Thread regarding Ford layoffs

I like planning for my future so I have a few questions regarding retirement plans...

Simple, make sure you have a plan in general and review it periodically. Invest according to your plan and adjust if needed. Don't turn down free money, always go for the match.

401k contributions is good, but that is money that I can't access for another 30+ years.

So what, the whole point is to have money later when you're ready to retire and to take advantage of compounding interest and long term market increase. (Though I've seen very few compare that to long term inflationary effects.) And look into the rules, you can access it under certain conditions (home purchase, hardships) but may be subject to huge tax penalties in the process.

Given the fact that climate change is most likely going to alter our entire world beyond recognition by then

Ummmm, probably not as much as you're being led to believe. Here's a little tidbit to think about, Nancy Pelosi recently bought a $25 million mansion in Florida, on the ocean. What does that tell you about what the rich & powerful think is going to happen "soon"?

should I stop contributing

Simple answer is "No". More complex answer is it depends on if you believe you can effectively leverage that money into a creating a business that will yield greater lifetime income than invested in the stock market? Chances are the answer here is still "no".

... put that money toward physical assets like food prep, land, protection, etc?

You'll find a find difference of opinions on if you should buy real estate or rent. I'm on the buy side, but with careful diligence and looking 15+ years down the road on how the area is likely to change. As for "protection", I think it's a very good idea as long as you don't go overboard, and if you purchase firearm you need to practice, practice, practice. You need skill to use one safely, it's not a magic charm. And everyone should keep at least a couple week's worth of food and water on-hand. A month's worth is probably better because disasters small & large strike unexpectedly and if you can help out neighbours since you have extra to spare it'll be hugely appreciated.

I hope this was a fake post as I hope I do not work with you. Yes, yes, waste your money instead of saving. I am sure you believe that others should support you in your retirement years.

For most people without a glitch, I would suggest maximizing your 401k.

I think you should spend it all, since, you know, we are all going down.

Everyone needs to read Steven Koonins book “unsettled”. He was Barack Obummers under secretary for science in his first. A real scientist (a trained Nuclear Physicist) you’d be surprised at what he has to say about man made Climate change! My good friend is a Geophysicist, and he says there is no scientific way to make that determination that man contributes to Climate Change! Remember these are Collage Professors making these claims using Computer Models, the same Computer Models weathermen use to predict short term atmospheric conditions, and they can’t get it right. Remember College.professors job is to impress 18 year olds at how smart they are!

If you work in Dearborn, be thankful for global warming and the melting of the glaciers that would make your Mach E drive to work a little difficult.

It was almost 100 years ago when the US last had a tornado stay on the ground for over 200 miles.

Invest in Great Lakes water front property. When the desert southwest once again becomes a desert, people will migrate to life giving water which we have here in Michigan.

In the event that you do live to old age and can no longer work, money is a good thing to have. In your lifetime, the tax rates you are paying now are the lowest you will ever see. Pay those taxes now, invest for long term growth in a Roth 401k, and let the 8th wonder of the word (TVM and compound interest) let you live a tax free comfortable life if the world doesn’t end in a decade as AOC has enlightened us about.

Looks like people don't like the idea of big oil shutting down for 6 weeks, must have something to do with their habit of eating, maybe big oil isn't that evil after all.

Some days I wish big oil would just shut down for about 6 weeks so people would see just how evil they really are.

@1oia+1ejShrBz correct the earths climate has slowly shifted and changed during the billions of years it has been around. It’s abrupt changes, like man made climate change that cause issues though. As the pandemic has shown, one little blip in the supply chan has created massive shortages and record inflation. As the environment changes humans will need to learn how to adapt to these changes to survive. The faster these changes happen the faster we will all need to adapt which isn’t always possible. I.e. food shortages as we have to figure out new agricultural methods. Obviously the world isn’t just going to end but changing environmental conditions are going to make the next 100 years much more difficult and probably expensive for the average person. I don’t blame OP if are concerned about these things, but my guess is they were just trolling anyway. There has been a massive influx of that lately.

Look - whether or not climate change is real isn't the question you need to ask yourself. The question you need to ask is if there is the urgency that OP indicates, why sign on to agreements (Paris Accord) that has no urgency in reductions by China? Once you understand that, you understand that politics poses a greater risk to way of life than climate change.

Yes Big Oil such the baddies we need to shame them. But don't forget there is a customer for these companies and in this case it is the Top Dog F150 that gets the job done in its 2.7, 3.3, 3.7, and 5.0L configurations selling 1M a year. And it burns this magical thing called gasoline. Yes EVs and hybrid will play their token part but the machine that has kept the lights in in the Big Ford house and your house since 1903 is the combustion of hydrocarbons on the big boy truck. Not that there won't be changes in the future just don't forget history and the only reason Ford is around is the reputation of its trucks.

Climate change is real it's been happening since the beginning of time, everything from the ice age to when the dinosaurs roamed the earth (warmer than it is today) don't think big oil was around then.

Highly doubt OP is serious. Nice spoof. Several folks are nice enough to give you very good advice. Follow it. Also I don't know what validity you put in a congressman /woman, since the US president at the top has said there is really no inflation its just transitory, we like higher gas, borders are secure, frequent violent crimes are acceptable, and the world will end without EVs. So be sure who you listen to.

@1ewo+1ejShrBz's I'm sorry but your comment, a common response from many your age is just silly. "The US government endorsed cigarettes" Yeah you know why so many people thought cigarettes were good for you, because the tobacco companies spent millions of dollars advertising and lobbying that they were. How dense do you have to be to not see that the oil companies are the tobacco companies in this scenario. I don't know what science books you read but humans have known that the earth was round since the 6th century B.C. and that it revolves around the sun since the 1500's. Yeah maybe not everyone agreed with these scientific proofs back then but that was usually because they were being blinded by religion, much akin to todays current "climate change isn't real" crowd. I'm sorry if I'm being a bit harsh on you but "well when I was a kid..." isn't exactly a logically sound argument. I guess I just don't understand why so many of you conspiracy minded folks find it so hard to believe that BIG OIL has spent decades lying and repressing information so that they could make money. Like you all seem to believe that's exactly what BIG PHARMA is doing, but I guess the guys and gals over at BIG OIL just have better morals and integrity??

@1ewo+1ejShrBz Sounds like someone has bought into the ExxonMobil propaganda.
"All is fine, do not listen to them, buy more oil, its good for you"

When I was growing up the US government provided cigarettes to soldiers in mess kits, doctors endorsed cigarettes for sore throats and ma------a would destroy your mind. Today cigarettes will destroy your body and ma------a is medicine. At one time science said the earth with flat and the earth was the center of the universe.

@1moh+1ejShrBz
If an elected member of congress told you something, then by all means it's completely true and you should immediately act up on it.

Gosh you people aren't serious. The situation is dire. I am standing by what an elected member of congress told us almost 3 years ago now. We got 12 years left.
Subtract 3 from 12 and you have 9 years remaining of life as we know it.

Start planning now, please. For your own good.

20 years ago global warming was predicted to have already altered life on earth. Don't believe the hype.

Hmmm... The million dollar question.

The world is always ending, and doom is always on the horizon. Understand that having preparations are no different than having insurance policies. Yes you have them, but you never want to cash them in - ever. However having them, is peace of mind. It's best to be ten years too early, than a minute too late.

Tip 1.)
That said, contribute into your 401k regularly, at least what you can afford, and up to the corporate match. Don't make it your lifestyle. Markets go up, markets go down. 2001 and 2008 WILL happen again, so it's average in both up and down, over a VERY long time - until you are ready to retire. The goal is to outlast the swings in both directions, and to have wealth when you need it. Think of it as one gigantic savings account.

Tip 2.) Roth vs traditional. Run the numbers, age is most important here. Youth may want to run a 401k calculator against both. A 20 year old may find that a traditional 401k is more beneficial over a Roth. You will find in that calculator, that traditional will VASTLY increase your value over a Roth. You may also find out that even with taxes deducted, you will be better positioned over a Roth - in which will deduct zero taxes. Run the numbers. Roth accounts are sold based upon one simple assumption - no taxes later. Ask yourself a simple question. Why would they push this? Answer: Because they get their tax money now as opposed to later. Run the calculator, and if you determine that traditional earns you more money in the longer run, go traditional. I think you will find it will earn you VASTLY more, even after paying taxes, and at such a young age - over a Roth.

Tip 3.)
Invest in physical assets as well. Insurance policies are not meant to be cashed in, but they are there if needed. Food, weapons and ammo (if your thing), tangible assets such as coins, land, art, etc. Items that hold value. Diversity.

Tip 4.) Keeps some cash on hand in event of personal issues. At least a month to a few months to pay for your bills. Don't go too crazy with cash on hand, as inflation is roaring.

Tip 5.) Learn to run numbers exceptionally well. Most people for instance, utilize their homes as an atm. This alone is not a bad thing, however, those that utilize the proceeds in a careless way place risk upon their livelihoods. Refinancing and pulling out equity, as home prices have moved north, makes sense when:

1: You can lower your rate to reduce your overall payoff term.
2: You can extract cash for a lower rate to keep the same exact payment.
3: Consolidate debt to free up monthly cashflow.
4: Or, you can achieve more than one of the three above at the same time.

Accounting is nothing more than numbers on a ledger. The better you learn how to run them, and know the systems that operate by them, the greater opportunity you have to vastly grow your wealth in life. The sooner you learn this in life, the greater success you will find in life.

@OP. The Earth have gone through several periods of cold (glacial) and warm weather (interglacial), before the human beings were even walking around. Each of these periods lasted thousands of years.

The media has created a panic (Sigh! Yes, another one. After all, fear sells) with the climate change, pushing the notion (refuted by reality again and again) that in 20-30 years the world is going to end.

What real scientists will tell you, is that the planet mass is so large, that it takes a long time for any change to actually happen. It is like using a cigarette lighter to boil pasta for the whole family.

Humans have survived a couple of Ice Ages and the warmer periods in between. Why nobody thinks in the ingenuity and technical advances we have as species, is beyond my understanding. 17% of the surface of the Netherlands were reclaimed from the sea or lakes. 42% of the fresh food exported by Canada was cultivated in greenhouses. There are probably hundreds of different sunscreen products. Don't you think we can deal with rising seas, shortage of foods and sunburns?

As a youngster, your biggest challenges will be:

• Your debt (student loans and mortgage. Any other debt means you are doing something wrong).
• The continuously expanding national debt and welfare state (means higher taxes and less benefits for the working force. You can also expect to retire much older than your grandparents).
• Your marriage (especially if divorcing) can wreck your finances.
• Your health (Obesity, Depression, Addiction) which also has a financial impact.

Live below your means, save, invest and stay current in your field. I am going to let you in on a secret: you are happier and freer when you can walk away from your job any time you want. That happens when you have zero debt and some money saved. Good Luck!

No, keep saving. We’ve been on the brink of annihilation for various reasons for several decades. If this was the 70s, you would be asking if you should stop contributing due to the coming ice age.

Yes pack it away in a 401k - tax free compounding. Make sure to open a Roth IRA as well and throw in the max. Roth’s are funded with after tax money, but the growth of your investments are tax free. Also max out your HSA - it’s before tax money. At 55 years you’ll have more than enough. Time flies.

First off being Engineers we have to analyze. This is not a benefits question, this is a question about lifestyle if you are going to be a doomsday prepper, or a normal person. You have to decide that first.
The ability to not touch your 401k match, again in entirely different question. The match is free money, there is no reason to turn down free money unless you are just here for the fun politics.

These replies are just rude. But personally, I would stay for just a few years then move on. Ford is no longer a place you want to (or will be able to) retire from.

Is this a joke?

Why work, the end is near!

If you feel that way, quite your job and find someplace in the Yukon or Alaska to hide out.
Live off the land.

LOL. You need to live out in CA with the other tree huggers.

You may want to work for a far more woke company than Ford, if that is even possible if you are worried about the earth. Its not going anywhere for a while. Save for the future, good financial habits area worth it.