Well, how much do you have in your 401K and how old are you?

Discussion in 'Industry Veterans' started by Anonymous, Nov 5, 2009 at 5:50 PM.

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  1. Anonymous

    Anonymous Guest

    It would be easier to post videos that are worse than that one.

    Most companies now have low cost index funds as investment options. Expenses run less than 1/4 of 1%. Study after study shows that it is difficult to earn beyond market returns and that timing the market does not work. Read up on the efficient market theory. There are several good books to read, but if I had to pick one, I would pick up a portfolio allocation book by William Berstein. He also does a great job in defining the risk in each investment.
     

  2. Anonymous

    Anonymous Guest

    still waiting for your video.
     
  3. Anonymous

    Anonymous Guest

    I am just going to say this again for all of you spoiled pharma lifers. The average savings of someone in the U.S. at retirement is 250k. That is it. Data suggests that a large majority of people who are 55 only have saved 60k. Not everyone gets to make six figures with bonus, stock options, pension. . . . and on and on. Not everyone really understands the stock market. I tried. I studied. I won - a lot at one point and then lost it all. Why? Because some DB convinced me to hold when I should have sold. I have had several horrible medical issues, some without insurance (not that I did have it; they just refused to pay a dime). Surprise. You can find yourself with an out of work spouse, caring for elderly parents and having a kid move back home. . . . not the retirement you expected and certainly a drain on what anyone would expect at 55. I know I am not rich but I sure know I'm better off than probably 90 percent of the people out there.
    55 years of age, disabled now.
    550k in retirement
    400k home with 300 in equity (up for sale!!!)
    No debt
    80k in slush fund
    8000 a year pension when I'm 65 and SS.
    Husband still works. So we might be able to put away another 100k and that will have to be it for us. Maybe will end up with 700k in the end.

    Oh, horrors!!!! We might have to live on 50 or 60k annually!!!! LMAO. I will take that to not have to deal with any corporate B.S. ever again. My biggest fear is medical expenses. I am giving serious thought to leaving the U.S. b/c of our shitty healthcare system. It has to be the worst of any industrialized country. However, we are going to get a small place, all paid off with low taxes that should bring our total montly living expenses to about 1000. I think that is what most should do who are in our boat. Maybe one of you wealthy folk will invite us out for dinner or out on your boat or to your lake home!
     
  4. Anonymous

    Anonymous Guest

    more ammo for those of you brainwashed:

    http://www.youtube.com/watch?v=aQTIyidIA24
     
  5. Anonymous

    Anonymous Guest


    The reason why people can't see the truth about the 401k is the same reason why they think doctors are smart and pharmaceutical pills are good for you: they can't think for themselves.

    Keep up the good work.

    Perhaps the sheep will learn to think before their life has passed them by OR they can continue to let their kids watch Hanna Montana and accept the losing mentality that has taken over this once great country.
     
  6. Anonymous

    Anonymous Guest

    You really don't understand 401k's. The 401k is merely ax deferment. Most companies now offer index funds that are low cost and consistently outperform managed funds. All my funds have an expense rate lower than a quarter of 1 percent. If you don't like your investment options, stick to funding a Roth or traditional IRA.

    Fear mongering and misinformation will get you nowhere. There is plenty of research/data out there to make an informed decision. Stop taking advice for stupid videos and people that avoid factual market data.
     
  7. Anonymous

    Anonymous Guest

    You just don't get it.

    It is about predicting the future. Something you cannot do, and nobody on this planet can do.

    You need to reprogram your mind, son. Turn off the TV. Turn off the cell phone. Get off of Facebook.

    I really need to move on from you people. I sincerely try to help. But, you are just not ready. There is much more for me to explain to you, but I would just be wasting my time.
     
  8. Anonymous

    Anonymous Guest

    In simple terms, the 401k is designed to take money from your pocket and put it into the hands of others.

    To deny that simple face, is foolish.

    Some more free advice:

    1. pay all your debt up as soon as possible (if you have any).
    2. don't get loans of any kind. cash only, moving forward.
    3. sell everything you don't need, now.

    This is simple stuff because I know who I am dealing with here.

    Those of you that want to continue in the systems that seeks to control you with paper money and material things and other things that gets burned up with a simple flamer, are being mislead and have bought into a scheme that seeks to destroy you. Bernie Madoff was a crook, but was still a very intelligent man, and he said it correctly, when he said that the economy is nothing but a big ponzi scheme. That's all I have for you today. I wanted to share this, especially to the youngsters out there. Those of you that are set in your ways, need to learn to think and consider what I am suggesting, instead of reverting to your argument about index funds, and other silly investments.
     
  9. 51 this week, have 420k in my 401k, 870/mo in an employer pension account if I retired today and a house with roughly 200k equity. No real debt to speak of.
    Have recently come to the conclusion that I would like to retire early and live abroad and am discovering the government is against that idea.

    Looking at soc security at 62.5 benefit of about $1700/mo. I have determined that if I could buy a property cash for under 200k, I could easily live abroad for roughly 30k a year on existing savings until soc sec kicks in. These numbers do not factor in wife's 401k, soc security.

    Trying to determine if I can withdraw my 401k at all and if so what type of penalties to expect. Should I withdraw all at once or just what I need to buy a property, etc?
     
  10. Anonymous

    Anonymous Guest

    see, you shouldn't have tied up your money in the 401k at all. now you are stuck. hopefully, you will make it to 59.5...

    oh wait, they retirement age is going up too, so you might have to wait til 65.

    here is a concept for you mind to consider: RENT.
     
  11. Anonymous

    Anonymous Guest

    OP,

    To answer your question:

    31 (former pharmaceutical rep that quit because of the silly culture).
    106k in 401k (unfortunately, got suckered in at an early age (started in the industry at 24) but no longer contributing.
    Fortunately, I have enough liquid and no debt and no mortgage and a good job, so there is no need to touch it (yet). I may buy a condo, for cash, but not sure yet.

    Those of you that continue to contribute to this scheme will suffer.
    This is a warning because I care about all of you.
    Pay attention. Turn off the TV.

    He that has an ear, let them hear what the Spirit says.
     
  12. Anonymous

    Anonymous Guest

    WRONG answer. Even if the cash was in a taxable account, he doesn't have enough. Further, if he wanted to retire that early, he should have planned further in advance.

    Also, if he would have avoided the 401K, he would have had to pay income tax instead of getting the tax deferral in the 401K. As such, his balance would have been considerably smaller than what he has now.

    Tax deferral (such as 401K's) are one of the few tax advantaged programs to help people out. You can have similar investment inside and outside of a 401K, but the tax deferral over the course of time helps you to accumulate a much larger amount. Anyone that can run a spreadsheet can figure this out. For those uninformed, try running and analysis running the S&P 500 in a taxable account and then run it through a deferred account and see what you get.

    Notice that the doom and gloom morons on this thread can't link to any facts.
     
  13. Anonymous

    Anonymous Guest

    Wrong again.

    Since you lack common sense, I will repeat it in bold letters:

    THE 401K WAS SIMPLY DESIGNED TO TAKE TRANSFER WEALTH FROM HARD WORKING PEOPLE, THE MASS PEOPLE OR MIDDLE CLASS OR WHATEVER YOU WANT TO CALL THEM, AND INTO THE HANDS OF THE MONEY CHANGERS OR ELITE OR UPPER CLASSES.

    Good night and stay tuned, and what the Spirit advises me to say, I will pass on.

    For now, just get out of bondage (debt) people. That is the most important thing you can do, financially. Getting a mortgage is bondage. Contributing to a 401k is bondage. Saving is smart, and should be done, because adversity hits us all, but the 401k is a terrible choice for a retirement investment, because it ties up money to long.

    Get back to common sense, and don't let the money changers influence your emotions or feelings of greed that seem to want you to think that the 401k is so great. Ask the employees at Enron (many that wanted to sell there stock when the fire burned up the stock, but where shut out of selling), and others that lost out because of mismanagement of 401k funds...

    Get out of slavery people. Learn to think. And don't get so emotional and caught up in the silly money making scheme, invented by the money changers!
     
  14. Anonymous

    Anonymous Guest

    The problem is that the facts do not support your comment. First of all, the vast majority of money in 401Ks are from those in the top income tax bracket. The majority of American's are not saving enough, including the funding of their retirements.

    Secondly, most companies now offer low cost index funds. Index funds outperform over 85% of managed funds and the costs are a fraction of those charged by managed funds. Take a look at the Vanguard index funds. I do not have a single fund that is over one quarter of one percent.

    Third, you put money into retirement accounts for RETIREMENT, not to access when you are younger. That is why you build up an emergency account and also have money in taxable accounts for large purchases, etc. The tax deferment of a 401K/IRA is what allows you to build up a more substantial amount of money.

    If you are not smart enough to know how to invest, then don't. However, your comments lack any substance or factual basis.
     
  15. Anonymous

    Anonymous Guest

    Here is your biggest flaw: you think there is such a thing as RETIREMENT.

    That is a lie from the pit of hell.

    You are alive. You live. You work. You save. You do what you do. Then you die. We all die.

    RETIREMENT IS A FARCE. YOU BOUGHT INTO IT. GET OUT OF THE MATRIX.
     
  16. Anonymous

    Anonymous Guest

    The FACT is that most people will retire. Some by choice, but many will have to due to physical limitations, disability or the inability to be hired due to age. Many jobs have a mandatory retirement age. People need to be prepared or face the consequences. Stop lying to people and feeding them misinformation, instead, rely on FACTS.

    By the way, take a look at this article.

    http://money.cnn.com/2013/09/01/retirement/index-funds.moneymag/index.html


    Notice the comments on index funds, justvlike I have been saying all along.
     
  17. Anonymous

    Anonymous Guest

    The matrix is a movie. 401K savings and emergency savings are real life. Being bad at real life does not excuse you from saving like an adult. Sucks to your "spirit".

    36 - single - $0 debt - Rent a home - Own everything in the home as well as the truck outside - $50k cash - $170k investments - Having lots of fun every weekend!!
     
  18. Anonymous

    Anonymous Guest

    Cool site. Was trying to figure out where i lookd. other people make me feel bad, haha.

    32 years old, wife stays home with our kids now. She has some pension from eight years of working but it will be a fraction of her salary as she will probably be out for the next seven years or so while we have kids and they get into school

    $150k in 401k

    I earn $122k per year but I make another $30k per year doing other misc work (tech based work, mostly)

    I contribute 11% now to my 401k but I get a 3% match plus 5% per year in profit sharing

    I'm somewhat concerned I'm not socking enough away. We have a house that is currently worth about $410k but we still owe $402k on it. So just barely above water on that. We bought a few years ago thinking the market was close to a low point (duh).
     
  19. Anonymous

    Anonymous Guest

    Matrix means womb.
    Do some study on the meaning of that movie and the meaning of the word womb, and you will understand concepts like bondage. Hopefully, with some study, you will be spared from continually making a fool out of yourself on this site.

    As for the movie, it is arguably the best movie ever made, up there with 2001 Space Odyssey, Barry Lyndon, and The Godfather.
     
  20. Anonymous

    Anonymous Guest

    The best movie ever made???? Bbbbbwwwwwaaaaaaahhhhhaaaaaaahhhhhaaaaahhhaaaaaa