401k millionaires

[Akivah]

https://www.cbsnews.com/news/americans-with-1-million-saved-sees-a-big-jump/

...the number of people with $1 million or more in their 401(k) rose to 157,000 at the end of the first quarter, a 45 percent jump from a year ago.

The article shows that anyone can be a millionaire all on their own. Government assistance is not needed, indeed government assistance typically keeps people in poverty. These 401k millionaires have saved for over 30 years, making regular contributions. They also contribute enough to get their full company match, don't cash out accounts, and don't take out loans against their accounts. What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

 

[Koldo]

https://www.cbsnews.com/news/americans-with-1-million-saved-sees-a-big-jump/



The article shows that anyone can be a millionaire all on their own.

Where does it state that ?

 

[Koldo]

https://www.cbsnews.com/news/americans-with-1-million-saved-sees-a-big-jump/



The article shows that anyone can be a millionaire all on their own. Government assistance is not needed, indeed government assistance typically keeps people in poverty. These 401k millionaires have saved for over 30 years, making regular contributions. They also contribute enough to get their full company match, don't cash out accounts, and don't take out loans against their accounts. What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

And yes...
You can be a millionaire if you can save up enough money...
Obvious much ?

 

[Twilight Hue]

If it only was that easy and simple.....

 

[Woberts]

Government assistance is not needed

Ha ha, nice one.

 

[Kirran]

So we are to assume that these people did not benefit from anything state-funded in their lives and careers? That they did not benefit at all from the apparatus of social welfare and state-funded amenities and institutions?

 

[sun rise]

And yes...
You can be a millionaire if you can save up enough money...
Obvious much ?

All you need is a very good job which most don't have, no serious life emergencies which some don't have, great health insurance which the right wants to take away from more and more people for starters. Then of course, people need to be fiscally prudent unlike the right wing which balloons deficits at the state and federal level.

 

[LuisDantas]

If it only was that easy and simple.....

My thoughts exactly.

 

[It Aint Necessarily So]

What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

Thant's not a punishment. That's the cost of using the American infrastucture, economy, and markets to make that money. Other Americans underwrote that with their taxes. The more one makes from it, the higher tax rate he should pay.

Any American that doesn't want to pay the price of admission is free to take his business to Guatemala or find a job in the Sudan, where I'm sure that taxes are much lower. Then, he'll find out what he was buying with those tax dollars he so begrudgingly pays.

 

[Twilight Hue]

All you need is a very good job which most don't have, no serious life emergencies which some don't have, great health insurance which the right wants to take away from more and more people for starters. Then of course, people need to be fiscally prudent unlike the right wing which balloons deficits at the state and federal level.

It seems people most successful with 401k already have fairly hefty incomes and manageable debt to start with.

 

[TheBannerofHomuraAkemi]

https://www.cbsnews.com/news/americans-with-1-million-saved-sees-a-big-jump/



The article shows that anyone can be a millionaire all on their own. Government assistance is not needed, indeed government assistance typically keeps people in poverty. These 401k millionaires have saved for over 30 years, making regular contributions. They also contribute enough to get their full company match, don't cash out accounts, and don't take out loans against their accounts. What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

Yup now we don't need livable wages. , affordable healthcare, and affordable education. All we need to do is save our money. Yeah thats it.

 

[suncowiam]

Everybody is suggesting that the government owes them something.

Ok... It does, I'll agree with that. We need government to assist with health care, education, housing...

But then, what are you going to give back to society? Why is no one asking that question? What value are you giving back? Who determines that value?

 

[Kirran]

Can someone explain to this foreigner what 401(k) means, exactly?

 

[Kapalika]

https://www.cbsnews.com/news/americans-with-1-million-saved-sees-a-big-jump/

The article shows that anyone can be a millionaire all on their own. Government assistance is not needed, indeed government assistance typically keeps people in poverty. These 401k millionaires have saved for over 30 years, making regular contributions. They also contribute enough to get their full company match, don't cash out accounts, and don't take out loans against their accounts. What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

So 0.05% of the United States population had a good enough job to save a million dollars OVER 30 YEARS? Seems about right.

Look again at those numbers and try to tell me "anyone" can.

Doing the math, that means they were saving $33,333 a year, and the median income in the United States is $59,039 as of 2016. So the absolute average American would need to save over 56.5% of their income to accomplish this over 30 years.

Tell me if any of you conservatives can put over half your income to your 401k.

(Also no government assistance? What about public roads or public schools? But like DeVos maybe some do really want to get rid of schools and the math classes that would of prevented this thread from being taken seriously.) Someone making that much money wouldn't need a lot of help from the government, that's kind of the point. No one has ever said someone should get rich off of government help although conservatives do often do that through lobbying for favors (see our most recent tax "reform" ect

 

[metis]

There simply isn't enough money in circulation here that would allow everyone to have $1 million and still pay for things like the military, our infrastructure, education, etc. Plus unbridled capitalism is simply too dangerous a game to play, which is why no country in the world has it today. Each country has a varied mixture of capitalism and socialism.

 

[metis]

Tell me if any of you conservatives can put over half your income to your 401k.

Plus we saw what happened to a great many of those during the Great Recession.

 

[9-10ths_Penguin]

Can someone explain to this foreigner what 401(k) means, exactly?

It's a tax-deferred retirement savings plan. Typically, contributions are matched (up to some maximum) by the contributor's employer.

Income used to contribute to a 401(k) plan isn't taxed when it's first earned; instead, it's taxed as it's withdrawn from the account in retirement.

Edit: in Canada, a similar scheme is called an RRSP (registered retirement savings plan).

Edit 2: As a non-American myself, I don't understand Americans' weird fascination with using the section number of the law that enables a thing instead of giving the thing a meaningful name (e.g. 401(k), 501(c)3).

 

[9-10ths_Penguin]

There simply isn't enough money in circulation here that would allow everyone to have $1 million and still pay for things like the military, our infrastructure, education, etc. Plus unbridled capitalism is simply too dangerous a game to play, which is why no country in the world has it today. Each country has a varied mixture of capitalism and socialism.

I don't think the idea is to encourage anyone to be rich; I think the idea is to leave everyone exactly where they are but justify looking down on the poor.

 

[9-10ths_Penguin]

What I find disgusting are those people that want to punish these people for saving well by wanting to seize (aka tax) their money for the government.

Are you saying that 401(k) withdrawals shouldn't be taxed at all?

 

[Revoltingest]

So we are to assume that these people did not benefit from anything state-funded in their lives and careers? That they did not benefit at all from the apparatus of social welfare and state-funded amenities and institutions?

By working & paying taxes, they funded the system from which they benefit.