Quote:Not only that but many businesses use more credit that people realize...many companies use a line of credit for payroll, cell phone/ipad/tablet etc. bills, and so on...

 

That's the Feds favorite tool...Lower the interest rate when the economy is stagnant or poor, raise during a good economy because people won't think about a higher rate...

 

My company has "less than a handful" of people who contribute to their 401k according to HR.The company contributes their portion and some who have been there 20 years or more who do not contribute anything have around $50k in their 401k and no outside retirement plan and just a couple grand in the bank

They better not be counting on social security as a supplement. They will be sorely disappointed.


But hey, my stepdad paid into his retirement the whole 30 years he was with UPS. He even made other investments and has a solid savings account. He got screwed on a good chunk of his investments thanks to Madoff and is now being screwed again by Teamsters as they cut his, and every retiree's pension by 50% starting July 1st. At 70 years old he has had to go back to work driving a semi truck because my mom's health issues require a really good insurance plan that is not cheap. He did everything right but still got screwed. After all of this I don't trust anything to do with investments and 401k and pension but what else can you do?

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