Odds of me seeing my 401k

[MILSURP Collector]

You have a better chance of seeing your own money than getting whatever scraps that Social Security might return to you (Remember both you and your employer were forced to pay into the system and if you die before retirement you forfeit it all).

There may be means testing in 10-15 years as SS becomes insolvent meaning if you were responsible and saved the government will decide you were "lucky" and don't need your confiscated money back.

The main thing is to stay the course and add as much as you can, every raise increase your contributions. Don't treat the 401k as a piggy bank and take loans or a hardship withdrawal (Normal tax and 10% penalty)

Never panic! When the market tanks like in 2008 think of it as a fire sale! Your money is buying more shares! Can't tell you how many employees try to catch a falling knife and sell low and jump back in and buy high when the market corrects. Dollar cost averaging and compound interest is your friend.

 

[GeauxLSU]

You'll see it. Maybe not as much as you would if you were 65 today, but you'll see it.
Good on Pop!

 

[moosensquirrel]

If you lose the value of your 401k, it's your fault. There are thousands of ways to move your money around and avoid major losses. Take the time to teach yourself something. Most all you'll hear on ODT is that the sky is falling.

True, but It is not money we are talking about, it is inherently and increasingly worthless fiat currency being devalued by inflation every second, every minute of every day. A 40k is safe in that one will get his fiat currency, due, but bread may be $3000 a loaf by that time.

 

[jeep78]

With the huge deficits these days, you do not stand a chance of keeping that money from the government. The account will be nationalized and rolled into a quasi SS type account.

Sorry, but it will happen. The country is beyond broke.

 

[atljetmech]

I ponder the same but more along the lines of will I be alive to enjoy the 40+ years of saving.
Sucks to think wife and her future boyfriend(s) will benefit at my expense if I don't make it.

 

[dcline9163]

Im 35. My dad had me start a Roth 401 when I was 16. At 25 I started a 401 at work. So Ive socked away a fair amount compared to most my age. Problem is, Ive been under the impression for the last 8-10 years that Im putting away money that I’ll never see. So what are my chances?

Better than social security.

 

[harrycalahan]

Like some have stated, the reason for my pessimism is our failing currency and I cant help but see a Cyprus type (but much more aggressive) bail-in coming. Just weighing whether or not to take 10% penalty now vs a possible complete confiscation. Not making any rash decisions. Just mulling it over.

 

[fattboyzz]

You and everyone else will be lucky to have food after hyperinflation hits.

 

[The Old Jaybird]

I am 74, wife is 72, we are living on SS and RMDs from investment accounts, about 75K total per year, modest Fed income tax, zero in GA. We are happy....so far.

 

[Tony2X]

You and everyone else will be lucky to have food after hyperinflation hits.

Don't worry bout it....the govt will feed ya.