes for our 401K and IRA accounts.
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antidope
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The topic of conversation pivoted from like post five onward. It happens.
RustyShackleford
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Yes, stuff happens. That does make the criticism any less valid
Matter of fact, after dudes mentioned that Security was in trouble, your first post in this thread was calling the government selfish for putting a cap on a tax break you enjoy.
So it just didn't happen, just like poor public policy just doesn't happen. People disregard the systemic problems by choice.
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Look, I understand why folks want to frame issues of poverty in terms of personal finance. It feels better thinking that you have a greater deal of control over your life than you actually do. If your main source of income in selling your labor, life is pretty unpredictable, under our current system (yes even if you have a white collar job with a good 401k match). It feels good to tell yourself "all I got to do is follow David Ramsey's advice and I'll transform my status from precarious wage earner to secure capital owner."
antidope
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The cap is a part of the poor policy that was on topic imo.
A selfish mindset? Probably. But worrying about yourself is a far more reasonable and manageable option than trying to tackle messed up public policies.
Essentially this minus the hint of disdain is my point.
A selfish mindset? Probably. But worrying about yourself is a far more reasonable and manageable option than trying to tackle messed up public policies.
Essentially this minus the hint of disdain is my point.
RustyShackleford
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It is probably poor public policy your opinion because it doesn't benefit you.
You can worry about yourself and want better public policy. They are not mutually exclusive. The problem is that many people don't want to sacrifice a little for the masses to get a lot. So they use "it is hopeless" excuse.
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meanwhile some on NT really DO need help, but cats would rather argue than post education for those that need it
RustyShackleford
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No one is arguing. We are discussing a point having to do with the article posted. Stop being upset for the sake of being upset
There is a personal finance thread already. Here, you can chill out now.
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