I found that few of my coworkers in an engineering company had a clue about retirement planning or how to save. I knew many getting close to retirement age that had not started saving yet. The company had a generous matching plan for 401K saving, but many did not choose to participate.
Wow, that’s insane.
Of my four kids, two have lower level jobs, yet both are putting money in 401K already.
One starts his first Aerospace engineering job next week. His college job offered 401K and he’s been putting lots in that. I told him right now, max out his 401K while he has few expenses and a good income.
Both owe us a little money but are otherwise debt free.
He owes about $25,000 in student loans, mostly to us and should get those knocked out in a year or two.
Number four starts a truck driving job in August, totally debt free and has about $10K in what he calls his Cumming Diesel fund.
I went to work for a major oil company when I was 22 out of college. I seem to be the only new hire they had ever encountered that asked about the pension trust.
For some reason I began thinking about the day I would not be able or wanting to work any longer at a very early age. I’m glad I did that 40 years ago.