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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (212715)12/6/2004 8:03:29 AM
From: Amy J  Read Replies (2) of 1573503
 
RE: "I've always expected to get the benefits. Why is your generation so cynical?"

The answer to your question is actually partially in your statement below:

"we simply can't afford any more debt, which I think will become very obvious in the next several years (if not months). "

That's great you expect to get benefits. I can't think of anyone from my generation that does.

RE: young people at your company not saving

At my company, we had I believe 100% contribution level to the 401k plan. But at the moment, 100% of the young employees contribute while only 50% of the older employees contribute due to the downturn. It appears many young people may have lower obligations (read: no families to support), so can save a lot more - and they do.

You mentioned you have a hard time convincing young people to save, so far I have a 100% success rate in convincing young people to save. I don't focus on the "$20 if you save $40 thing", what I think works better is a spreadsheet that always convinces people to save money: it shows that $1 saved when you are 20 is (off the top of my head) about $8 when you retire (corrected by inflation too). I also tell them the average cost of a wedding is $10,000 in America, but if you instead put that money into an IRA on the day you have your first child, your child would have $1,000,000 million dollars (corrected by inflation too) when your child eventually retires. I tell them, "that would nip the SS and retirement problem - and isn't it amazing there is no law set up to encourage this solution."

Regards,
Amy J
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