401k is just a program that locks your retirement money into the stock market in exchange for some tax breaks. You can contribute up to 18k/yr into an account. Since this is ore-tax you lower your tax burden. Then you get taxed on the money when you take it out in retirement, but with more tax breaks again. It’s a rich persons retirement plan.
That’s what we get instead of pensions. A really shitty savings program that most people can’t afford to use. They use this farce to justify equating the stock market with the economy.
Ah, ok sounds like the same thing as a personal pension. It’s basically the only type that exists here anymore - The old style has been mostly replaced. It’s going to be such a disaster when my generation reaches retirement age
401k is just a program that locks your retirement money into the stock market in exchange for some tax breaks. You can contribute up to 18k/yr into an account. Since this is ore-tax you lower your tax burden. Then you get taxed on the money when you take it out in retirement, but with more tax breaks again. It’s a rich persons retirement plan.
That’s what we get instead of pensions. A really shitty savings program that most people can’t afford to use. They use this farce to justify equating the stock market with the economy.
Ah, ok sounds like the same thing as a personal pension. It’s basically the only type that exists here anymore - The old style has been mostly replaced. It’s going to be such a disaster when my generation reaches retirement age
Oh yeah, it's just going great. https://www.cnbc.com/2018/07/17/ideal-retirement-age-for-millennials.html