Ask Terry Questions 401 deposits unaffordable for me!

401 deposits unaffordable for me!

By Terry Savage on March 06, 2024 |

I hear u on wgn all the time ..i.cant stand when u say to continue putting 350 a month into 401 …I make 26 dollars an hour,I have 3 kids 2 cars are 2006 and 2010 and they break down because 190000 miles on mortgage is 2000 .I’m 60 years old with zero in 401 because I can’t afford a smaller stop sounding so easy to have any money for 401.

Terry Says

It’s a shame that you didn’t have an opportunity to work for a company that offered a 40l(k) plan for retirement savings. But at least you’ll have Social Security. I hope. And I also hope your 3 children will help support you in your old age.

Sorry to offend you. Most of the questions I get are about how to invest in a retirement plan–and I always stress that people should continue to invest their relatively small sums, no matter what the stock market is doing. It’s in that context that I mentioned “$350” —

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