They can't afford both, that's for sure and many companies don't offer them or match funds, individuals would have to invest on their own.
US retirement confidence at 23-year low
- Thread starter I'm Watermark
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They can't afford both, that's for sure and many companies don't offer them or match funds, individuals would have to invest on their own.
cawacko
Well-known member
But if they can afford to put more money into S.S. as you are suggesting why couldn't they put it into a 401K? From an individual perspective the 401k has the bigger benefit as it compounds tax free.
It seems increasing the amount of SS as opposed to not being able to max out you 401K would be more beneficial, but I am by no means very knowledgable about finance.
Cancel 2020.1
Canceled
We spend too much in our working lives (as opposed to saving), and we want to live that way in retirement as well.
It's the American way; I'm as guilty of it as anyone. But it really isn't sustainable. We need a culture change.
It's the American way; I'm as guilty of it as anyone. But it really isn't sustainable. We need a culture change.
cawacko
Well-known member
You nailed it and I'm extremely guilty of it myself. I've read studies that showed the average amount of time a family spends planning a vacation vs. doing financial planning for their future and difference is off the charts. And social security is there to keep people from being destitute in retirement but it alone is not a retirement plan.