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Winchester85 t1_jbmlfui wrote

Buddy I don’t know what world you live in but most of us have a job and a 401(k) The economy and the stock market is essential for us to retire and not work till we’re 60.

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YaGirlKellie t1_jboibw1 wrote

A 401(k) is not enough to retire on. Especially not when you're 60 or younger lmfao

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Andross_Darkheart t1_jboprmd wrote

Depends on how much you put into it and how much you expect to live off.

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YaGirlKellie t1_jborwrh wrote

Yes, but most people don't go beyond the matched % for their 401(k) and they also don't expect to have to live a more austere life in retirement than before. Obviously the point of retirement planning is to be ready for it when you want to retire, but not everyone plans that carefully and I don't want folks to think it's as simple as ' job+401(k) = retire by 60 '

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Andross_Darkheart t1_jboz4gt wrote

These are all true points. You can only retire if you have put a sufficient amount into your retirement funds. Like 6 or 7 digits.

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Aazadan t1_jbqvgoy wrote

For those in the US who can afford to put away money, the most common retirement plan, is making a median wage (so somewhere around $55k), contributing up to the company match of probably 6%, using pre tax dollars, putting it into index funds, and relying on a 4% drawdown rate.

If a 25 year old did this, and wanted to retire at 67, that $275/month contribution would get them a nest egg of $760k, which would be 30,400/year, with no room for safety with market fluctuations.

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Bitter_Director1231 t1_jbmppvg wrote

Don't count on it.

The money you put in retirement is miniscule compared to cost of living when you retire. If you can retire.

Most Americans aren't so lucky. They live paycheck to paycheck and can't save for retirement. Those people do exist. Not everyone has a 401k and steady reliable employment.

No one alive today can't retire at 60. Unless you got a really good government job that has a pension. And that is very rare.

The stock market is volatile and change at any time due to global conditions.

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Winchester85 t1_jbmrazx wrote

Trust me, I totally understand not everybody is fortunate enough to save for retirement. I was replying to the comment, saying “who cares about the stock market”

There’s no way me and my wife will be able to afford retirement in America the way inflation is going .

We are planing on retiring in Thailand or China .

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Aazadan t1_jbo4n0y wrote

Putting money aside for retirement does work. The standard retirement savings advice is too low a contribution though. It’s made because people can’t afford the real rate. They used to be able to, but then the prices of necessities started taking more of peoples checks due to wage stagnation.

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