I want to start off by saying that this isn't a troll post

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>>1605823
becuase if you put in 10k a year and let it grow at the avg of 7% a year you will have a million atleast by the time you retire, if not more.
and having this not be taxed at the same rate (dont know the exact workings as canada is a bit different)

>>1605823
Do you like paying taxes on your dividends and capital gains?

>>1605823
>>1605831

While this anon is mathematically correct. 7% gains is not gauranteed. Who knows if the stock market will really continue to take off. 45 years is a long time to wait and you be to old and senile then to really use it. I have a 401k but i only contribute 1%, kind of as a go with the system type thing to appease my coworkers. However, i dont really count on having that money and i would cash out in a heartbeat (it was all matched by my employer). While it was good for the people that started using it first i think there eventually will be a systemic collapse or simply inflation will eat whatever you gained anyway. I believe it is mass delusion due to the one basic assumption that is 6 7 8% or whatever annual growth.

>>1605927

>also daily reminder

401ks were devised as a mechanism to shift big business and gov employee pensions to a system in which the market risk is born by the employee. It also is a direct subsidy of the financial services industry and wall street, as the majority of 401k plans are not self directed

>>1605927
>old a senile
>50
srs anon?

and its not a guranteed 7%, thats just what is widley accepted as the average you will approach over a long period of time

>>1605933
this. granted pensions tend to over promise

>>1605943
The age of retirement/withdrawal without penalty i believe is currently 62, and has been slowly increasing. They will probably have it up to 65 at least by the time millenials 'retire'. 65 is pretty old in my opinion. Anything over 80 is barely functioning physically

7% is what past history has showed. But if you know history and global economics, the US may be taken down a peg in the next 30 years, especially our currency. Also, demographics.

>>1605955
the current age for full retirement is 66. It's being phased up to 67 for those born after 1960.

you can retire at 62 but you permanently lose 20% of your benefit.

>>1605955
ok true, i guess im just used to being around healthy old people (dad just turned 60 and looks better than some 45 y/o i know)

>>1605955
You can withdraw without penalty any time you want.

>>1605959
Thank you for the correction

>>1605960
Many people are health at 67, many people are not. Also ask yourself what will one dollar buy today, what will it buy in 40 years?

>>1605961
For a roth ira you can as it has already been taxed, for a 401k you cannot. Im not a tax professional though.

Op, you're absolutely right. Do not save anything for retirement. live for today breh. #yolo

>>1606082

>401ks are only way to save for retirement