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Save by myself or retirement fund?

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  • Save by myself or retirement fund?

    I've never actually found a good answer to this: Why should I put my money into a retirement fund when I can just keep it in my own savings account?
    Both of them earn interest, but only 1 of them is accessible to me at any time. I don't want to trust such important funds to anyone but myself. Can you give me a reason why I should?

  • #2
    I think this is more so un function of a 401K. It works as a means to help people save without the risk of them touching it. I know if there was an emergency, you could access it just like a 401K but they take a percentage away for accessing it.


    • #3
      Well, if you go with a pension plan with your employer, they usually contribute to your fund as well. You'll end up with much more money vs doing it yourself.
      A 401k is even better. If you put $10 in the pot, your employer will contribute usually at least 50% of it.


      • #4
        You could always do both if you wanted.
        My father-in-law retires soon and he will be living very comfortably thanks to his retirement plan, I don't know if it'd be the same if he just put money into a savings account.


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