News: Registration requires "verification" before you are allowed to post.  Be sure to check your "spam" folder to make sure that you receive the verification link.  The e-mail should come from "Onnidan Fan Forum" with the return address -> staff@onnidan.com.


Author Topic: Millenials believe they'll die before they retire  (Read 41 times)

Offline World_Famed

  • Neophyte
  • *
  • Posts: 44
  • Grambling State
    • View Profile
« Last Edit: September 20, 2019, 09:25:46 AM by World_Famed »
Kappa Kappa Psi, Spr.05, Epsilon Rho
Grambling State University

Offline Neymar

  • Assistant GM
  • *****
  • Posts: 11,142
  • Forum Administrator
    • View Profile
Re: Millenials believe they'll die before they retire
« Reply #1 on: September 20, 2019, 10:17:23 AM »
Retirement is easy, you just cant live the American dream.

I have maxed out my 401k,HSA, and roth ira the past few years. What has it cost?

I cant afford to get married.
I cant afford to have kids.
I have never had a new car.


The thing is though, especially with the bull run in the past few years, the 401k growth has been insane. The more you put in with compounding interest, the faster it will grow on interest alone. My interest is roughly surpassing the company match now.

You have to put into it more than the match though. People think matching the match for 30 years will get you to the promised land. Maybe, but you'll have to live in a cheap crap state like Florida or Alabama, or you'll go abroad and live like a peasant king in some 3rd world country like the Philippines where hot water is a luxury more so than a necessity.

The key is not aiming for a percentage, but a number.I turn 30 in 2 months. My number for 30 was the six figure singularity across ALL(401K,HSA,ROTH IRA) accounts. I beat that with the 401k alone.

People talk about the importance of roth and all of that, but the roth limit is only 6k. Hell, my company match is almost as much as that when you consider tax rates. The 401k is your best vehicle for retirement. This is 19k(plus match if offered) that is socked away. With the match and HSA that is over 25k a year in tax advantaged retirement/medical accounts.With compounding interest at most, barring a huge dip, I am looking at 100k added to the account every 3 years. If you are in your 30's retiring at 65? Thats a million right there, and it will only accelerate faster the more you put in.

Dont leave anything up to chance with social security. Boomers have proven they dont care about anything but themselves. I wouldnt be shocked if they used it, then got rid of it for us.

Offline Capler

  • Assistant GM
  • *****
  • Posts: 39,750
  • Assistant GM
    • View Profile
Re: Millenials believe they'll die before they retire
« Reply #2 on: September 20, 2019, 12:46:39 PM »
I agree with millenials about the future. We have too much debt. The government is in too much debt and no one is willing to do a thing about it. The future is not bright from where I see it.

 

2019 Onnidan HBCU Composite Football Schedule

Support Our Efforts

Support our efforts

With all the divisive rhetoric on social media outlets like Facebook and Twitter, websites such as ours, especially message boards, are under the watchful eye of the Internet giants. And those giants are coming down hard on sites like this one due to the perception of the need for better "oversight".

We recognize the cultural conflict that exists and over the past few months we've been accused of allowing content in posts/threads that supposedly violates some advertiser's policies. Those threads weren’t an issue in the past, but for some reason, they are an issue now. And we are being penalized (financially) because of it.

 

As a result we are coming to you directly for your financial support>

 

Please consider supporting our efforts to foster free and open discussion of current issues as they relate to the topics you are interested in. You can use the Cash App and contribute to $onnidan, or process your donation through PayPal below.

=OW= 


 

Onnidan's HBCUSports Logo
News

 

 

Powered by EzPortal