When I left the Air Force I got my First Job in 1980 at the pay rate of $6.00 per hour. After working my butt off of a 40 hour week and seeing how much I lost do to tax with-holding I didn’t have the money to save in a 401K or anything else.
Not that I was living extravagantly but the cost of living at that time was outrageous.
I was not able to start a 401K until 1990 or so when I started getting slightly ahead financially.
Since that time through all of the economic ups and downs my 401K appreciated quite a bit and I haven’t touched it yet.
My only worry is with the Communist Biden administration I fear that all of my wealth appreciation will be destroyed by the devaluing of the dollar.
That gives me nightmares since I’m retiring soon.
My friends this is a big opening for us. We can get the 20-somethings to take their mind off getting laid when election time comes.
My solution: Allow 100% of their salaries to go into tax free accounts. ALLOW parents to contribute to their kids accounts. Get them to that $500k as fast as possible and then they’re on their own. They’re YOUNG. 40+ years of growth ahead.
Start off every newborn with $1k in the S & P. Watch them(both0 grow.
“My only worry is with the Communist Biden administration I fear that all of my wealth appreciation will be destroyed by the devaluing of the dollar.”
We are 59 and could retire now but our fixed cost are too high-close to 50k per year. Property tax, health insurance etc. Plus my wifes family lives to 100 and she is worried about outliving our money.
We also think another 2008 crash is coming and we want to work through that instead of pulling out our money at it’s lowest
So.. we are going to continue to work.