Banned? DM Wmill to appeal.
No anti-nautilism posts. See: Eco-fascism Primer
Slop posts go in c/slop. Don't post low-hanging fruit here.
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 ๐คทโโ๏ธ
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 ๐ญ
retirement money??? ๐ฅ
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.
Iโm 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.
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 hasโฆ 53 dollars lol
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.
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.
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
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:
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
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
The other half never had retirement money lol
My father-in-law has been saying he can't retire despite being in old and in rough physical condition. He's been paying into a 401k for 40 years, has a paid-off house, and they'd collect over $6000/mo in combined Social security payments. He also has a good job as a draftsmen at a military contractor.
Turns out that they've been racking up credit card debt until they can't afford the payment then withdrawing from the 401k to pay it off.
I still can't fathom what those credit card charges could be. They don't have any flashy stuff, their house is small and in disrepair, they have cheap cars. He's an alcoholic and they go out to eat a lot, but it still doesn't add up to me. Only thing that makes sense to me is that he got scammed somehow.
There's not going to be a retirement
My savings are gone lol
Bye bye 
Is this an American thing? Here in Canada you can't touch your retirement money until a certain age.
Yeah you pay a 10% penalty for it and then you have to pay taxes on it according to your income that year.
The vast majority of the time it's financially ruinous, but not necessarily always. Many companies match what you put into your 401k, so you're getting a 100% or maybe 80% return, and it can make financial sense to use that money to pay off large debts, because those matching company funds more than pay for the 10% penalty. It also helps if you have a high earning potential and can afford to save a higher amount away later to compensate for what you took out.
But if you are barely able to fill that account, you're basically fucked if you have to drain that account.
Some Americans have employer pension funds you usually can't touch until a certain point (either age or years of service).
Much more common are 401(k) plans or 403(b) plans. These are tax advantaged accounts that are the sole property of whoever contributes to them. There are usually quite a few exceptions but if the money is pulled out it the worker has to pay income tax on it plus a ten percent penalty.
Oh hey, its me (millennial but still)
i didn't start getting a pension til like a year ago
Gonna withdraw it as soon as it's any significant amount
Gen Z has retirement money?!
They trekked out along the crescent sweep of beach, keeping to the firmer sand below the tidewrack. They stood, their clothes flapping softly. Glass floats covered with a gray crust. The bones of seabirds. At the tideline a woven mat of weeds and the ribs of fishes in their millions stretching along the shore as far as the eye could see like an isocline of death. One vast salt sepulchre. Senseless. Senseless.
Hey Vegeta, you think Zen'ล stays off this planet because they too live in fear of what they have created?
You know what kakarot....... I'm starting to wonder that myself 
Retirement money? What's that? I have no such funds
I'm almost certain that when I reach retirement age they'll have raised it by 20 years. And then I'll just die before I can cash out.
I literally have negative money as a millennial.