davpal - 7/5/2020 00:22

Martin I'm sure it came from an article on Yahoo finance and the date is from January 2020. Not trying to bust anybodies investment ideas on here. Just trying to point out that for most people the plan isn't working because of the discipline it requires to save and keep the course. I've been fortunate to have a great job for 37 years and have been in a 401K contributing 10% of every paycheck since 1983. The company matched us a dollar on the dollar for about the first ten years and then it went to 50 cents on the dollar and now they do a formula where if you contribute at least 6.5% they will contribute a dollar on the first 3% they match and 50 cents on the next 3%. At least I think that's how they do it. I honestly don't pay that much attention to it anymore. I was pretty zeroed in on it for about the first 25 years and now I just kind of let it do it's own thing most of the time. I try to convince every new hire to take advantage of the free money but a lot of them would just not do it. The company eventually made it so you HAD to sign up for the 401K plan. They would automatically put you in at the minimum required amount a few months after you hired in. The plans are a good way to save money, they just don't work for most people. If they did the average 60 year old would probably have $535,000 in net worth instead of $35,000.