Millions of Americans are approaching retirement age with no savings

[RiffRaff]

That’s why you gotta be one step ahead of the game. Can’t be following what the average cat is doing.

I made moves in my mid 20’s so that I could increase my income substantially. Now with that huge increase I’m doing everything in my power to make that money work for me.

Max out 401K + Employer Match
Max out HSA
I put an excess of money into an Index fund
I got some money in Crypto
I plan to buy a house this year, then will steadily look for opportunities to purchase other properties.

If the US economy tanks in my lifetime we’re all fukked anyways, but if it consistently grows like it has been over the past century then when I hit 60, I’m not having to rely on a porous government to bail me out. Got to always be future proofing yourself

 

[Dameon Farrow]

America needs to make a Second New Deal, to make sure senior citizens can retire comfortably without working jobs just to pay artificially expensive bills.

It's coming. Trust me. We are nearing the 100 year mark on the last one. It's either that or the alernative.

 

[beenz]

was looking at the social security website and calculating how much i would get when I retire and it's gonna be the maximum amount considering my contributions. And honestly I don't see how I can support myself with that shyt by the time I'm retired, not to mention the inflation.

what was the amount?

 

[beenz]

Ppl don’t invest in 401k. My ex had a great match and wouldn’t touch it. She always said she needed all her coins even though we wer 50/50 on all expenses. Same with all my friends and cam. Ppl don’t think think about that deep into the future. My gf used to start arguments with me becaue I invested the full match in my 401k monthly. I shut that discussion down quickly.

she's literally robbing herself. she's not taking the free money her company is giving her and lessening her tax exposure. this is truly short-sighted thinking.

 

[chineebai]

what was the amount?

I think it was 4k ish a month by the time in like 65 lol. I don’t know if that’s 4k in todays money or 30 years from now. Either way I think it’s low.

 

[Optimus Prime]

Both parents in their 70s and had government jobs. They both retired in their early 50s and haven't had to worry about anything since. Their pensions + Social Security + Medicare/Medicaid has taken care of them since they retired including major medical bills.

They got rid of pension in favor of 401ks early in my career at my first job but I'm grandfathered in so right now I'm currently at ~$6000 a month when I retire and the current job drops ~$25K in a SEP-IRA yearly that I can invest anyway I want.

 

[Traveler]

Retirement is really having your house paid off. If you still paying rent and/or mortgage at 65 you're in trouble.

Yep. My house is paid off when I am 53. As long as my house is paid off I retire In comfort.

 

[who_better_than_me]

she's literally robbing herself. she's not taking the free money her company is giving her and lessening her tax exposure. this is truly short-sighted thinking.

I had a bank advisor talk to her about it and she was wholetime. When we broke up and went to court she tried to go after my 401k earnings

 

[ORDER_66]

I had a bank advisor talk to her about it and she was wholetime. When we broke up and went to court she tried to my 401k earnings

She tried to get your 401k???

 

[who_better_than_me]

She tried to get your 401k???

Yeah judge was

Pretty sure her moms and folks told her to do that. I used to try to talk to them about things to invest in. Land, tax credits, stocks, etc. that wasn’t the group to do that with. After a while I just stopped talking about that shyt until we separated

 

[Houston911]

A lot of people gonna have to work until they die unfortunately

 

[BeeCityRoller]

Most of my immediate unmarried family members over 55 are living with another relative/child because they have to. Its going to be multiple Gen-X'ers and young Boomers on Social Security sharing apartments or a run-down house over the next decade.

Mom had a house with nearly 200k equity and sold it to downsize into a newer community way outside of the city and dislikes it. But now shes stuck with another 30 year mortgage and can't move back because interest rates have more than doubled. Unfortunately I don't see her retiring anytime soon even though her 60's are coming up.

And my dad isn't doing any better, been living in the same apartment complex for almost two decades since they split up. They converted all other units into condos, and upgraded them way back, and he could have bought near some of the nicest Chicago suburbs for a fraction of the price today and he still refused to buy. Could have paid that unit off 5x over by now but complaining about the condition of the apartment. He should be glad the landlord hasn't jacked it up to market rate.

 

[beenz]

I had a bank advisor talk to her about it and she was wholetime. When we broke up and went to court she tried to go after my 401k earnings

how the hell can she go after your 401k? that was just ur lady, not even a wife right?

either way, that's some grade A bullshyt she was pulling

 

[who_better_than_me]

how the hell can she go after your 401k? that was just ur lady, not even a wife right?

either way, that's some grade A bullshyt she was pulling

Yeah. Wasn’t married. Just co-parent

 

[Jazzy B.]

Y’all better start popping out some kids and have them see you looking after your own elderly parents when growing up to set the expectation of them looking after you in your old nikka years