Youngins make babyboomers look like spendthrifts

[Greencheese]

I knew several people who would not have retired at all if it wasn't for the pension system in place when they were employed many years ago. I don't see anything wrong with the automatic enrollments today.

I am a very strong supporter of automatic enrollment. It just boggles me with the amount of people who would have saved nothing if the saving wasn't done for them.

 

[EllisWyatt]

When I was hired at MegaCorp for my first full-time job on Jan 2, 1982, the HR person mentioned in passing that they had a brand new program they had just started called a 401K. She didn't know much about it, but gave me the information packet and told me to think about it overnight to see if I was interested ("Quote: We have an exceptional pension plan, so nobody I know is very interested in this, but for completeness sake, I need you to look at it")(!!!). I jumped on it like a duck on a june-bug, maxed out my contributions, and increased my % every raise.

One of my better decisions, as the defined pension plan "POOF!" magically disappeared several years later, but the 401K kept chugging along

 

[FinanceDude]

The article doesn't really mention how they found out the data. Making a blanket statement that 20 somethings are these aggressive savers, well..........let's just say they didn't hang out at the local Starbucks or trendy restaurant, which are always packed with folks under 30 in my area. Maybe they all make 6 figures..........

 

[gauss]

DD has a nanny at $15 something an hour for 40 hours a week, plus DD pays all her SS, for one child, city of Chicago. Three kids might come to $60k, especially if one added in the non-nanny cost of little classes etc. Elite city daycare schools would easily come to $60k for 3 kids.

We were DINKS so I have no first hand knowledge of this, but doesn't Day Care imply an "economies of scale" situation where you don't have a 1:1 employee to child ratio so the per child cost would go down accordingly?

I remember when I was in elementary school, back in the day, that there were 40 kids to a classroom of one teacher....

-gauss

 

[rescueme]

I remember when I was in elementary school, back in the day, that there were 40 kids to a classroom of one teacher....

-gauss

55+ plus kids in my elementary school class. Of course, the class was headed by a penguin who had eyes in back (and top) of her head and could make any child rue the day they messed with her ...