I’m young genx, I hope we’re not that stupid, we should have learned something what with Boomers trying to scam us literally every fucking day of our lives.
But if they haven’t, whoops, another point to Darwin.
What gets me riled up is I work w/ a bunch of GenX and some don’t even contribute to the 401k that is matched 6% (aka FREE MONEY). I just don’t get it, my leave money on the table. Go low risk if your not sure…
Okey, so now we’re back in the hypothetical. So you’re saying that even if you were living paycheck to paycheck and and had to choose between saving and giving your kids food at the end of the month you would still choose to save?
Assuming it’s a 1:1 match and is immediately vested they would technically still gain more money by contributing, immediately withdrawing all of it, and paying the associated taxes and fees.
So it’s definitely possible they’re leaving money on the table either way.
Several 401k providers I had before going the self employment route offerred loans secured by the 401k blanace for home purchasing and other uses, and at the end of the day, if you end up in an emergency financial crunch can always cash out the 401k, counts as income that you pay on that years income tax plus 10% irs early withdrawal penalty (amounts may have changed since I last looked).
Boomers legitimately never imagined they would get old, in their minds they’re all like Trump, stuck in their flush of youth, they are Al Bundy still celebrating his 4 touchdowns in one game on permanent loop.
And sadly, while they abused the fuck out of us, some of us caught that same disease.
Correct. Not people. They are literally nothing. They don’t deserve retirement, voting rights, or the legal right to work. When I see them 65ers, don’t say that outloud because some sensitive people get really upset, when I see them 65ers, I pretend they aren’t there.
Keep that GenX link back in 1977 where it belongs.
1978ish to 1987ish has it’s own corner referred to as Xennials. There was a technology and culture transition for my generation that was considerably different from Gen X and not quite as prefabricated as the Millennial generation.
Many organizations are beginning to move away from generational studies as aside from the boomers who came about in unique circumstances they tend not to reveal anything unique about a given generation. Pew just announced they were doing this.
This isnt just boomers, it’s into Gen X too.
Boomers: 1946 to 1964: 59 - 77
Gen X: 1966 and 1980: 43 - 57
"Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement "
I’m young genx, I hope we’re not that stupid, we should have learned something what with Boomers trying to scam us literally every fucking day of our lives.
But if they haven’t, whoops, another point to Darwin.
What gets me riled up is I work w/ a bunch of GenX and some don’t even contribute to the 401k that is matched 6% (aka FREE MONEY). I just don’t get it, my leave money on the table. Go low risk if your not sure…
Do you know if they have the economy to actually “loose” 6% of their salary?
It might be “free money” in their retirement fund but they still have to afford to actually add anything to it.
He owns 2 houses and a plane, plus gets disability from the military (I have no issue w/ tat but an additional revenue stream)
Ah yes, I see your point. They really seem to be able to make different choices with their economy.
Its found money, it makes no sense. Even if I was struggling w/ my pay I would try to throw in 1-2% to get the matching.
Okey, so now we’re back in the hypothetical. So you’re saying that even if you were living paycheck to paycheck and and had to choose between saving and giving your kids food at the end of the month you would still choose to save?
Don’t have kids if you can’t afford them.
Assuming it’s a 1:1 match and is immediately vested they would technically still gain more money by contributing, immediately withdrawing all of it, and paying the associated taxes and fees.
So it’s definitely possible they’re leaving money on the table either way.
Interesting, didn’t know of that possibility. Is it also possible to withdraw just a part and save some “for free”?
I’m not from the US so the exact workings of your pension system is a bit beyond my expertise 😊
No.
– employer matches typically have a vesting period where it’s not yours to withdraw
— actual withdrawal means paying the taxes you skipped plus a penalty
– loans can be useful, but you have to pay yourself back and meanwhile that money is not invested.
– loans have a low interest rate, so your loan to yourself is making almost nothing compared to if it was left in an investment
– loans need to be payed back immediately if you leave the company for any reason, otherwise it’s an early withdrawal with all those taxes and fees
Several 401k providers I had before going the self employment route offerred loans secured by the 401k blanace for home purchasing and other uses, and at the end of the day, if you end up in an emergency financial crunch can always cash out the 401k, counts as income that you pay on that years income tax plus 10% irs early withdrawal penalty (amounts may have changed since I last looked).
It’s not that…
Boomers legitimately never imagined they would get old, in their minds they’re all like Trump, stuck in their flush of youth, they are Al Bundy still celebrating his 4 touchdowns in one game on permanent loop.
And sadly, while they abused the fuck out of us, some of us caught that same disease.
I think those years make no sense. People born in 1965 are nothing…?
The lost year, I blame extraterrestrials!
Correct. Not people. They are literally nothing. They don’t deserve retirement, voting rights, or the legal right to work. When I see them 65ers, don’t say that outloud because some sensitive people get really upset, when I see them 65ers, I pretend they aren’t there.
Keep that GenX link back in 1977 where it belongs.
1978ish to 1987ish has it’s own corner referred to as Xennials. There was a technology and culture transition for my generation that was considerably different from Gen X and not quite as prefabricated as the Millennial generation.
This; born in 85, have much more in common with kids from 1975 than 1995, culture wise (land lines! pre Internet times!).
Many organizations are beginning to move away from generational studies as aside from the boomers who came about in unique circumstances they tend not to reveal anything unique about a given generation. Pew just announced they were doing this.