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Comment by info781 | Hacker News Reader

Not to be mean, but he has worked in the US for 30 years and does not have a 401(k)? He says he can not live on social security alone, so he has not saved a dime? I could understand it from a manual laborer, but from someone in a profession where research skills are critical?

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Not mean just but incredibly ignorant we had two devastating recession that hollowed many 401ks. Mine were. Oh you could understand from “a manual laborer” how very 1890s of you. You know whats nice Andrew Mellon given the frequency and severity of the recession you to might get some education in this.

The recessions only hollowed out 401ks if you liquidated at the bottom. If you held, the later gains made up for the losses and a lot more.

As the saying goes - time in market beats timing the market.

I have a friend with a wealthy father who has never bought even a single bond share. He has stayed invested in equities his entire career and into retirement. He was already retired in 2008 - and the drop was a mere hiccup for him. He didn't panic-sell and just continued making his required minimum distributions like normal.

I think that greatly depends on what you invested in. E.g. the stock price of Citi bank hasn't recovered to this day.

A lot of people had to in order to keep their homes, cars, kids in college, etc.

I'm much younger than the author, and have been ravaged by all the same devastating recessions, but have still managed to save quite a bit without really having to sacrifice. At the least, in 20 years when I get to be retirement age, I do expect to be able to retire - I agree with OP, he must have been saving next to nothing.

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