In your severance time than 401k lmao 😮💨
27 replies (most recent on top)
Really? F A T S O Is a banded word on this site?
I did just that. I’ve been spending and living large for a long time. At the same time, I also invested wisely. Living the best of both worlds. I think more people should stop listening to those stooges telling them to settle for 4% yield.
Take it for someone who’s thankful they lived their life in their 20s and 30s and then finding out in their 60s that the body gets tired. What’s the point of accumulating all that wealth when you become too old to want to spend it?
So, I’ll reiterate. Forget the 401(k) and spend your money now. You’ll be amazed of how happier you will be and that you’ve actually got it out of your system.
If that fa--o isn’t helping, you be all you can be, then kick that fa--o to the curb. They only want you to save because you’ll end up kicking the bucket before they do, and they will be inheriting all your accumulated wealth.
"Again, spend your money now, and live large. You will look back and realize you actually lived your life."
Spoken like a true d-mbski.
6% is a reasonable minimum, but there's plenty more tax advantaged savings you could do. I max out my HSA and 401k to the IRS limits, and then what I can in a tIRA every year as well.
I keep saving, but when countries are throwing around the use of nuclear we-pons I’m less than optimistic about a “standard” retirement honestly…
I am also 42, and have just barely one year of my annual income in my 401k. I have been at Wells for most of my career, and have opted for the 6% contribution. What am I doing wrong?
Uh, self directed IRA or 401K! No one to blame but you. Don't like risky plays? Go with money market funds, basically cash. Just don't whine when the risky plays are ki----g it and you're not. But when the markets turn bear, you're not losing dime 1! Retirement plans are a mechanism to put money aside for the future, saving. The company provides the venue, can't fault them for that. Choose poorly, it's on you
I like that. Nice quote. I’ll use that in my next Rotary club speech. Thanks.
No, capitalism rewards the creation of value.
42??? You’re still a kid. Congrats on a well invested 401K. Most just invest and forget…
Those complaining about old timers etc. I'm 42 and have 5x my salary in my 491k. That also includes 10 months of being unemployed about 15 years ago. You don't need to be a financial wizard, but you do have to work at it and play the game. If you aren't putting at least 6% in, then there isn't a lot of hope for you. After the 6%, feel free to put another almost 5% into an IRA. Doing nothing is not an excuse. Doing nothing is why people live off SS only and complain when it's not enough or they need a COLA.
Thanks. I just happen to be bored today and felt like arguing on the Internet. Thanks for joining in. Have a great weekend.
@jzf you're really bad at rhetoric.
Just like the previous two posts. Have some cash in a high yield savings account. Have some money in a 401(k) plan so you can get the employer 6% match. Also, have a majority of your assets in a high dividend paying account. But keep in mind, while you’re still young, go out and live life Large. Don’t wait for retirement. You may not feel like having fun. You don’t want your daily routine to be doctors visits, When you should be out traveling the world and having a good time.
I understand your argument. Though with experience, I do know that you get what you pay for. By paying the financial advisors at some two bit company 401(k) plan to manage your retirement is not going to get you rich. The deck IS stacked against you. The rich get richer. The poor get poorer. The middle class gets squeezed more and more.
Just like Social Security. The 401K plan is an illusion. Glorified snake oil. If the younger generation doesn’t realize they need to make as much money as they can l, as fast as possible, they’re going to retire poor.
Do not rely on just social security. Have some funds outside of 401k. You will want to have access to some funds without creating a taxable event. Check out the rule of 72.
Go to YouTube, look up the channel called, Dividend bull. This guy has helped me make more money than anyone. Just wish I was givien this Advice 20 years ago.
Link to latest advice.
https://youtu.be/CTJirgjVv_U
Not everyone has the time to be a financial professional. What’s sad is when our retirement is being mismanaged. It’s not like a financial advisor is a weatherman. The weatherman isn’t managing our retirement income. Why on earth would we pay someone to lose our money? Even worse, when they hide behind market volatility.
Got over two decades in my 401k. I'm right at my "target" amount for retirement despite losing 1/3 of it in a divorce a while back.
Most of the investment options are pretty awful, but the index funds have very low maintenance costs and track the market. Stop being concerned with beating the market, ~15% of investment professionals actually "beat" the market per year, the rest either match it or fall behind.
Also, if you can't stomach the ups and downs of the market on what should be a 30+ year investment strategy, you're doing it wrong.
You’re not alone. There’s several teams in the same sunken 401(k) boat you are in. Also, you and everybody else In the sunken 401(k) boat It’s the same old lousy advice from you know who. For example, how many times has someone said you’re in it for the long term, The market always goes up? And the same old, financial advisors, reiterate, the fine print of market Volatility and that they’re not responsible and that arbitration is the only option to settle. Lol
I am holding the 401 as it is. I have time.
The previous post is spot on. Just look at the past 40 years. Taxes go up. Airfare goes up. Inflation keeps going up. In the next 40 years, everything will be much much more expensive. Don’t wait for retirement. Live life now.
Don’t listen to the senior citizens about their success in the 401(k)s. The 401(k) is a joke. It was designed to keep people poor. Just like Social Security. Designed to keep people poor. Again, live life now. Spend your money now. Many of the senior citizens, I’ve met, wish they would’ve lived life a bit more when they were younger, as opposed to waiting until retirement.
I play the high-yield dividend game right now. I have the best of both worlds. Drop a few bucks in the 401(k) and drop much more In my high-yield dividend accounts. I consider my 401(k) my savings, my biweekly paychecks for bills, and my dividends for enjoying life. Don’t listen to those other stooges pushing the 401(k).
If you don’t believe me, go to YouTube, and look up the Dividend Bull channel. Market goes up and the market goes down, but the dividends keep coming, regardless. If you’re unsure, seek out a real financial advisor. Someone who’s been with WF more than 10 years.
You must be doing it wrong then. I have about 4x my salary in my 401k
lol, you seem to be ignoring that fact that money doesn't buy happiness. The things in life that truly bring the most value / pleasure don't cost much or are free. The idea that saving money for a secure retirement and "enjoying life now" are mutually exclusive is a fabrication.
But hey, you do you. See ya at the Walmart entry when you're 75.
Forget the 401(k) plan. You need to live your life now. We don’t even know if we will live long enough to be able to enjoy our 401(k) plan. Think about it. Make as much money as you can now, and live large. Look at all the old people around you. You know you have more fun than they do when you’re on vacation. You’re out there skiing and parasailing when they’re walking around using a cane and Always looking for a place to sit down. So, sc--w retirement. I know, retirement sucks. I had more fun when I was younger. Old people spend their days bouncing from one doctors appointment to another. In fact, they’re so cerebrally old they don’t even know they’re miserable.
Again, spend your money now, and live large. You will look back and realize you actually lived your life.
I honestly have to say that yes I got sucked into the WF 401(k) plan. I soon realized that the available investment products are horrible. I’ve been sitting in cash ever since. The stable value fund has been a godsend. While my 401(k) has been sitting in cash during Covid, and this most recent downturn, it’s only gone up in value. Should I move my 401(k) back into large cap/small caps and anticipate the market getting better? Who knows? I’ve seen nothing but continuous drama which leads me to believe that I’ll stick with where I am.
Having a separate brokerage account on the side, invested in extremely high/risky, dividend, paying holdings has been absolutely fabulous. Yes, the value has gone down, but I enjoy getting paid those dividends every month.
Since I’ve been with the company for multiple decades. I would love to be able to get my golden severance and retire.
I do know one thing, even though I’ve been with WF for multiple decades, this company hasn’t made me rich.
How do you feel bad for those individuals with a 401(k) plan that tanked.