Two thirds of Millennials have nothing saved for retirement

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Geoff
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Do you manage your own 401K or do you just put money into a target retirement date that is setup for you?

I'm a little older (almost 35) and I used to just go with the target retirement date and my earnings were real slow. A couple years ago and started picking what I wanted my 401K invested in and my earnings have jumped. Back on 11/29/16 I had 55K. Just looked at my 401K today and it's 74K. Gone up 20K in a year and a few months. Also does your company match your contributions? If you can slowly add 1 or 2 % more of your paycheck to your 401K. It's not much, but you don't notice the loss in your paycheck and it helps your 401K grow.



All the 401K brehs. Are you doing regular 401K or Roth?

Yeah, mine was 21k last year. Just check now and it's $31k
I've never made any changes to the funds I'm in. It seems to be the right mix, considering my age. I'll look into it though.
 

philmonroe

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You must’ve had a high paying job outta college. $1000 for ten years is $120 000.

Also some people get financially lucky. My aunt got rear ended by fedex or something. She is now a millionaire with a bad back :francis:
Dude would more than likely have to have his own successful business. Working a job that's highly unlikely esp at his age. That's why folks call ducktales esp online at claims like his. Don't care either way but doing that just from a job would be impressive but more than likely dude got some booming side business if not outright business he owns.
 

tsuki2

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The article talks about retirement but millennials can’t even see that far ahead, the average person doesn’t even have $1000 saved up for a rainy day and that’s on the low end. I’ve seen people say have $3-$5k should be saved up for an emergency fund:sadcam: (we’re all doomed)

The $7.25 I earn is enough for small bills, payment plan classes (until financial aid kicks in) & gas. My saving grace are legit my parents letting me live with them rent free, no debt & non exsistent spending habits. This year I’m looking to stashing my taxes and financial aid in my savings and leave that untouched, it’s not much but it’s a start.
 

philmonroe

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The article talks about retirement but millennials can’t even see that far ahead, the average person doesn’t even have $1000 saved up for a rainy day and that’s on the low end. I’ve seen people say have $3-$5k should be saved up for an emergency fund:sadcam: (we’re all doomed)

The $7.25 I earn is enough for small bills, payment plan classes (until financial aid kicks in) & gas. My saving grace are legit my parents letting me live with them rent free, no debt & non exsistent spending habits. This year I’m looking to stashing my taxes and financial aid in my savings and leave that untouched, it’s not much but it’s a start.
Everyone starts from somewhere my mans just keep doing your thing fam.
 

Tribal Outkast

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You dont have to live an extravagant lifestyle to spend money on bullshyt. For example, I cook my own lunch every week. Once a week I go out. So I spend maybe $20 a week on lunch. A lot of people spend 2, maybe 3x that. That's $1000-2000 a year right there. Going out drinking every weekend is another huge waste of money... I know a lot of millenials who do that. High end phone... more $$$. Obviously not everyone does this but there are definitely some "low end" ways to waste money
And spending hundreds on concerts and shyt. My homeboy and his wife just spent 300 for childish Gambino... I don’t know why. And they spent a ridiculous amount for the roots picnic. Man I’m trying to do better now that I’m older, There are ways to save you just have to find them.
 

Reece

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The article talks about retirement but millennials can’t even see that far ahead, the average person doesn’t even have $1000 saved up for a rainy day and that’s on the low end. I’ve seen people say have $3-$5k should be saved up for an emergency fund:sadcam: (we’re all doomed)

The $7.25 I earn is enough for small bills, payment plan classes (until financial aid kicks in) & gas. My saving grace are legit my parents letting me live with them rent free, no debt & non exsistent spending habits. This year I’m looking to stashing my taxes and financial aid in my savings and leave that untouched, it’s not much but it’s a start.

Just start saving little by little every month breh

You'll build it up over time
 

ImGucci

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My family doesn’t believe in saving to t401k, they say it’s better just to buy property and rent it out than to save to 401k

My aunt retired when she was like 70, and they took out 17k out of her 401k for taxes. She nearly fainted after they told her how much they were taking out for taxes.
 

Ms. Quick

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Hardly. You know how many poor uneducated white people there are in this country that live below the poverty line.
Ive seen plenty of them when I went to school in VA. I've got a lot low income family members here in Philly, but southern poverty was eye opening. Just broken down trailers in the middle of no where, no side walks to walk on and no buses to at least get to work.
 

MikelArteta

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meh its subjective you can always have equity in your home and downsize during retirement.

I have a nice government pension and a few investments

life isn't guranteed so i ain't stressing over, folks talking about when im 65 and all that when you can die any day, worse comes to worse ill just move my ass down to jamaica as i got a house already there
 
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