Because some people don’t plan for their own retirement and would rather have shiny new things today, then they’ll complain about how they can’t live on Social Security.
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Sort of… it’s about the process not the results.
I didn’t realize I was arguing there. I actually thought it was a pretty good idea.
It is, very similar to what I have now. But at her age, she can grow it much bigger
I’m not arguing, just pointing out the reason they have to make it mandatory. A lot of people don’t take responsibility for their own retirement and then blame others.
His post didn’t say it was manditory
Sorry, he said “forced”. My mistake.
Actually, I did. I said it was automatically enrolled and 4% of their pay went into it, matched by 3% from the hospital. I wasn’t disparaging it though, and in fact I said I thought it was a pretty good idea.
And that wasn’t being argumentative - that’s what it is. In fact, it kind of reminds me of a thing you will have but were not “forced” to contribute to - it’s called a pension. And…from all the “if I only had that money to invest” posts, that’s basically what they are doing - while it’s not a defined benefit plan, it’s doing what you all said should be done in a “forced savings” plan.
And I said I thought it sounded like a good idea.
Still…it’s interpreted as an argument.
Mine is voluntary, but I put the max in, it makes sense.
Johnson County had a 457 that we could contribute to, and that was only our money. Their contributions went into a second account. I don’t know why they did that but it’s what they did. But they were pretty specific at KU and saying it was a “401A”. They also offered a 457 plan that the employee could put more money into. And I believe they would match in that one as well.
The 401a is very similar to 403b. Both are for government employees. 401a have mandatory 'er, and sometimes 'ee, contributions. 403b are generally voluntary for both 'ee and 'er.
KU’s was 4% employee and 3% employer. Having worked for a government (state) entity for 20 years, I kind of view this they way they did our pension - employees were required to contribute 6% and the county contributed 9%. While mine was a defined benefit plan - these “mandatory savings” plans seem like a good idea for long term employees, although these days “long term” at a lot of jobs is 5 years.
Speaking of Social Security - I"ve been on social security for 7 years, but not until today have I received marketing emails telling me how great our president is. I unsubsribed (I never knew I had subscribed at all).