Originally Posted by KevinNYC
You definitely want to invest in a 401K. You want that in addition to 401K.
Look up compounded interest while you are at it and you will see why it's also good to start saving early.
You can ignore Joe's nonsense about Ponzi's schemes. He's going to retire on the canned goods he's buried on his survival ranch.
Nah, SS is a ponzi scheme. Right now, retirees are not getting the money out of it that they put in.
SS needs to be paid back by the federal government after all the surpluses they have were sold as government bonds. The federal government is unable to pay it back because it's in such a large debt.
Any surplus is used to pay down the government deficit...not for safekeeping to pay you back when you retire. It's a bullshit trust fund. Why can't I just take the money for myself and do what I want with it? Why does the government think they have to take care of me? If I'm supposed to be getting that money back when I retire, why not just give it to me now and let me invest it.
You're living in lala land if you don't think the uncertainty for young people like me isn't logical. (You're old...that's why.)