Younger generations should splurge and live large now. I agree with this concept. You think everything’s expensive now, just wait 30 or 40 years.
https://www.timesrecordnews.com/story/opinion/columnists/2022/10/20/silverman-never-mind-dont-save-for-retirement/69571469007/
The post and these responses are so funny. Thanks for making my Sunday a little bit more interesting. You’re all great. Thanks for chiming in.
I’m having so much fun watching you all get worked by being played over this 401K satire. Of course the 401K is a successful plan if actively and professionally managed. Still, it’s been fun having you participate in my satirical endeavor this past few days.
Really! I should’ve been a politician. Lol.
Have a great rest of the week!
It's like a future Walmart Greeters of American seminar up in this b1tch. Yeah, keep spending beyond your means 410k haters. Someday when you're eating grass, skipping on meds because you can't afford them, and working 20 hours a week at Wally world in order to subsist, you'll regret it.
Oh boo! Truth social? Go back and hug your tree, prairie fairy.
100%
@1wrt+1jkYAQtf
@1xzb+1jkYAQtf
@1wlz+1jkYAQtf
@1zsw+1jkYAQtf
@1nat+1jkYAQtf
Oh and PS- it's very obvious you're all the same guy with this paranoid axe to grind against 401k's for some reason. Take your kooky financial advice back to truth social
The nutcase spamming down votes on this post lol
It’s true, doubling your money every year is for losers. Stocks are for losers too… I cashed out all my money from my 401(k) and put it directly into cryptocurrency. Now that’s what a real investment looks like. Best decision I ever made! Woohooo!!
The nutcase spamming upvotes on this post lol
I find it very concerning about those promoting the 401(k), even after the 401(k) scandal and settlement. What’s it say about those people promoting a scandalous process? WF has a long way to go draining the swamp. Not completely drained, yet.
Empower Is trying so very hard to try and get me to have them manage my 401K. I have more money in a separate brokerage account and the wellstrade team doesn’t bother me as much as Empower does.
This really concerns me. Besides, when my plan was with the company, it was much easier to manage on the website.
I really feel sorry for those poor souls still promoting the 401(k) plan, even after the employer Was accused of wrongdoing or mismanagement or whatever. Glad I got over my ignorance.
Sorry! You’re not gonna sell me on the company 401 K. Especially, inlight, of the big settlement being paid due to the corruption.
I wished I never put money in my 401K. I was too young and naïve. Oh well! We all make mistakes. There are far more better alternatives, then getting stuck in that trap.
FYI - Our 401Ks were moved to Empower because Wells Fargo got caught with their hand in the till…..AGAIN!!!
It’s all over the news. The average 401(k) is down $35,000. That could’ve been my new car for my side hustle as an Uber driver…
Too funny. I hope I live long enough to actually use my 401(k). I think I’ll be in my 60s. Can’t remember when the RMD begins. Let’s see, I use it for the following:
Woo hoo! Can’t wait to spend my 401(k) money on my wish list above…
I believe in a balance. Yes, sock some money away to invest, But live large while you’re young. I know I did. And I won’t change it for the world. My biggest regret with my money is sticking it in a 401(k). I’ll be too old to enjoy it. My high-yield dividend investing Has done better than any product in the 401(k) list.
Only good thing about my 401(k) is that it’ll pay for my Geritol, suppositories, and Viagra.
It’s clear the author of that article doesn’t understand how compounding interest works. The principal and compounding for the first 7 years of saving makes up about 75% of your total fund balance when retiring.
Way to accidentally advocate for 401Ks OP
I thought Jack Potts worked out of the Las Vegas location?
There is a great financial advisor in New York. His name is Jack Potts.
@mko Can you share with us a financial advisor that matches the money we put into the market (say I put 7k into the fund and they put in 7k for me at the end of the year, every year)? I’m having a hard time finding one….
@mko Can you share with us a financial advisor that matches the money we put into the market (say I put 7k into the fund and they put in 7k for me at the end of the year, every year)? I’m having a hard time finding one….
They must advertise this forum on AM radio or something
@jwp I concur. There are much better investment options than the 401(k). Ask yourself a question, why did WF offload it to Empower??? They know it’s a sinking ship and don’t wanna have anything to do with it. Seek out a real seasoned professional financial advisor. Those that want to make you money and not just play it safe all the time. Those who play it safe, basically CYA.
To all the pro 401(k) people. Good luck with that. While you stooges were grinding away at the office, I was having a good time. Now I’m nearing retirement. I’m even better off now than I was when I was younger. I’m having my cake and I’m going to eat it, too.
The moral of the story is, don’t get sucked into 401(k) nightmare. It was created by the government to keep you poor.
You know, you don't have to post every apocalyptic quack essay you come across on here
The idea that it's an either/or situation is ridiculous. It's a false choice. You can, and should, do both.
I am genuinely embarrassed for those who believe in this philosophy. Have fun while you’re young sure, but be reasonable. You have to prepare for your future too!! Don’t be an id--t.
Sounds like OP was late taking advantage of 100% match (up to the 6%) and came across the one article that helped justify their stupidity. Well done OP, keep on truckin. Walmart will always need greeters in their 80s.
I'm invested strictly in the Nasdaq index and Bond index funds. I'm down 10% annualized, which is an average correction. If you fared worse than that, that's on you, not empower.
Indexing is the way. It handles diversification for you, it has the lowest management fees, and you can set it and forget it. Sure, you don't beat the market, but you also don't trail it.
So much bad advice from the troll.
That’s right. Look what happened during Covid. Government kept giving out money, and they’re still giving it out. The Social Security COLA is at its highest. Company 401(k) was my biggest mistake. We had better investment choices when Wells Fargo Was managing it. Empower is powerless…
I’m glad I lived large in my younger years. It’s true, everything is much more expensive now. Besides, I don’t wanna be old and trying to spend my money. My parents spend their $$$ and daily routines at doctor appointments. Besides, the way things are going in the government now, the government will be subsidizing your retirement. Why have your money waste away in a 401(k) only to find out that you lost a chunk of it, like you doing now??? Go for it. You only live once.
@OP no