Likwid24
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After hearing for most of my life about how great a retirement plan is, how I need a 401k, how after I retire I'll have all the money in the world, especially if I put away most of my paycheck in the beginning, I feel like smacking all those people in the face right. Just giving everyone that has been brainwashing me my whole life a quick slap in the face and send them a bill for all the money I've wasted! issed:
When I got on my Job 6 years, I thought I was doing the smart thing. I put 15% of my paycheck into my 401k. And hey, it was taken out before taxes! That's great!
I was a few steps ahead of everyone else because I started young and was putting away a larger %. I was a GENIUS! When I retired I would have more money than I could have ever dreamed of!
I would have been able to get the house I wanted, put the kids through college, retired at the ripe age of 47 and never have to worry about getting another job for the rest of my life!
And Then I Woke Up!!!!!
Wow, what a terrible nightmare!
I can't believe I listened to those people. But they were all so much wiser than me. They've been through it all. They knew best. Or did they???
The reality of it is that I've lost tens of thousands of dollars this week. There was really nothing much I could do about it. I inquired about taking my money out of my 401k a few weeks ago but was informed that I can not touch it until I was disconnected from service. I couldn't pay a penalty and take it out early so I could use it for a wise investment.
It's my money that I've been putting in there for over 5 years and I can't even touch it!!!
What a joke!! I can't touch my own money!!
What a scam!
Soon it will all be gone!!!
I began to realize at the end of last year that the value of the money in my account would be nothing where I though it would be in 20 years with inflation and cost of living. Then throw in tax for taking it out before I turned 65.
It was after reading TMF that I really starting thinking what a bad decision I had made. What a waste of money! Money that I have no CONTROL over!
At least I stopped putting money into it months ago. I also figured out a way to transfer it to a TDAmeritrade account so I can manage it myself. Maybe a little too late.
Lesson learned though. It was a big failure but that's the way you learn. Learn from you failures so you never make the same mistake again.
Now I know what to tell my kids and anyone else who asks me my opinion on retirement plans.
Hopefully I can save someone else from the false reality of 401k's!
When I got on my Job 6 years, I thought I was doing the smart thing. I put 15% of my paycheck into my 401k. And hey, it was taken out before taxes! That's great!
I was a few steps ahead of everyone else because I started young and was putting away a larger %. I was a GENIUS! When I retired I would have more money than I could have ever dreamed of!
I would have been able to get the house I wanted, put the kids through college, retired at the ripe age of 47 and never have to worry about getting another job for the rest of my life!
And Then I Woke Up!!!!!
Wow, what a terrible nightmare!
I can't believe I listened to those people. But they were all so much wiser than me. They've been through it all. They knew best. Or did they???
The reality of it is that I've lost tens of thousands of dollars this week. There was really nothing much I could do about it. I inquired about taking my money out of my 401k a few weeks ago but was informed that I can not touch it until I was disconnected from service. I couldn't pay a penalty and take it out early so I could use it for a wise investment.
It's my money that I've been putting in there for over 5 years and I can't even touch it!!!
What a joke!! I can't touch my own money!!
What a scam!
Soon it will all be gone!!!
I began to realize at the end of last year that the value of the money in my account would be nothing where I though it would be in 20 years with inflation and cost of living. Then throw in tax for taking it out before I turned 65.
It was after reading TMF that I really starting thinking what a bad decision I had made. What a waste of money! Money that I have no CONTROL over!
At least I stopped putting money into it months ago. I also figured out a way to transfer it to a TDAmeritrade account so I can manage it myself. Maybe a little too late.
Lesson learned though. It was a big failure but that's the way you learn. Learn from you failures so you never make the same mistake again.
Now I know what to tell my kids and anyone else who asks me my opinion on retirement plans.
Hopefully I can save someone else from the false reality of 401k's!
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