JadeRose wrote:lucky enough to have 401k AND a pension. Guess it pays to work for a European owned company
I had that working for Bechtel (Only while working at a government site.), Westinghouse and Savannah River Nuclear Solutions.
The problem was too many employees heard, "pension" and never bothered to use the 401k, in spite of the "free money" company matching funds.
Bechtel is the only company I know of that systematically trained every employee in the tax advantages of a 401k program. Their worksheet showed that even a low paid clerk who said, "I can't afford any deductions!" could specify a percentage that did not affect their current take home pay due to tax avoidance. Bechtel had something like a 401k long before it was implemented by Congress and no pension program. It was made clear from the start you better save, and we will help, if you ever expect to quit working and retire. They always encouraged increasing your contributions to the max or beyond, especially when you got a raise or promotion.
My wife had the same experience as an RN. She too was a "financial missionary" explaining the how 401k programs and matching funds work. Sadly, you can get a horse to water, but you cannot make them drink. I know people that are crying about the 20% tax when they take out retirement finds instead of living off the interest, it's pathetic, but you just cannot save everyone from their stupidity.
