Do you have a 401K?

[mmeyjvcp]

When talking about personal finances, do any of you have a 401K or some type of savings system that you push money into? If so, how much have you placed into here and how much has it taken a hit due to COVID specifically?

 

[Dan The Man]

You should try to schedule weekly or monthly automatic investments at an amount you are comfortable with. By doing so you are dollar cost averaging. If you remain discipline you'll fair well over the long-run with growth and dividend income.

 

[Xyphien]

I do not have one, mainly because I'm guaranteed money for the rest of my life thanks to good ol' uncle sam when I blew out my knee on deployment. I've thought about one, but decided against it for the time being.

 

[mayumi97]

We do not have a 401K in my country but we do have a social security system where employed members and their employer are required to contribute a certain amount on a monthly basis. The employer has the bigger share - almost 67% of the total contribution. Freelancers may also contribute to the fund on a voluntary basis but they will have shoulder the entire contribution amount. It has benefits such as unemployment allowance for maximum period of two months, sickness benefits, maternity benefits, and retirement pension. The fund has been hit badly by the pandemic because it had to provide allowances to people who had lost their job and at the same time, contributions had declined. The pandemic had somehow affected the frequency of my contributions as a freelancer.​

 

[kayode10]

I don't have 401 k because I am not living in United States. We only have a pension scheme in my country. You can decide to go for the public on or choose from the private pension scheme. it is good to do due diligence in order to choose a reputable pension scheme.

 

[Grandeur]

I have heard of a 401k plan before, is that not like a pension plan? Although, I do not have a 401k or pension plan but I have an auto savings plan with a micro finance company that yields interest for me.

 

[Kunkun]

The importance of saving for the future can't be over emphasized enough and not just saving but also making proper investments it your money, I don't have such a savings system now but would

 

[Grandeur]

The importance of saving for the future can't be over emphasized enough and not just saving but also making proper investments it your money, I don't have such a savings system now but would

It's important to spread your savings plan into retirements and miscellaneous plans because savings may not make one financially free but investing in the right asset may bring that financial freedom.

 

[Alexandoy]

My advice to the younger generation is to have a pension plan before you reach 40. It would be a big disaster if you reach retirement age with no substantial pension. The government pension in our country is very minimal that it just sufficient for the meals of 1 person. You don't live by bread alone huh.

 

[HayKay]

I haven't had a 401K yet, though I'll still have it but for now I'm using some apps that have been around to get my savings up a notch this year. Though the main thing is about the discipline in my opinion which isn't easy to stick to a budget

 

[glitch]

I had a 401k at my old job. I was able to cash it out before I quit and now I have it in a savings account. My current job does not offer them which is unfortunate but I am investing and making a profit in other areas. Or at least working on it.

 

[HK World]

When talking about personal finances, do any of you have a 401K or some type of savings system that you push money into? If so, how much have you placed into here and how much has it taken a hit due to COVID specifically?

I've just read about 401K and searched it. No, it's not available in my country. But government employees here get a pension after they retire at 60.

 

[Good-Person]

I don't have 401 k because I am not living in United States. We only have a pension scheme in my country. You can decide to go for the public on or choose from the private pension scheme. it is good to do due diligence in order to choose a reputable pension scheme.

Does your country pay money to all the people? I am talking about stimulus checks that were granted by the government of the United States to many people.

 

[tyrim88]

Though i do not have that package on my insurance plan,because i have the plan that is common in my country,it is good to actually go for an insurance plan that you think would suit you in the long run.

 

[Monster Masterpiece]

401 k is related to social security number this is why it is limited to United States but if social security number will be allowed for more countries this means it will be something very good to have similar systems.

 

[Good-Person]

401 k is related to social security number this is why it is limited to United States but if social security number will be allowed for more countries this means it will be something very good to have similar systems.

I am not sure. I just thought that they original poster is actually talking about $401K. If I had that much money, then I would have certainly invested that much money in order to make more money.

 

[Monster Masterpiece]

I am not sure. I just thought that they original poster is actually talking about $401K. If I had that much money, then I would have certainly invested that much money in order to make more money.

There is confusion with another term 401K has another signification : Plan 401(k), or 401(k), is a funded retirement savings system
This is what let me confused a little not thinking about it is talking about 401 kilo dollars or number because it is little confusing.

 

[Good-Person]

There is confusion with another term 401K has another signification : Plan 401(k), or 401(k), is a funded retirement savings system
This is what let me confused a little not thinking about it is talking about 401 kilo dollars or number because it is little confusing.

Well, I live in a country where we do not have such kind of plans, as the government does not offer them. This is why majority of the people basically rely on their life savings and investments only.

 

[Genie01]

Well, I live in a country where we do not have such kind of plans, as the government does not offer them. This is why majority of the people basically rely on their life savings and investments only.

We are on the same page,
Live savings and investments is the best resort for us in developing countries.
Nothing like 401k.

 

[Bbwoy95]

I have a lot of personal financial savings as well as investment in which I deposit approximately 500 and more into. I can say for sure that the money didn't get affected much by the COVID.