Quote:
Originally Posted by LeRoySmith
A couple of points I think you misspoke.
Statistically most of us get back more than we pay in. That said if we saved just our half of the ss contribution (6%) and invested it we would end up with 2 to 3 times what we typically collect.
My pension was fully funded by my employer.
My 401 was partially matched by my employer but the vast majority was my sole contribution.
It's pretty rare to have both a pension and matching 401, I was lucky. In today's employment world a traditional pension is all but gone. I worry for future workers. I'm happy to be able to start my family with a good headstart.
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Most....is the keyword here
In my world, most have either employer or state/municipal funded pensions....invest in 401K or Roth and additionally, own real estate (rental properties). The latter acting as its own retirement cushion. But those decisions were made years ago with the benefit of foresight....knowing /fearing a bubble burst at some point in our lifetime. SS was always looked at as the slush fund (golf, eating out, road trips etc). A lot of luck and being at the right place at the right time....and being an active participant...not a spectator was the key. Easier path back then than it is now!