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?
That's where I'm at...I don't trust the stock market...It doesn't take much to make it drop, it fluctuates simply on speculation...It's much harder to bring back up than it is to drop it...The market is also manipulated...
Some people don't realize that social security is only designed as a supplement, and it will probably be gone before some of you younguns retire
Quote:I just do my employers match on the 401k, after that I'm buying land. As I'm able I buy a couple acres at a time land will never be worth zero that's my thought at least.
I do the match on my employers 401k, plus I have a roth IRA I contribute to as well...I have some land as well, and buy more when I can, but one never knows how long it will take to sell...I don't plan on selling any of it, but you never know what's going to happen...
Quote: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.
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.
I have some investments as well, but it doesn't comfort me much knowing how quickly and unexpectedly the bottom can fall out of the market...
Quote:If you contribute at least as much as your employer matches, you are making a good return on your money. If you're paranoid, most 401k's offer an "age based plan" based on when you want to retire and will invest the money appropriately. Select a retirement year that is close, and your money will be invested in "safer" securities. Again keep in mind, something like a 401k is intended for investing over time. Look up "dollar cost averaging" to get an idea.
I think the "age based plan" is actually called target date funds, which are mutual funds...I have one and it's set up to turn more conservative as your retirement date nears to preserve wealth, and then leans heavily on bonds for stability
