Eye opening retirement savings stat

[Tskware]

Perfect example of need for forced personal savings accounts.

Isn't that almost like SS?

As an aside, I was trustee of two different firm 401K accounts and I was really surprised at how often employees would quit and then cash out their account rather than transfer to new employer. Or borrow so much against it that it had little value.

 

[Wesley91581]

Isn't that almost like SS?

As an aside, I was trustee of two different firm 401K accounts and I was really surprised at how often employees would quit and then cash out their account rather than transfer to new employer. Or borrow so much against it that it had little value.

If you borrow against it can’t you still contribute to it? You’re just basically taking a collateral loan against the 401k company?

Credit card debt is like 25% interest so…

 

[Tskware]

If you borrow against it can’t you still contribute to it? You’re just basically taking a collateral loan against the 401k company?

Credit card debt is like 25% interest so…

Technically yes, but you are supposed to pay it back with interest, which most never did, plus, almost as important, the money you take out is not invested so you are missing the upside of the market

 

[vhcat70]

Isn't that almost like SS?

Is a 401K almost like SS? Hell no. SS promises you nothing.

The assets in the forced savings are yours, like a 401k, just a difference in when you can access it.

 

[vhcat70]

I had a buddy about 10 years ago that was trying to borrow 50K from me. He has a wife, 2 kids and at time time he had one on the way and lived paycheck to paycheck. I felt so sorry for him..........until I asked what he was going to do with the money. I figuered he'd say debt or something. He looked at me with a straight face and said they could no longer afford the dues at the country club they belonged to and was going to use it for that. I told him to get lost.

You're a totally heartless sob & a perfect example why libs vote for Dims.

 

[berniecarbo]

Isn't that almost like SS?

As an aside, I was trustee of two different firm 401K accounts and I was really surprised at how often employees would quit and then cash out their account rather than transfer to new employer. Or borrow so much against it that it had little value.

Years ago when my business was at its peak, at the end of the year, I'd do a profit share where I'd put money in an IRA for them. Most would take the money out right away. A few kept it in and thanked me for it when they retired.