Random
Only logged in members can reply and interact with the post.
Join SimilarWorlds for FREE »

I need ALL of your input - ages 18 to 122 (oldest recorded person)

Get a 401k or not?

My family tree dies at about the age of 49-75. I only remember my great grandma reaching to 75. She is the only one who got that old so does it really count as a limit? I'd say it caps around 70 tops for us. Retirement age is 65, right?

With that in mind, my company matches 401k contributions up to 3% (basically free money added on the amount you put in....EXCEPT:

My 401k company said I can't touch my contributions until I reach 65 or have a life altering event.

But... see... it's my money. I don't like putting my money into a place I can't access my money.

A 401k seems like it's built on hopes and dreams.

Sure the people who live to 100 have a great....life....

I don't think I will live that long. Based on statistics I definitely won't.

I want to enjoy my (under 70s) youth while I can... which means putting more in my checking, and less storing it where I can't get it.

Remember this isn't about savings. I do keep a small portion of my check for that. This is about an untouchable 401k.

The question is.... Why do you store money you can't access? Do you realize your life could end at any moment? For any reason? Even just one wayward car, a person looking at their phone one second too long? BAM.

I do have therapy Monday

yikes.

I have just lost the plot

Lost the purpose.

Even the laughing moments seem generic.

boring

I just don't get why I would put my money somewhere I can't immediately get it.
samueltyler2 · 80-89, M
The advantage is that you pay no taxes on them money you put into the 401K until you draw it down. Theoretically your current tax rate is higher than when you retire. You can borrow against your 401K or draw out funds, but pay a penalty for doing so. If you company is matching a percentage, that is extra, albeit delayed, income.
HellsBelle · 36-40, F
@samueltyler2 I can't be convinced of the tradeoff yet. But good for you, lucky man.
HellsBelle · 36-40, F
@samueltyler2 hiring anyone takes money....I suspect you did not live a frugal childhood...
samueltyler2 · 80-89, M
@HellsBelle sorry? We were a very low middle class family. I went to all public schools. My dad was a salesman and his job provided a car, one car.

Our financial advisor charges a small percentage of our holdings. If we do int make money they don't make money. They have a fiduciary responsibility, under the law.
MasterLee · 56-60, M
With democrats in power, no

 
Post Comment