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StroudCrowd1 · 01-04-2018, 06:10 PM

(01-04-2018, 06:06 PM)HURRICANE!!! Wrote:
(01-04-2018, 03:19 PM)StroudCrowd1 Wrote:
A company not matching isn't an excuse to not save for retirement. That is the individuals fault.

I was simply combating TJBender's point that only rich people are benefiting from this market which is simply a big fat lie.

While I agree to a certain extent, there is much less incentive for Joey Smith to tie up 3% of his income per year in an account that he only gets penalized 10% if he wants to withdraw prior to age 59 and one-half. If that were the case for me, I'd probably take my chances and trade freely on the stock exchange where I have full access to my investments without the risk of penalty if I want to cash out and invest elsewhere such as the housing market, etc.

... and yes, I agreed that it's not only the rich getting richer. Although, the rich in my opinion are benefiting to a greater monetary extent.

Well, that is Joey's prerogative. The main thing is that Joseph recognizes he has to save for retirement, so whether that be a 401(k) or dabbling in the market, that is his call. He always has social security to fall back on, but will need to make serious lifestyle changes to live off of it.