Have you ever dreamed of having a 6-figure paycheck? Being able to live comfortably as you work, and then not have a single worry once you retire at the ripe age of 65? You do? Great, join the club! Many Americans dream of financial security once they retire, yet very few have that comfort. However, that doesn’t mean to say that it doesn’t exist.
You can be financially stable if you choose the right retirement plan, whether that’s a 401k plan or something different that’s offered, it’s just a matter of being smart about it. As many people know, the more you make, the more you can save for retirement. So what are the options if you could acquire a job with a big paycheck?
Apple is a well-known international company, sitting at number 3 on the Fortune 500 list. If you were lucky enough to be employed at such a prestigious technology company, they would offer to match up to 6% of your 401k plans. If you plan to work here for the rest of your life, it’s highly encouraged to max out their offer.
If you’re someone who isn’t technologically advanced as many Apple workers are, but you’re pretty good with cars, General Motors is a great place for you. It has a solid 401k plan, where they will give you 8% as long as you offer 4% from your paycheck, totaling in 12% being saved for retirement. In addition, they’re not too far behind Apple on the Fortune 500 list at the 11th spot.
So maybe computers and cars aren’t your calling, but sitting in your own office at Bank of America is your dream. This Fortune 500 Company has great benefits as well, where they will match your 401k plans at 5%. Sure, that may not seem as good as Apple and GM, but you do get your own fancy nameplate!
When you’re fresh out of college and looking for your dream job, the last thing on your mind is where you will be in 40 years. It’s important to remember that what these companies offer in terms of your retirement plan will affect you in the long run. There are other factors such as how much you’re also willing to put aside as well as how much you’re getting paid. Not many people start off with that 6-figure paycheck, but rather work their way up to that point. Another thing that you should keep in mind is that yes, these are very rich companies, but they also rely on the economy to stay afloat. When the economy crashes, like the 2008 Financial Crisis, everyone from small, family-owned businesses to the major international corporations are affected. That will also affect your paycheck and your retirement plans. You may be successful enough to retire before 65, however many people are working longer to make sure they feel financially stable once they enter retirement. But who knows, maybe you’ll be one of the lucky ones!
If you would like to hear a college student’s thoughts on this, check out this podcast interview.