Quote: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?

 

Regarding the first part in bold.  Social Security is a supplement to retirement savings.  The problem is that many people think that Social Security IS their retirement.

 

Regarding the second part in bold.  Investing takes some education and/or even hiring a financial adviser.  At the very least, I would suggest that people contribute to a 401k if it's offered by their employer, especially if the employer matches a portion of their contributions.  The key thing is investing over time, ideally at least 10% of your income.  If not a 401k, at least sock money away into a savings/money market account.

 

Quote:I've looked for an alternative to the stock market as a retirement plan for years...It's scary to put all your money into any retirement plan nowadays because it's all dependent on the stock market

 

As I said to americus, it either takes some basic knowledge on the subject, or sometimes it's best to hire a professional.  I've been investing in the market for years and have a nice nest-egg for my wife and I when we decide to retire.

---