I’m too poor to save for retirement. Everything I make gets used immediately.
Living from paycheck to paycheck is the best I’ve ever managed to do. FeelsBadMan
From time to time when I am forced to pay into the government pension scheme. I am actually semi optimistic that they will pay out a small sum, so with other left-over money I rather make sure my living expenses are low so that even a small monthly payout will be sufficient.
I would not recommend to save up actual cash or invest in some privately operated pension scheme.
What do you mean by “pension scheme”? Social security and similar programs are basically ponzi schemes, ya, but most private retirement funds just let you invest the money in stocks and/or bonds with tax benefits. Are those schemes?
Social security is ultimately backed by normal tax money, so it is a political decision if its obligations are met or not. Obviously the current systems have an aspect of “ponzi scheme” in them (for historical reasons), but as everyone knows this is impossible to fulfill in the near future and general tax money is already being diverted into it.
Yes I am referring to private investment schemes with tax benefits either directly or as company pension systems. Those are inherently unsustainable as they depend on future young peoples input just as government pension schemes do, but with the difference that the risk of defaulting is squarely on the person putting money into them. It is therefore bordering on the absurd that people consider them to be “safer” then government run schemes that are ultimately backed by general taxes and thus can not default.
I’m still not understanding your position. If you have an investment firm that offers brokerage funds and IRAs, is the IRA any more scheme-y than the brokerage fund? Or do you take issue with the idea of mutual funds as a whole?
The difference is that normal stock market gambling is not sold as a “safe” retirement fund and given tax incentives that should be better put into things that are not so inherently exploitative and insecure.
I am saving in general for life but I have not yet planned specifically for retirement.
I am not. Because I’m still in school and pretty much everything I make is spent on basic living and saving up for a large upcoming move.
yup, here in Brazil we have a public retirement plan that is mandatory for our main work regime, as of now it’s 8% of the worker’s gross monthly income, besides that I save more by my own
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Sort of, if you consider $300 in a Roth IRA as progress. I’m not able to do any reasonable amount of contribution to it yet as I’m young and not in my career yet but I figure I’ll be a lot more ahead than if I waited to start when I was ready to save.
Yes. I’m saving for my wife’s and I retirement. I also want to make sure that our kids don’t have to support us when we are old.
