In a retirement savings crisis, defined benefit plans can help.

I saved about $130,000 so far for retirement and I’m 40 years old

America doesn't have a retirement savings crisis. America has a terribe spending habit problem. How bad american spending habits are have been a running joke in Asian American community since at least the 90s. Meanwhile asian americans have no problem saving up a huge % of our income for retirment and more. Same country, two different personal finance cultures.

Just save n invest consistently n you should be ✅

Many people have no knowledge of how to manage money and many families do not talk about money or educate their children about money. Some basic money management education and skills should be taught to high school and college students. The key to wealth building and successful retirement is knowledge and starting savings early. Compound interest is a magical thing.

Social Security payments will need to double to offset inflation.

My wife works for a small company no 401k so she contributes to an IRA but you can only put in $7000 a year the 401k you can put in 3x as much

I’m 46 and at $245k. I’m maxing my 401k contribution. I don’t smoke or drink and save as much as possible. For many, lack of savings is self-inflicted.

It is actually an economic crisis.

Brought it upon themselves

Invest 15-25% of your gross earnings, take advantage of your employers 401k match and put in Roth then max out your HSA and invest that money in a S&P low cost index fund. Don’t touch the HSA, pay medical out of pocket and keep your receipts, cash in at a later date tax free !!

Brought on them self

I believe they are pessimistic because they haven't saved. Stats say about 80% haven't saved or minimally so, only 20% have saved. People go for the higher salary but then use it to buy boats, travel abroad, etc. not thinking about retirement. I went to college (earned 5 degrees) with no loans and did without what many had. Americans prioritize leisure. Parents pay for college and car often to allow their kids study/party time. I was Cum Laude and worked 40-60 hrs a week. This same mentality can be applied to retirement savings. Start with 10% net money in a high yield savings- just saw one 5.3%. Continue monthly contributions and NEVER touch the funds. You will end up with quite a sum.

I am curious, As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

She looks like Helen Hunt!

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