Old 09-06-23, 04:58 AM
  #42  
indyfabz
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Originally Posted by Yan

Nowadays everybody is on defined contribution plans.
I’m one of the dinosaurs that survived the asteroid strike.

BTW…I’m the same age as the OP. My industry has historically offered DB plans. They offer tax advantages. We also have a DC plan with a good match.

As noted above, living within one’s means, which I define to include saving for retirement, is often overlooked. Several years ago, our workforce went through a rather rapid change in age demographics caused by a lot of “lifers” retiring. (In the rail industry, if you attain age 60 with 30 years of service, you can retire with full Railroad Retirement benefits.) Our head of HR & Benefits looked at the new numbers and felt compelled to explain to the much younger crowd how they were leaving free money on the table by not taking full advantage of the 401K match. He included an example of how much the savings could be worth far into the future. The younger folks were simply not contributing at rates that the older folks were. Guess nicer cars and houses with at least one bathroom per person were more important.

Last edited by indyfabz; 09-06-23 at 05:22 AM.
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