Quote:
Originally Posted by manaboutown
This narrative totally ignores the time value of money and the interest, dividends and capital gains one can obtain over the years. It is similar to pitches I used to hear from whole life insurance salesmen 50 years ago.
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Zero, zero, and zero. When you have an incredibly low income, you can't afford the fees associated with financial planning. Plus, because the yearly payout is so low, there's zero tax on it (this was before this year's bill). When you can only afford to put $4 every week aside, you're not going to be convincing a financial planner to help you invest it - unless he's also a financial scammer. I was glad that Social Security took just $2/week from my paycheck, and made my employer pay the other $2/week and now I reap the rewards.