Yeah I had to liquidate my 401k a couple years ago. I’m doing better now, but I basically can’t rebuild any retirement savings so guess I’ll just die when I’m too old to weld parts 🤷♀️
Have you done a cost benefit analysis comparing rebuilding your retirement vs building a Killdozer? Just curious.
i am not in the right tax bracket for this article 😭
retirement money??? 🥀
It’s more about what sector you work in, honestly. Even entry-level jobs with an established construction company have 401(k) plans with contribution from the employer. Food service and agriculture, not so much.
I’m shocked Gen Z has retirement money at all
Some of us have corporate jobs that do 401k matching, I’m pretty sure even if I withdrew it all immediately and took the penalty, I would still come out ahead because of the matched contributions.
Either way, I definitely view it as an emergency last resort fund more than retirement savings
I have definitely wondered abot the tradeoff between pulling it out as a downpayment for a house and taking the loss but not renting vs leaving it for compound growth. It doesn’t matter at the moment since it is not enough to be practical but the conventional advice is that you always lose by doing this and I’m not sure I believe that is still true, though I haven’t actually tried to work it out.
deleted by creator
You’d probably need over $200k in your retirement account (depending on your housing costs and apy) for it to be more cost effective to leave it in there and even then you’re still pissing thousands of dollars away a year in rent instead of owning property. It’s almost certainly better to buy rather than rent in this housing market.
There’s the combination of not paying rent and then the two questions of “will housing as a speculative asset outpace my 401k” and “can you retire without owning a house and if not is it better to secure the house and figure out the daily expenses later”. I do consider these mostly theoretical questions
There are some exceptions that allow penalty free withdrawals but the dollar limits are quite low.
“qualified first-time homebuyers, up to $10,000”
lol,
First job I had out of college was part time at a local government office. They had a pretty good pension plan and would match me. After a year of working there my retirement fund has… 53 dollars lol
You have retirement money?
Yall have retirement money?
Even 69 Xi bucks doesn’t go very far in this economy
I have more Xi bucks than normal bucks.
This is a sign that people from middle class families who were told to open a retirement account at some point have been losing ground. I’m definitely one of those people. Shit fucking sucks and it’s too expensive.
I wonder how much of the economy is built on the (assumed to be) constant reinvestment through retirement plans that may be coming to an end? Like old people are constantly reaching retirement age and starting to pull that money out. If young people are doing the same, how much steam would take out of the economy?
Pension funds and retirement plans are massive, at least in the west.
https://coinlaw.io/global-pension-fund-statistics/ (apologies for the dogshit website)
It says that pension funds have $52 trillion worth of assets under management.
For reference, the total assets of all firms on the SP500 is $48 trillion
me who just had to cash out my tiny retirement fund to survive but is not gen Z:
Retirement money? What fucking retirement money? I’m ancient Millenial and I don’t have fucking retirement money. WTF? My retirement plan was to die.
Lmao right? Im in my goddamn mid 30s and im paycheck to paycheck for fucks sake. The fuck retirement do I have
Folks it is not going well. He diddled the money
Yall have retirement money?
not anymore lol
That’s always my first question whenever this topic comes up. I have no debt but I also have no savings of any form. My retirement plan is to just die. (Millenial though, not gen Z).
Edit: *scrolls down* lol It looks like we aren’t the only ones asking it.
Millennial as well. The times my life has gone to utter shit ive had to empty my savings
There’s not going to be a retirement
My savings are gone lol
Bye bye
the real story here is that half of gen z have retirement money already. i’d have thought that number was closer to 15 or 20%
around 85 percent were contributing to retirement it seems. Don’t know how much they have at this point
The other half never had retirement money lol
