I’ve already seen other threads around lemmy with people saying that their 401k has dropped 17% since start of the year, that their retirement date is now pushed out 8 years.
but uh, ballpark, if your 401k value halved, and you are say between 40 and 50 years old… you’d now have to work for somewhere around 10 to 20 more years than you planned.
So basically, you’d may never be able to fully retire, work till you die.
It would be different for different exact situations, how long it takes for the market to recover…
I’ve already seen other threads around lemmy with people saying that their 401k has dropped 17% since start of the year, that their retirement date is now pushed out 8 years.
How much longer will they have to work when they lose 40%-60%?
I mean… not doing the actual complex math…
but uh, ballpark, if your 401k value halved, and you are say between 40 and 50 years old… you’d now have to work for somewhere around 10 to 20 more years than you planned.
So basically, you’d may never be able to fully retire, work till you die.
It would be different for different exact situations, how long it takes for the market to recover…
But yeah… its pretty fucking bad.
That’s already the case for many people. Especially in America, where healthcare is largely impacted by employment status, it’s definitely a thing.
Retirement savings should be shifted to more bonds and less stocks the closer to get to retirement
And that’s why 401ks are typically worse than pensions…