Gen X'ers (like me) FCUKED

[Topspin]

the plans are great (401K's) it's the number of people who don't have the option.
Though the roth is pretty dam sweet for the X'rs too.

I agree basic finance and investing should be required in senior yr of High School

 

[LadyT]

get cracking..

next x u get a raise.. put it all towards your 401k..

Nah......I'm just going to marry rich.

 

[Chapdog]

Nah......I'm just going to marry rich.

LOL you sound like my little sister. I always respond... Rich guys respect financially independent woman.

 

[uscitizen]

You have not proposed to me yet LadyT ?

 

[LadyT]

LOL you sound like my little sister. I always respond... Rich guys respect financially independent woman.

And I will be after the first divorce!

 

[LadyT]

You have not proposed to me yet LadyT ?

you didn't get my PM?

 

[uscitizen]

Umm forget the proposal thing then LadyT. I have an allergy to divorces.

 

[uscitizen]

you didn't get my PM?

Ohh sorry was rushed, thought it was from Asshat....

 

[Chapdog]

And I will be after the first divorce!

LOL - most rich guys will get prenuptial.. your going to have to find guy whos going to be rich.. ride the hard times up with him.

 

[Cancel 2016.2]

actuall 22M for a 30yo is not bad
the key as you pointed out is putting >10% in those early years.

yes it is bad. They should have more than that by now.

 

[Topspin]

not when the average 50 yr old only has 50

 

[Cancel 2016.2]

i have been saying since my first year fresh out of college that they should have taught us this shit in high school instead of sowing and other crap.

FIRST dollar invested is worth the most when u retire. if you can get to 100K before 30 your golden.

Investing should absolutely be taught in high school. Not that you need to go into great detail, but the basics should be a requirement.

 

[uscitizen]

Investing , Budgeting, Credit management, etc. Yes a requirement to pass for graduation.

 

[LadyT]

Ohh sorry was rushed, thought it was from Asshat....

yeah. he is always hitting on guys too.

 

[Cancel 2016.2]

i think they need to make some changes..

#1 - take the restrictions off and make em more portable.

#2 - entice company's to offer better plans.

#3 - Get rid of the vesting cycles

#4 - auto enrollment. to many just are to fucking lazy to pick up the paperwork.

#1 - done... portability of 401ks is easy via a direct tranfer into either an IRA, your new company's 401k and starting next year you can convert directly into a Roth IRA if you choose.

#2 - this one needs some work, but you are beginning to see a trend towards IDA accounts which allow the employees to invest in whatever they want. Not to mention the fact that companies can now allow financial advisors in to talk with their employees to help them with investment decisions.

#3 - on your contributions they have obviously never been subject to vesting. But companies in industries that see high turnover use the vesting as a way to retain employees... which I think is fair.

#4 - more and more companies are doing this, but still a ways to go.

 

[Chapdog]

A growing trend to supplement retirement is reverse mortgages.

 

[Damocles]

LOL - most rich guys will get prenuptial.. your going to have to find guy whos going to be rich.. ride the hard times up with him.

Prenups in some states, like CO, are worthless.

 

[uscitizen]

A growing trend to supplement retirement is reverse mortgages.

I wonder how this is working out in areas where the housing market is taking a dump ?

One way to be sure your GenX'rs don't get to squander you home away You can do it first

 

[Cancel 2016.2]

Investing , Budgeting, Credit management, etc. Yes a requirement to pass for graduation.

We should also make sure that it is a requirement for all politicians as they enter office. If they cannot pass, they get booted from Congress.

 

[uscitizen]

I would just like ot see a resume for those we vote for. Heck you do not have to provide an accurate resume to be president, but do to sling burgers....
sheesh.