- cross-posted to:
- climatememes@lemmy.world
- cross-posted to:
- climatememes@lemmy.world
You must log in or # to comment.
Fun fact: you can withdraw from your 401k. While there is a hefty tax penalty, you still can do it. Maybe you can get a down payment on a house or pay off student loan debt. Just make sure you withhold taxes from your payout. Don’t get caught with that bill at tax season
Especially handy if you have a job with good matching and instant vesting. Of course, this is not finacial advice, but it is an option that exists.
You can use $10k from your 401k for a down payment on a house with zero penalty. If you’re married, then your spouse can do the same. So now you have $20k for a house down payment! With an FHA loan you can buy with as little as 3.5% down, which your $20k should cover. Weee!
Heh, here in Australia I’d need over $100,000 for a down payment.
Many are 20% here, so really I’d need over $200,000 just to make the initial payment.
You need that here in the USA too, but with an FHA loan, or a first time buyer program on a conventional loan the percentage needed is reduced. Although they hit you with some pretty hefty fees when you take advantage of those programs. The FHA charges an up-front fee, and conventional loans hit you with PMI which equates to hundreds of dollars per month.
Why even bother with a down payment, lots of loan options out there for 0%
Those are usually harder to get and carry higher interest rates.
In most cases, it’s better to save up for a down-payment to cut off a chunk from your loan along with the portion of interest with it. You also tend to be able have loans with better options available to you.
Bold of you to think we all have 401ks.
I imagine there is quite a dispersion of ages on Lemmy
You can also borrow against it sometimes. Basically b3ing a low interest loan to your self with the fees being lower than the penalties
You have to pay it back within 5 years, though.
100% its a loan. Useful for things like down payments or cars, etc. Things that help you save money/make money reliably enough to pay it back.
Still better interest then any other loan too
If this is your plan you’re probably better off rolling it over into an IRA, and then doing a qualified distribution. There are a number of qualifying events that can be used to avoid the penalty for early withdrawals.
Yep, my plan is to pull all the money from my 401k as soon as my employer funds are vested. Paying down debt and living a comfortable life now seems like a better bet than hoping retirement happens.
I quietly take a truly unhealthy regimen of stimulants before I go to the gym, and every man in my lineage either died of or was diagnosed with heart problems.
A heart attack at the gym sounds like an admirable death, “they died trying to better themselves” kind of thing. Bonus, I look good now.
Its bullet proof gym motivation too, the worse day I have, the harder I cardio. It’s like depression aikido.
Me having a morbid thought: “I just want to be dead.”
Also me, in Morpheus voice: “Show me.”
Ten years now with that mindset, barely ever miss a gym day.
Things never work out the way that you plan.
It’s a fine line between a clean noble death and being the guy who strokes out on the treadmill, falls, gets his nut sack wrapped up in the belt.
Don’t be the guy stroking one out while getting their nuts tugged, got it.
cool, what stimulants?
Usually Bang, adderall(Im prescribed this, but down dose the rest of the time to take more at the gym.), and ephedrine. When my body can no longer hang with that, I’m cool with it shutting down.
Gonna just make sure I die at 50.
over 50 is overrated
My retirement plan involves laying down in a ditch off a highway in Colorado with an amazing view of the Rockies during a freezing winter night and just falling asleep. Social Security will not exist when I reach retirement age. I have a pension through work, I contribute to a Thrift Savings Plan, none of it will be enough, and I refuse to contribute more to either (as my Boomer parents both (of course) suggest), because to me I am literally throwing that money away. I will never see that money, the markets will crash, I will be left with nothing anyway, there’s no point.
That does sound a lot more peaceful than my retirement plan of: using my 2nd amendment rights on myself lol
I used a chunk of my 401k as an interwst free down payment on my house.
In 60 years all you dumb fucks are gonna be old and broke as fuck and demanding the next generations pay for your stupid asses through higher taxes.
Save your fucking money. The world might not end.
So… what’s currently happening and has always happened? The current average social security payment is $1800. Which isn’t even enough for rent and bills in most places. There are a lot of old people that worked blue collar or service jobs, payed taxes their whole life, saved what they were told and could. But they retired at 65 and planned on dying at 75, the average life span. Now they’re 80.
So here’s the thing- social security shouldn’t be your only source of income. That’s what savings are for. That’s what investments are for.
I’m not saying it’s great or I agree with it, but saving for retirement is something that should be a priority from the beginning
Exactly. Boomers spent all their money in the 80s and are now broke and surprisingly not dead yet. They should have saved more.
Blessed are those that plant trees for the shade they will never see.
This mentality is why we are in the position we are today. If we all fail to try to build a better future today the next generation will suffer more than us and it will be our fault then.
I’m sorry but no… sure we should try to make a better world. But we’re not in this shit because of failings of personal responsibility.
10 companies produce 80% of the pollution in the world. Research after research shows that in “democratic” countries the poorer 90% have basically 0 influence in politics. We literally have no power to make any meaningful change.
The world will die and it’ll be the fault of a handful thousand families. Not ours.
Sure, we could’ve stopped them before it got to this point. But when? It’s been like this for thousands of years.
Yeah blame the victims…
For making more victims? Yes. Fuck em. Being fucked over by the previous generation does not give you the right to fuck over the next generation.
The only victim of not having a retirement plan is yourself, surely. And for everything else… Genuinely what are we supposed to do? It’s impossible not to feel powerless today because despite all the efforts we go to, everything seems to be going more and more wrong with time. The far right is taking over and setting fire to the world for fuel. Alone no matter what noble actions I might take as an individual are meaningless, and even if by some miracle I manage, along with my fellow Brits, to vote in the progressive government of my dreams… Is that going to stop America’s swing to the right? Or China’s mega industrialization and carbon output?
Look, for the sake of me and the younger people here in the UK I won’t stop trying, you aren’t wrong that we shouldn’t, but I’m also sick of people blaming the crushed and despondent people of the world for their own situation.
The only victim of not having a retirement plan is yourself, surely.
The conversation is also about a) the likelihood that when (surprise surprise) the world does not end and these people have no retirement savings, they will demand public assistance funded via higher taxes on younger working people. And b) the idea of not taking action to make the world better, out of a sense of hopelessness and frankly laziness.
It’s impossible not to feel powerless today because despite all the efforts we go to, everything seems to be going more and more wrong with time.
Seems to be but isn’t.
Helplessness is propaganda. You are being lied to by people who want you to feel this way.
You can start doing your part in the easiest way possible: argue against and shut down Russian propagandists on this very site trying to convince Americans not to vote for Biden. That’s an important job if saving the world is your goal. Forums and social media are battlegrounds of ideas, and you can be a soldier in the army of truth and good.
Hum, that’s on the people that make the next gen. I cut my tubes when I was 20 exactly because I think the world is too shitty. My bloodline ends with me.
65 is too optimistic of a number for zoomers like me. 50 seems more reasonable.
With climate change and fascism in a dead heat, I like my chances.
Pretty telling that so many comments here immediately blame the proletariat. The fucking power of propaganda. Christ, we’re so fucked.
If everyone else wasn’t so lazy and evil, I could retire sooner and more comfortably.
I’m uniquely underpaid, overworked, and unlucky. No one else is like me. No one will ever sympathize with me. So its just me against the world.
The only thing I can do to change my lot in life is to throw in harder with a high profile ultra-wealthy industrial captain in the eternal war against foreigners, corporate rivals, and the unemployed.
Yes, yes, blame the other crabs in the bucket. That’s the way to the top, for sure.
Also, the “woe is poor me & my wholly unique predicament” trope is yet another spoonful of bullshit you’ve been fed. We’re all underpaid, overworked, and unlucky — and no one is different in that. Begin the sympathizing with yourself, and see we’re all against the fucking world out here.
You do you, at the end of the day, though. The only thing at stake is your happiness.
Do you need it pointing out that the reply was sarcasm?
I’m told its undetectable for Americans, which I guess makes sense if you grow up in a country where about 1/3 of the population is genuinely insane.
As an American, I noticed the sarcasm just because lemmy has a very anticapitalist user base, but on any other platform I’d be genuinely concerned that it was written by one of the 50% of my country’s population that actually believes that …
Yes, yes, blame the other crabs in the bucket. That’s the way to the top, for sure.
https://en.wikipedia.org/wiki/Fifteen_Million_Merits
The only thing at stake is your happiness.
If only. You’re living a very blessed existence if happiness is the only thing you have to worry about.
Hey, if you’ve got all the answers, what’s the problem, guru?
Gluttony and materialism, I’d say. We all could have rich and wonderful lives. A few percent of us want more. And they try to make the rest think that that’s the right thing to do for everyone, even if that’s technically impossible.
I’m pretty sure that’s the root of all evil. You are welcome.
Do as the Buddha, abandon all craving, and you will reach Nirvana.
I’d be wary of any ties to religion — even the seemingly most benign, friendo. 🫥
It’s true that Zen Masters rejected all religions, and that Gautama was an illiterate Prince who did a bunch of dumb stuff before promising others he could bring them eternal happiness…
But the whole “friendo. 🫥” thing?
Why y’all gotta patronize?
While I can understand the sentiment, this is a REALLY bad and irresponsible thing to do and detrimental to yourself and society as a whole.
Lemmy, please do everything you can to set yourself up for a successful retirement. Even just a small contribution to a retirement account really will make a big difference when you’re older.
The best thing I can do for a successful retirement is commit some crimes and get arrested. A “small” contribution is still outside my price range. You gotta be putting away hundreds a month at least. Retirement simply isn’t something you can plan for if you make below average income.
These “you should have saved for retirement” people really piss me off, especially the “you should have cut out luxuries” assholes. Bitch, I’m like the 62% of the rest of America that lives paycheck-to-paycheck. What luxuries? The occasional chai latte to make my life slightly more bearable? Buying my daughter Taco Bell once in a while to see her smile?
If I have to work for decades and deny myself any comfort for those decades just to have some comfort for the last 10-20 years of my life? Fuck that.
If your not even planning on saving for yourself what are you going to do for your daughter?
Holy shit, do you honestly think not buying a latter or Taco Bell once or twice a month would be enough to save for retirement?
You’re like one of those “don’t eat avocado toast” people.
Crazy how defensive you get when I am asking what your plan is.
If you are doing the best you can with your budget this thread doesn’t apply to you and there’s no need to be offended. Many others do not make good financial decisions and need help preparing for their future. Financial budgeting education is lacking in our schools, and many learn the hard way.
Promoting narratives that nobody can do anything to better themselves financially is irresponsible.
…same thing our parents did for us: hope she can manage on her own…
Another day of monotony’s
Gotten me to the point I’m like a snail, I’ve got
To formulate a plot or end up in jail or shot
Success is my only motherfuckin’ option, failure’s not
Which sounds nice, but not realistic. As others have also said, there will always need to be ditch diggers. Not everyone is going to be able to retire. No matter how many Eminem lyrics you know.
How TF am I supposed to do that?!! I can hardly eat.
Dumped it all in Bitcoin, amidoingitrite
deleted by creator
This is a really bad coping mechanism to rationalize failing to develop important skills and to justify giving up. We have at least 200 more years of misery in store before it’s all over, in my opinion.
I plan to die in the Climate wars, myself.
Water Wars of 2038 here.
I’ll die in World War III, Eastern Europe Theatre, 2026 (when Trump’s election pushes the current geopolitical tensions over the edge).
I’ve been very slowly getting more open and candid with the idea that I’m not going to be around to retirement age. The men in my family have incredibly rough odds, starting at 50, and I don’t think I’m going to be the one to beat the odds.
Healthy or not, constantly rolling this knowledge around my head—even voicing it —has helped to put a lot of things in perspective—even if it hasn’t yet instilled a YOLO mentality.
My retirement plan is a cyanide pill to avoid the torture of roaming dystopian gangs of armed militias when they ransack my place because law and order has largely vanished and I’m their next stop.
Na, I’m just kidding. I enjoy the pain.
You either die to the prion-diseased rape cannibals or you live long enough to see yourself become a prion-diseased rape cannibal.
That’s funny, thinking that people get to retire at 65. For me it’s 68.5 years, but that will probably be pushed backwards before then.
Yeah I am betting it will be 75 for me and I am only 43 now.
