Retirement? Oh, you mean that thing rich people do. 🫠 More Americans are raiding their 401(k)s just to survive—because what other choice do they have?
#RetirementCrisis #401kWithdrawals #CostOfLivingCrisis #WagesArentEnough #LateStageCapitalism #FinancialReality #Retirement #retirementplanning #401k #401kplan #financialplanning
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honestly? if I had a 401k…I’d probably take it all out. What are the chances it’s going to be safe in there? Your retirement fund is just thrown into the stock market by some investment advisor…look what happened in 2008! I feel like taking a 10% hit to have a lot of capital you could use for other things/investments seems smarter?
No
No because no 😂
Sir you don’t understand how the tool works
Dude, what do you think investments are??
Horrible advice
Maybe don’t make your retirement tied to the stock market? Every single European country has figured out that is one of the most horrible ideas. Your well being should be determined by a system that by it’s very design needs to go through recessions. People should be able to live not in fear of their retirement collapsing.
Yes it’s a terrible system, and unfortunately our only real option in the US. I hate it.
Historically the sandp has returns of 10-12% over the last like 70 years … yes there is turbulence but that is why as you get older you rebalance into more secure things like bonds which by the way European countries also do … read more
A big chunk of the Dutch pensions are also invested. The alternative isn’t all rosy, either, with the population growing older on average, more people getting a degree and thus postponing entering the labour market and starting to pay into the social security system, and fewer young people in general, the current system is under pressure in quite a few countries. Yes, the US social security system is in shambles, but don’t make the mistake to believe that Europe is doing great.
@ that’s a good reality check.
It still pisses me off you can’t use part of your 401k as collateral for personal loans like rich people can for securities. Upto 40% of your 401k as collateral at 4 -7% bc it’s secure funds. The 401 keeps going up.
Can you explain more
You don’t have to be rich to own securities. If you choose to invest in stocks for the purpose of using them for collateral, have at it!
401ks were designed for RETIREMENT, not as an investment/speculation tool. Properly used, an investment in equities over the last 20-30 years is between 10%-12%. We as a nation need to learn to live on 90% of our income, investing that 10% for the future. Do that from Day One and we’d all be millionaires at retirement.
You can take a loan on you 401, but the money is taken out of the account. It is almost like a withdrawal without the penalty but the loss of growth of funds while the money is on loan. Plus you pay interest on the loan.
If you could use it as collateral, the funds stay the account and keep. The interest is lower rate bc the funds are secure. This would be like using stocks as collateral for a loan rather than selling the stocks for cash to buy whatever you were going to buy.
But you still have to pay off the loan.
@ImpaktNY yes you would have to pay a loan back. The goal is using your 401 as collateral for a loan at 4-7% while the money continues to grow at 5-10% would. Hopefully you lock in at a rate for a loan lower then you gains during the lifetime of the loan … and if you don’t it will still be better then the 7 -15% interest personal loan that non million or billionaires are left with.
I would love your channel’s take on the NYT pieces by Ezra Klein on abundance.
It also requires the privilege of good financial education at a young age. So many people don’t learn / understand this stuff until well into adulthood (if at all) so we lose out on vital years of compounding
Social security is fine. Stop fear mongering about that.
Read the news much
@@liamhodgson yes. He does. The thing you’re talking to know is lying and knows it
You’re in a fascist cult
Social security won’t be there for generations after boomers. The rest of us are screwed.
Yeah, all of those “entitlements” republicans want to cut can’t mean the one they’ve wanted to gut forever!
This video is a lot of fear mongering.
1:20 — Woah, woah, woah…. Okay honey. This has nothing to do with unions. Unions are a grift off their members. They say when their workers can work. They say when their workers can’t work. Some workers may want more hours, but union contracts forbid it. All while stealing those mandatory union dues from their members’ paychecks just so that those folks can have the opportunity to make a living. And how have union leaders earned those dues??? … By ensuring that businesses are as efficient as possible so that they don’t need to hire union workers.
Scab 🤢🤮
Lolwhat? That’s not what unions do.
@@WembysTRexArms you’re just upset your employees are sick of being abused by you.
Scab 🤢🤮
@@Rhaifha You claim I’m wrong about unions but offer up no other details or proof. Pathetic.
Why didnt they prepare us for capitalism in schools.
this is not possible at all in switzerland
Got a question for you guys, Is buying when the stock market crashes a good idea? I’m about to get my refund from school and I would like to put some of that into a good investment portfolio for retirement but Idk if buying now that it’s low is a good idea. Thoughts?