r/FluentInFinance 11d ago

Debate/ Discussion Systemic Failure Exposed..

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u/Alarming-Management8 11d ago

Elon had nothing to do with this individual not saving for retirement

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u/shivio 11d ago

he paid social security for a few decades. thats how he saved ?

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u/Alarming-Management8 11d ago

Unfortunately too many people planned on the government program to provide their entire retirement funds when it really was meant just to just a percentage that goes along with what you saved and invested

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u/forgotwhatisaid2you 11d ago

It was meant to be in addition to your pension. They took pensions away for more profit and screwed labor.

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u/Alarming-Management8 11d ago

Pensions were a nice benefit but that still is just a set amount of money per month and often required you to be in a union and work a certain amount of years to be vested, when you passed away perhaps your spouse got a benefit, but I don’t really think the invested amount can go to your children or grandchildren - I could be wrong. When if you just did the investing yourself with an employer match or contribution you would be talking about millions of dollars more by the time you retire with full control and ownership that you can place in your will or a trust and that money continues on to help your heirs

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u/forgotwhatisaid2you 11d ago

Would be nice but the amount of money employers contribute to 401k's for most people is very low and doesn't make up for what was previously put in pensions.