Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.

Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.

  • BarrelAgedBoredom@lemm.ee
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    1 year ago

    My employers 401k plan was automatic. Let it sit for 3 years and came on hard times around 2021. I actually lost ~15% of the money I put in. Cashed it out, opted out of automatic contributions and haven’t looked back. I don’t need some investment firm to lose my money for me, I’m already good at that on my own lol

    • AA5B@lemmy.world
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      1 year ago

      Please revisit. That’s usually a bad idea. Yes, aggressive investments can lose money in short terms like one year or less - actually there was a long term piece of advice to not invest in stocks any money you need for the next five years. However prudent investments, like an SP500 index fund , have always increased in value in like ten year periods, and over some similar period have always beaten inflation

      There’s a lot to learn about investments, but

      • it’s your only realistic path to fund retirement
      • the magic of compounding is your best friend
      • 401k contributions and returns are tax deferred until retirement
      • many 401ks have additional corporate contributions - free money

      401k’s can be VERY useful to most of us over the long term, so you should reconsider whether it’s good for your situation too

      • BarrelAgedBoredom@lemm.ee
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        1 year ago

        If I had the funds to invest, I would probably have a Roth IRA or something simple but the hard times never let up. I work 60 hour weeks and still live paycheck to paycheck. I’ve only earned enough in the last couple of months for me to get health insurance again. I can’t afford to give even 3% of my paycheck away (the minimum for my company to begin matching) at the moment and that’s not likely to change in the next year or two.

        I really do appreciate the concern and if I were in a different place, I’d reconsider. I was being a bit bitter and sarcastic in my comment but I’m in no.position to save any money

      • BarrelAgedBoredom@lemm.ee
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        1 year ago

        I needed what little was in that account because my car shit the bed on me and the repairs were more than the car was worth. Had to take that and my stimulus check to buy another beater. I’m still paycheck to paycheck and couldn’t afford to start my savings back up if I wanted to

    • afraid_of_zombies@lemmy.world
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      1 year ago

      You don’t trust the pieces of shit my taxdollars bailed out in 2009? Why don’t you trust those peices of fucking shit?