At 65: A House Paid for and low bills > 401k Retirement Fund

[Koapa]

I work for a company that actually has a pension. Its a blessing.

Hopefully I can have my 401k, pension, social security, & dividends.

I have a house now but I see myself in this house for 10 years. I'm in year 3 of owning this home.

 

[chineebai]

It’s easier said than done, especially considering the vast majority of people can’t even cover 6 months of expenses. But if you have a 7 figure 401k, you’re good. Especially if social security is still around by the time you retire. Personally I have 401k, HSA which isn’t a retirement account but it will help with any medical, personal investment account, and some real estate.

 

[Ezekiel 25:17]

In this economy the average American can’t afford to buy a house at 40

With rates now? Probably not.

But there's the FHA loan where you only need 3% down. My parents bought their first house just before covid. So the average American ain't trying hard enough.

 

[Ezekiel 25:17]

It’s easier said than done, especially considering the vast majority of people can’t even cover 6 months of expenses. But if you have a 7 figure 401k, you’re good. Especially if social security is still around by the time you retire. Personally I have 401k, HSA which isn’t a retirement account but it will help with any medical, personal investment account, and some real estate.

I don't even think you need 7 figures. If you bills are low enough, you can probably get away with $500k 401k and if social security still around you really good.

Worse case a $500k 401k and part time job is more than enough if your expenses are low.

 

[Windows 91]

401k is such a scam, because of all the major variables missing the math equation. You dont know how long you're going to live, so u can gauge how much u need.

You invest 30+ years and die 5 years after retirements.

Tax-deferred, compounding growth with additional free money from your employer is a scam?

 

[Dorian Breh]

Fail to understand what "pre-tax" means, brehs

 

[Mr. Jack Napier]

I work for a company that actually has a pension. Its a blessing.

Hopefully I can have my 401k, pension, social security, & dividends.

I have a house now but I see myself in this house for 10 years. I'm in year 3 of owning this home.

Yup, having a pension & 401k is very much a blessing. I'm grateful.

 

[Dorian Breh]

It’s easier said than done, especially considering the vast majority of people can’t even cover 6 months of expenses. But if you have a 7 figure 401k, you’re good. Especially if social security is still around by the time you retire. Personally I have 401k, HSA which isn’t a retirement account but it will help with any medical, personal investment account, and some real estate.

FYI most HSA can be used on old medical bills including co-pay.

So you can get at that money when ever you need for whatever you need provided you hold onto your co-pay and out of pocket bills. Just submit those and the HSA will write you a check.

 

[BaldingSoHard]

This thread again?

 

[CrushedGroove]

I’m selling fentanyl to make ends meet

@NotAnFBIagent

 

[Ezekiel 25:17]

This thread again?

This shyt is IMPORTANT. Time flies. The earlier you start thinking about retirement, the better. Some folks retire in their 40s just because they had a gameplan in their 20s. Just look at r/fire. Depending on social security alone is a recipe for disaster.

 

[BaldingSoHard]

This shyt is IMPORTANT. Time flies. The earlier you start thinking about retirement, the better. Some folks retire in their 40s just because they had a gameplan in their 20s. Just look at r/fire. Depending on social security alone is a recipe for disaster.

Dog I'm with you. Hell I gained about $100k yesterday off the market bounce. I'm good. I'm just saying, another Stuntone thread shytting on retirement plans... This dude has been at it for over a decade now.

 

[Conan]

Jesus Christ you nikkas are retarded.

Im telling you the 401k plans was never meant to be your solely retirement option, it's suppose to supplemental.

Just being very social and around older people, I can tell u that you're not retiring with a big azz mortgage.

 

[Dorian Breh]

With rates now? Probably not.

But there's the FHA loan where you only need 3% down. My parents bought their first house just before covid. So the average American ain't trying hard enough.

You still need a lot more financial stability to buy a house at 3% down than to rent.

When you own, if something happens to the house its on you.

And at 3% down you aren't hardly doing better than renting. You are paying principal only for like 10 years aren't you?

I can understand renting and staying flexible compared to buying with that 3% down. Its probably better to buy, but not a slam dunk.

 

[levitate]

I don’t really understand what you are saying.

The goal is ALL of those things: home paid off, low monthly expenses, and 401k income.