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(LA Times)   New report says the 401(k) system leaves most people with inadequate retirement savings. That report is called your 401(k) statement   ( latimes.com) divider line
    More: Fail, pension plans, saves, Economic Policy Institute  
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1587 clicks; posted to Business » on 06 Sep 2013 at 11:38 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-09-06 12:06:31 PM  
2 votes:
I have an awesome 401K with about 500 dollars in it.

Retirement, here I come!
2013-09-06 04:23:52 PM  
1 vote:

The_EliteOne: from the ages of 25, 26, 27....so 30 years TOPS.

From 25 to 65 is 40 years.  Say I save a modest $300/month and my employer matches 50%.  Say I average 8%.  When I retire at age 65, I'll have $1.57Million.

It just takes a bit of discipline.
2013-09-06 03:33:51 PM  
1 vote:

HeadLever: El Pachuco: Dave Ramsey is an anti-debt fanatic who advocates making no retirement contributions if you have a credit card to pay down.

Yep,  He subscribes that debt is bad and that your income is a path to wealth so long as you can quit forking all of it over to the big banks, Sally and Freddy.

It kind of makes sense.

It is kinda weird how frequently some high-profile finance gurus, who advocate discipline and patience and risk avoidance for others, have a history of real estate speculation and leverage

Yep, he will tell you exactly how stuipid he was when he did this.   He seems to have learned from his mistakes.

I was skeptical at first, but when I went to the "Dave Ramsey is a Demi-God" seminar I somehow changed my mind after 17 hours of thought modification.
2013-09-06 12:43:24 PM  
1 vote:

HeadLever: AirForceVet: Because businesses want to give more money to shareholders, executives, CEOs rather than the employees who make the businesses run?

Some of the worst performing and must underfunded pensions are in the public sector.  Also don't forget that private pensions are insured, while public pensions are generally not.  Also, I belive that private pensions need to be funded upfront, whereas public entitites can promise whatever thier alligator mouth spouts, regardless if they are supporting a hummingbird ass or not.

That insurance on the private pensions is, as of November of 2012, a possessor of $85 billion of assets with $112 billion of liabilities.
2013-09-06 12:18:35 PM  
1 vote:

You're the jerk... jerk: Yes, let's return to the magically sustainable world of pensions. That will solve everything.

There has been talk of the government nationalizing all 401ks and replacing them with government bonds that pay a predictable interest.
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