I heard that if you retire before 67, you won't get 100 % of what YOU put into your 401k.. True?

@NCCindy hmm, I could have sworn the guy said 401k, because he was talking about employee matching, then said you wouldnt get 100% of what you, yourself put in until you were 67. Thank you for commenting though🙂

@iamnikki Only possible thing might be company rules for matching money. But even then, they are not allowed to withhold that for more than 10 years maximum. My company vests that immediately.

And I checked ... for Social Security ... for those of us who are relatively young, you get full social security at age 67. That is what the guy probably meant.

https://www.google.com/search?q=social+security+full+benefit+age&rlz=1C1GCEJ_enUS840US840&oq=social+security+full+benefit+age&aqs=chrome..69i57.5643j0j1&sourceid=chrome&ie=UTF-8

@NCCindy Thank you. I do need to speak with an advisor at my job. It's difficult because his schedule is the exact same as mine, and he works in a separate building.

@Thevy29 so then how does he live? what's certerlink?

@iamnikki He went back to work. Centerlink is the dole office here for the unemployed. For the infirm. Elderly pensions. Health care. Medicare.

@iamnikki it's not a penalty. You pay the taxes you didn't pay earlier.
If you have a Roth option you pay them up front rather than when you withdraw.

Technically, no. Money that goes into a 401k is pre-tax, which means you aren’t paying any income tax on that income at the time. In addition, you aren’t paying income tax on any money that money earns. I started in my 20’s, and I have a substantial 401k and haven’t paid a dime of taxes on any of it yet. Once I start to draw from it for income, I would pay income tax on it, which would be the first time it was taxed. By that point, it’s been churning and earning tax free for decades. @iamnikki

@SW-User I sent you a message, i hope you don't mind.

@SW-User not too young at all. Before I know it, I'll be 40 with no retirement savings. Hope you're saving for retirement...

@iamnikki lol i don't live like that. we make plans like we're immortal but one twist of fate can change all so why care that much and invest life in something, which is pretty absurd/useless in the end but i do get what you're saying

@SW-User true,I think about that as well, what if I die at 50... But I'd rather be safe than sorry. Can we let the money go to charity or something?

@MethDozer what did it replace?

@iamnikki pensions.

@MethDozer oh ok. my job offers one. Have to work there for x amount of years before you're eligible. So everyone used to get them? No matter the job or years they've been there?