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More people have a 401k today than ever had a private pension. While a pension does have advantages (and not everybody has a useful amount in their 401k), your
by bluGill 12d ago
More people have a 401k today than ever had a private pension. While a pension does have advantages (and not everybody has a useful amount in their 401k), your odds of having a good retirement plan are higher today than ever.
That still leaves a lot of people with a terrible retirement plan though. SS is something, but that is about all you can say about it.
- fnordpiglet 11d agoCome - the median retirement age 401k balance is $97k. This isn’t useful, and most people get a 401k default enrollment without contributions so account existence isn’t a useful metric. Your odds aren’t better if you don’t contribute. I’d also note you have to be at a company that even offers a 401k. Only 45% of Americans have access to a 401k, or have their own IRA. This isn’t a safety net - I’d like to see you do a high wire with only 45% of the area of your walk covered with a net, and of that the median segment doesn’t have the strength to hold your weight. It’s a political gambit to fool people into voting against their best interests.
- bluGill 11d agoPensions were never common though. I can't find numbers but from what I can tell more people have useful 401k than ever had a pension.