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Legitimate_Proof t1_jcxuur0 wrote

Reply to comment by Odd-Philosopher5926 in We're #3. Not a yay. by RedRipeTomato

>Save your money people

But not in a pension or 401k since it didn't work for those two? It's tricky in our society without a safety net.

For younger people I'm not sure what to invest in. I think for them, the stock market and general economic stuff is fairly likely to collapse before they retire. So, when I was younger, I took money out of a IRA to buy a multifamily house to live in/invest. As you can imagine, that has worked well, but I don't think buying at today's prices would.

So like many things what worked for older people isn't necessarily going to work for younger ones. I'd suggest investing in things people need like housing, food, energy.

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cohray2212 t1_jcyj8bq wrote

I have some great retirement advice for anyone interested.

Don't listen to a random redditor's anecdotal advice he inferred from a sample size of 2 people he barely knows who may have mentioned something offhand and were likely just venting.

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SmoothSlavperator t1_jcy5y1c wrote

401K is still a good deal. You're getting free money from your employer because they match. If they don't go find another employer.

Make sure you have a good advisor and remember everything is on a boom and bust cycle. When you're in your early 20's max out whatever you're allowed to put in and put it in aggressive funds. As you get older, you pivot toward conservative funds.

What gets people is they kind of set their 401 up and forget about it and if retirement comes during a bust cycle they get screwed because they didn't shift their funds ahead of time to something that won't take a shit.

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