Start with 2 million?
Gosh. One of the good things about the Great Recession (er, Depression II, cough) was that we didn’t have to read drivel like this.
“If you can get a 7 percent annual return on your money”
Yeah right. Good luck on doing that 30 years in a row.
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
Not a new idea, but well thought out income redistribution. Google the name of the lead “economist” (because “ecommunist” isn’t a word yet), her organization, bona fides, who she’s associated with.
It’s coming folks.
If you put in the maximum amount, it would take over 50 years to put in $1 million. The only way to have a million in a 401 is to put it in equities and hope there isn’t a long slump in the market along the way, or in real estate.
Or start maxing out on the contribution at 20, and still be pumping in at 75, with no periods of unemployment and no financial emergencies.
I thought that we could get there but 2008 came and wiped out 60% of what was there. I have since recovered but have been moving to cash a little at a time since Dow 12500. Cash is only making 1.78 %, so we will never be millionaires
Ones on a time a million dollars was a tidy sum of money
Take Hillary Clinton’s course of how to invest $1,000 in cattle futures and turn it into $100,000. Then run for office as a Democrat, win election, and sell access and favors to foreign companies for big bucks.
I’ve news ... one million is nothing. One million used to be something but now for starters, plan on 10X10
How To Save 1 Million In Your 401K:
1) Have 1 million.
2) Don’t put it in your 401k because the government intends to steal it soon.
And the gravy train gets even better at the state level; in California, a woman who began as a low-level clerk in the BART system back in the 70s retired as a senior manager a couple of years ago. Her yearly pension tops $350,000. And that doesn't include healthcare and other benefits.
Trust me, few of these bureaucrats actually "worked" for those lavish benefits. But the taxpayers are on the hook for every dime.
To illustrate the absurdity of the generous benefit packages, I remember listening to Bob Brinker's weekend financial advice show. He took a call from a retired Michigan state trooper. One of the "bennies" from his package was the right to transfer his health care benefits to his daughter, no medical exam necessary and no questions asked. Daughter never worked a day for the state, but the folks who pay taxses in Michigan will be paying for her healthcare for years after her father is gone.
There are many people in my company that never joined the plan. My fear is that when I do retire, most of that is going to be taken from me to pay for the others.
The old grasshopper and ant routine.
“Just 0.42 percent of all 401(k) participants in the Employee Benefit Research Institute’s database had $1 million or more in their account at the end of 2013.”
Those pesky 0.42 percenters.
doesn’t matter how much is there. You won’t get a dime of it. It’s a 401K. It’s not your money. It will go to some deadbeat (or politician) before you get to spend any of it.
I was finally able to return to work after 7 months unemployed after a lay off. Now have only $1,800 in retirement after having to drain my retirement to pay bills.
This economy sucks.
So the government can swipe it and replace it with an EBT card?