When both parties agree on something it's almost always bad
this post was submitted on 14 Apr 2024
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It is the same reason why a lot of Democrats fought to keep SALT deductions even though it mainly benefits the wealthy. It turns out that people who have 401(k)'s are more likely to vote.
Multiple times, people here on Lemmy have assumed I have a 401(k), as if it's something everyone has, and it always amuses me.
If you don't have access to one through work you qualify for a deduction and a credit if you contribute to an IRA.
It probably is something you should have after a certain age. If not a work supplied 401k, then at least your own managed Roth IRA. And if you're still on the younger side, it's perfectly understandable not to have a 401k yet.
From where should I have gotten the money to invest in it?
You can put $5 a week into it if you want to. $38/ week ($2k/yr) will get you the full $1K savers credit if you don't have access to a retirement account through work. So essentially you're only contributing $1k and doubling it with the tax credit.
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Well if you stopped buying frivolous items like GROCERIES you'd have plenty to invest. Then you could enjoy your retirement for a comfortable 3 years before going back to work
We were talking to my daughter about this just yesterday. It's not even groceries. People think that if you spend $30 or $40 a month on things that make you and those you love happy, you'll never save enough to make yourself marginally more comfortable in the last 10-20 years of your life (if you're lucky) that will be uncomfortable no matter what.
So I suppose maybe if I denied myself and my child every pleasure in life, sure, I could put money in a 401(k). That is not something I would do and I certainly do not think it's a good lesson to teach a child. I'm sure someone will call that some sort of "live for today" or YOLO attitude rather than not giving your child the most miserable childhood you can.
You were telling your daughter that you're spending $30/mo on her to make her happy instead of saving it for your old age? I don't know how you communicated that, but on the surface that does not sound like a healthy thing to tell a child.
If you're worried about providing your daughter a fulfilling childhood, maybe also consider prioritizing time with her? You spend a lot of time on Lemmy dude, is that time you could be spending with her? Or are you on your phone a lot when you're with her?
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I promise you, if you put that $30/month into your own IRA, you'll make her a lot happier when she doesn't have to support you when she's grown up.
The problem isn't spending a little to make you or your family happy, it's spending for consumable things today, that's going to put you at a huge disadvantage later.
I get it, I have two kids, it's fucking expensive. But you know what's even more expensive? Taking care of old people.
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So I suppose maybe if I denied myself and my child every pleasure in life, sure, I could put money in a 401(k).
But that's unproductive hyperbole. Not every pleasure in life costs money, and lots of things you spend money on can be optimized. And even after doing that, if you still feel too squeezed, it might be worth considering a career change and a plan for how to get there.
It might be unproductive hyperbole, but I've been told that exact same thing more than once right here on Lemmy.
Sounds like you have an axe to grind. Sorry life has been hard for you friend. Hope it gets better. Hang in there.
So I suppose maybe if I denied myself and my child every pleasure in life, sure, I could put money in a 401(k). That is not something I would do and I certainly do not think it’s a good lesson to teach a child.
I think that's an excellent lesson to teach a child.
Poverty sucks. Try to get out of it. Deny consumerism, save your money.
If you work for a company that has a 401k then you need to sign up for it. If the company has a match percentage then that is the absolute minimum you should contribute. And when you are younger you should set it up as a Roth so you pay taxes on it now.
This isn't a thing you should do at a certain age. The younger you start the better. The money just comes out of your paycheck, same as taxes.
I do not work for a company that offers such a thing. And I never have.
This is what I'm saying about assumptions.
You can sign up for a Roth IRA then, there's no need for anything from your employer to get one. As far as I recall there's no minimum amount of money you need to put in at start.
This is really good advice. There’s no minimum, but there is an annual maximum of $7K.
I don't know why you're being down voted. I swear, some people would rather complain than make the smallest effort to help themselves. It's good advice.
Even very small contributions to a retirement account can make a big difference in old age.
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