The Onion @midwest.social Garibaldee @lemm.ee 2w ago

Naive Man Puts Money Into 401(k) as if Future Exists

thehardtimes.net Naive Man Puts Money Into 401(k) as if Future Exists

Local naive man Collin Blakeman blissfully contributed savings to his 401(k) despite the fact there is no future in which he will be able to use them.

73 comments

Lol .... I'm indigenous Canadian and I thought the headline said 'Native Man'
- Me too! I mean the reading the headline part, I'm not indigenous Canadian haha
RDRR.

But seriously, invest for retirement. It's all on you.
- I'm "investing" by learning self sustainability.
  
  I wanted to be more proactive, but school systems don't like hearing about kids who worry about climate change.
  
  Money helps a lot with resiliency. Like a lot.
  
  You need to invest money. My recommendation is get a job and start investing.
Don't worry, the 401(k) will be rug pulled as well even if the future exists.
I keep wondering if the incoming tech oligarchy administration will boost stock prices (because that's how they compound the billions) and that will be enough to keep us in this rut longer than we would be otherwise.
- The US stock market always performs well during Democratic presidents terms and does not do well during republicans
  
  Not true. https://www.fool.com/investing/2024/07/05/average-stock-market-return-democrat-republican-pr/
What an idiot.
That poor fool.
I learned the hard way that 401k is a scam.
Just put money in a savings account, people.
- losing 5-8% buying power every year sounds great!
- What part of a 401k do you think is a scam lmao
  
  The part where it's defined-contribution instead of defined-benefit.
  
  To be perfectly honest, I personally am better served with a 401(k): I'm in an above-average earning career (engineering), have lived well below my means, and am financially literate.
  
  But most people are not like me. Frankly, the average worker in the US is either not competent or not disciplined enough to both actually contribute enough and invest it properly, and so as a nation we're careening towards a disaster of geriatric poverty the likes of which hasn't been seen since before Social Security was invented.
  
  So yeah, the American working class was definitely scammed when pensions were replaced with 401(k)s. But hell, even if you don't understand the actual differences and implications, you could also tell it's fishy even just by the fact that the execs were so eager to switch over!
  
  guessing vestment
  
  The assumption that you're going to live to a ripe old age and still remember your own name.
- Ah yes, love me some 0.01% interest. Surely my savings will grow.
- Bruh, it's pretax dollars in an account that 9 times out of 10 out performs interest rates. Even in huge downturns, it will bounce back thanks to stock market goes brrrrrrrrr
  
  I must have hit that 1 out of 10 shot. Bro.
- Story time!
  
  There's nothing in the account.
  Fun story
- At minimum throw it into SNP500. Return on that over 10 years will always go up.
- What if you only invested at market peaks

73 comments