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Kilgore

(1,819 posts)

18. I call BS on this

Reply to marmar (Original post)

Wed Oct 21, 2015, 08:44 AM

Oct 2015

I know many folks, myself included, who have no access to company sponsored 401k plans. Instead, we use IRA accounts. Same benefits as a 401K but the employer is not involved.

Looks like Egan did not bother to take the hour or so to set one up. As each of our kids turned 18, we walked them down to one of our many local brokers and banks and helped them get an account set up. As an added inventive we gave each $150 as an initial deposit.

Both kids are now in their upper 20's and have quite a nice nest egg as the result of regular contributions. One daughter only deposits the money she gets when returning cans and bottles. The other works as a waitress and dedicates one day's worth of tips per month.

The article is spin, there is no crisis that I can see

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Highlight:

The 401(k) Crisis Is Getting Worse [View all] marmar Oct 2015 OP

And I bet most of them couldn't contribute the maximum. Ilsa Oct 2015 #1

I agree newfie11 Oct 2015 #4

How is that news - or related to a "401(k) crisis"? FBaggins Oct 2015 #2

I see you found the spin put on the story as well GummyBearz Oct 2015 #12

Bravo!! Kilgore Oct 2015 #15

IOW, the crisis is not having access to one BeyondGeography Oct 2015 #3

I don't see them as evil rather they are vulnerable liberal N proud Oct 2015 #5

They are indeed inferior to defined benefit pensions BeyondGeography Oct 2015 #6

Depends. A defined-benefit plan is subject to your employer's credit risk Recursion Oct 2015 #8

There is no 401k crisis. There's a guaranteed government retirement stipend crisis. Erich Bloodaxe BSN Oct 2015 #7

So imagine everyone easily has access to an account to save for retirement. Vinca Oct 2015 #9

Was he unaware of the existence of IRAs? Kang Colby Oct 2015 #10

we are a nation of spenders, not savers DrDan Oct 2015 #11

I wonder 1939 Oct 2015 #13

Your income is taxed on a Roth exboyfil Oct 2015 #14

If I may, I think your language in the first paragraph needs a bit of clarification A HERETIC I AM Oct 2015 #32

a Roth shelters future earnings - current income still requires payment of taxes DrDan Oct 2015 #22

A Roth IRA can not "shield current income from taxes" A HERETIC I AM Oct 2015 #31

Even if we have a 401(k) . . .. HughBeaumont Oct 2015 #16

And you're the winner shrike Oct 2015 #21

Not really FBaggins Oct 2015 #26

Sorry, not correct. shrike Oct 2015 #29

As with all else, the answer is "simply have more disposable income" Orrex Oct 2015 #17

Anything that flows from capitalism is suspect to me. ronnie624 Oct 2015 #25

In 1999 I was hired by a mutual fund company Orrex Oct 2015 #30

I call BS on this Kilgore Oct 2015 #18

Did small restaurants offer defined benefit pensions before 401ks? whatthehey Oct 2015 #19

Imagine betting your retirement on the hope that Yupster Oct 2015 #20

There is nothing wrong with 401K's as originally conceived, i.e. in ADDITION to a good pension. stevenleser Oct 2015 #23

Exactly. You're probably too young to remember the three-legged stool concept shrike Oct 2015 #24

This guy simply didn't save money taught_me_patience Oct 2015 #27

Americans in general aren't great at delayed gratification FBaggins Oct 2015 #28

The guy worked in the resturant business. haele Oct 2015 #33

K&R! Omaha Steve Oct 2015 #34