Originally Posted by
FlyGuy2002
Pfffft.. I’d say 3 out of 5 guys I fly with contribute less than 7% to their 401k because they don’t trust investing, they think if you make 200k then every dollar is taxed at that tax rate, can’t tell you even 1 fund their 401k is invested in.. etc. I’m not a financial genius… and Pilots are educated folks, but the lack of financial literacy is an American problem ..pilots included.
I had a guy who never thought he’d have money to retire. So I did basic math with him on how much time he has left and his contribution level. And then adding that up, without considering any growth on his investment, showed him he’d be a millionaire.
That won’t mean what it used to when he retires, but that was just the 401k stuff without growth let alone outside investing or his significant other putting money away too.