General Discussion

LittleGirl

(8,999 posts)

85. yes, agree completely

Mon Oct 19, 2015, 02:06 PM

Oct 2015

but for those that don't make much, don't work for a company that offers them, sometimes there just isn't money left over to put in a Roth but I get your idea.

I didn't start a Roth or 401k until I was over 40 so I got a late start because of the lack of working with those benefits.

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401(k)s Are a Negligible Source of Income for Seniors [View all] eridani Oct 2015 OP

I think 401k's are fine for upper middle class folks... Adrahil Oct 2015 #1

Why Not just go back to defined pension plans with tough controls fasttense Oct 2015 #13

A couple things.... Adrahil Oct 2015 #42

I have a small pension - only worked for the company for 5 years. hollysmom Oct 2015 #50

That happened to some friends of mine. Adrahil Oct 2015 #51

I had 2 pointless 401ks. hollysmom Oct 2015 #54

This is even the definition of a 401k... GummyBearz Oct 2015 #55

all of my 401Ks were assigned to a single company for management. hollysmom Oct 2015 #80

Inflation ate up a lot of those old pension plans Warpy Oct 2015 #106

Thats why the law was changed to force one to get out, instead of the opposite. 7962 Oct 2015 #18

But since these 401s are doing so miserably for evryone else fasttense Oct 2015 #31

You cant force a private company to have a defined benefit program. 7962 Oct 2015 #38

Actually you can force corporations to have a defined pension plan. fasttense Oct 2015 #77

Not exactly any contributions that the company made in doc03 Oct 2015 #102

According to the ERISA, no it cant. Only funds that havent been deposited. 7962 Oct 2015 #107

Same goes for an IRA CountAllVotes Oct 2015 #104

Defined pension depend on a demographic model which no longer exists. Adrahil Oct 2015 #44

That's false. Life expectancy after childhood has only changed by 2-3 years in the past 100 years MillennialDem Oct 2015 #60

OK, let's say THAT is true... what about the aging population? Adrahil Oct 2015 #68

It's not as dramatic as you think - but changes should be made to strengthen social security - that MillennialDem Oct 2015 #71

That chart is a misrepresentation of the facts. In 1983, Raygun changed how it is done. fasttense Oct 2015 #81

My parents are boomers (or a year or two older). I agree with you of course and MillennialDem Oct 2015 #95

I know of no defined pension plans that are supported by younger workers. fasttense Oct 2015 #79

yep Go Vols Oct 2015 #88

$12,600 a MONTH?? shanti Oct 2015 #89

Union Steelwork Go Vols Oct 2015 #91

wow! shanti Oct 2015 #99

No way there isn't any steelworker that makes $12600 doc03 Oct 2015 #108

That is a RepubliCON talking point and is not accurate. fasttense Oct 2015 #78

You think pensions don't depend on market performance? GummyBearz Oct 2015 #59

Pension funds are managed as a whole not as individual accounts. fasttense Oct 2015 #83

The market is higher today than it was before GummyBearz Oct 2015 #84

What do you think pension plans invest in? Kang Colby Oct 2015 #96

pensions are not always safe and protected - ask these teamsters DrDan Oct 2015 #117

Our oldest son has always been in a 401 k and for HIM, it's working great SoCalDem Oct 2015 #112

With balances like that, I dont think helping you will be any problem! nt 7962 Oct 2015 #116

this seems to me to say that these seniors were/are not great savers DrDan Oct 2015 #2

Being able to save is dependent upon having more income TO save, beyond everyday needs. Erich Bloodaxe BSN Oct 2015 #3

if folks had more - they would spend more - not save. DrDan Oct 2015 #5

Total denial..... daleanime Oct 2015 #14

Yup. Exactly right. Ed Suspicious Oct 2015 #22

It is our patriotic duty, in a time of war, to go shopping according to the Ed Suspicious Oct 2015 #20

exactly DrDan Oct 2015 #28

Actually there was a study that found a higher wage does cause more savings fasttense Oct 2015 #27

Sad that you're the only one that gets it. Dawgs Oct 2015 #39

Christmas is already hitting the stores, Black Friday is just around the corner DrDan Oct 2015 #45

Not really true. I've had to spend a bunch of money for medical (trans related) stuff, but other MillennialDem Oct 2015 #56

you are one person - I am referring to U.S. citizens in general DrDan Oct 2015 #67

So wrong marions ghost Oct 2015 #75

don't buy it DrDan Oct 2015 #86

Not having a computer and internet access is career suicide. MillennialDem Oct 2015 #97

Don't forget the refrigerators. azmom Oct 2015 #100

!! KansDem Oct 2015 #127

Thank you marions ghost Oct 2015 #128

The ONLY way one can retire safely SoCalDem Oct 2015 #113

I agree with all of these DrDan Oct 2015 #114

JFK said it best: A rising tide lifts all boats. forest444 Oct 2015 #10

you can save all you want, but unless you are one of the predator class, it will all be stolen magical thyme Oct 2015 #12

Rec this post! ^^^^^ Ilsa Oct 2015 #16

"stolen"? - I have absolutely no idea what you are talking about DrDan Oct 2015 #103

+ 1000 KentuckyWoman Oct 2015 #110

Not enough left after thieving asset owners and their lapdog politicians get theirs. n/t jtuck004 Oct 2015 #118

unbridled consumerism DrDan Oct 2015 #119

I know - food, rent, medicine, diapers. Damn spendthrifts. And most people who get food stamps jtuck004 Oct 2015 #121

sure there are those who struggle - I get it DrDan Oct 2015 #122

You sound like a very passionate person. I think Evillocks would like you a lot. n/t jtuck004 Oct 2015 #123

401K's are just like this little game............................ turbinetree Oct 2015 #4

Most 401 (k)s) distribute only 50% of their value to the owner of the account the other 50% DhhD Oct 2015 #11

Where do you get that figure? 7962 Oct 2015 #19

Have you ever had a 401k? GummyBearz Oct 2015 #63

??? - 50%???? DrDan Oct 2015 #115

Totally false n/t SickOfTheOnePct Oct 2015 #129

UAL enid602 Oct 2015 #21

This is correct.............................. turbinetree Oct 2015 #62

If you don;t trust the markety, put your bucks into government bonds. Adrahil Oct 2015 #52

In my response ................................ turbinetree Oct 2015 #64

Well, that's a big reason I want retirement finds OUT of the hands of companies. Adrahil Oct 2015 #69

It did belong to us................................. turbinetree Oct 2015 #72

They are great for people who want more conservatives to win. raouldukelives Oct 2015 #6

They have turned us all into members of the ownership class who now find ourselves rooting for Ed Suspicious Oct 2015 #25

well said marions ghost Oct 2015 #76

That's The Same With Pensions, Though ProfessorGAC Oct 2015 #49

Pensions are SmittynMo Oct 2015 #7

not only pensions are almost non-existent, 401s are too. The stock market with a couple shraby Oct 2015 #9

Is it still at $50K? A HERETIC I AM Oct 2015 #17

savings enid602 Oct 2015 #24

But we are talking 401(k)'s here, not individual stock portfolio's A HERETIC I AM Oct 2015 #35

mutuals enid602 Oct 2015 #40

Ding ding ding! We have a winner! 7962 Oct 2015 #26

It never went back up. We didn't change anything, Any gains were made by shraby Oct 2015 #29

I find that very hard to believe. A HERETIC I AM Oct 2015 #37

I agree that the dismal return seems exceptional. On the other hand, closeupready Oct 2015 #61

Ahem... Adrahil Oct 2015 #53

I made back every cent and more since the last crash. What did you doc03 Oct 2015 #105

We sold nothing shraby Oct 2015 #125

It only helps if you work for a company that offers them! LittleGirl Oct 2015 #8

You can put money into a Roth IRA - check with an investment advisor csziggy Oct 2015 #73

yes, agree completely LittleGirl Oct 2015 #85

Ture - neither my husband or I started saving for retirement until we were 50 csziggy Oct 2015 #90

When 401K's first started, republicans sold them as a supplement to your pension. They B Calm Oct 2015 #15

Hmmmmm.... SoapBox Oct 2015 #23

Nobody makes all that much. We are all "middle class." The fact of the matter is that you are able Ed Suspicious Oct 2015 #30

+1 Couldn't agree more! I was fortunate enough to stash away 30% of my income, but B Calm Oct 2015 #32

savings enid602 Oct 2015 #34

You're statement should be read by everyone. 7962 Oct 2015 #36

And as long as you never hit a bump in the road, it works! jeff47 Oct 2015 #48

I put in the max of 15% when I was single, 20 years ago. haele Oct 2015 #70

I'm sorry you're having such a hard time shrike Oct 2015 #120

I'm the child of depression era parents, I can handle it. haele Oct 2015 #124

We have been subjected to one financial scam after the other from Wall Street. Baitball Blogger Oct 2015 #33

Clinton told them to knock it off GummyBearz Oct 2015 #66

In short: the money went to Wall Street. Helen Borg Oct 2015 #41

This is why we need strong unions to ensure we have real pension plans. PatrickforO Oct 2015 #43

Well since they didn't exist until 81 and didn't become widespread until years later whatthehey Oct 2015 #46

People jump from job to job MichMan Oct 2015 #47

Portability is only recent. And many 401ks are a mix of company stock and a handful of funds. haele Oct 2015 #74

401k bashing is pretty pointless BeyondGeography Oct 2015 #57

Mission Accomplished Octafish Oct 2015 #58

When i first got my "real" job, the company had a pension plan. librechik Oct 2015 #65

Marta and I have FOREVER pensions not in financial trouble Omaha Steve Oct 2015 #82

I'm shocked. Shocked! KamaAina Oct 2015 #87

Most people aren't able to save daredtowork Oct 2015 #92

This message was self-deleted by its author Corruption Inc Oct 2015 #93

Kick Liberal_in_LA Oct 2015 #94

Come on, folks. Reading the manual should alleviate a lot of the concerns with 401ks. Kang Colby Oct 2015 #98

Explain how that is supposed to work for the 50% of families that are poor or near poor n/t eridani Oct 2015 #111

another money grabbing scheme by that god damn diaper wearing gopiscrap Oct 2015 #101

The worst retirement plan I ever heard of was my Aunt's employer HeiressofBickworth Oct 2015 #109

My dad did very well with his RandySF Oct 2015 #126