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Originally Posted by talaniman

Plus I would love to see a waitress or McDonald's worker with his own private retirement account. And while you are looking for them, ask the Chilean Government how well there retirement accounts are working for them.

Just saying.

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Financial planning and bill payments; and, McDirect Shares®, McSave®, Credit Union, and 401k Plans. McDonald's allows employees to invest and save money for their future.


Ref:

McDonald's



Sorry forgot this part. Edited after post.

Since 2004, McDonald's has been offering a substantial retirement savings program in an effort promote saving and increase the retention rates of its employees. In a time when many employers are cutting back on their retirement matching contributions, McDonald's continues to offer lavish 401(k) plans. McDonald's corporate match is especially extravagant at lower levels of saving: employees who put just 1 percent of their salary in the plan get $3 for every $1 they invest. McDonald's then makes a dollar-for-dollar match on the next 4 percent. After that there's a potential profit-sharing match of up to 4 percent. All told, workers who save 5 percent of their pay can see the total swell to 16 percent! In order to encourage its employees to take advantage of the 401(k) plans, company human resource personnel actively engage and educate employees by reaching out and talking to them about the importance of savings in long-term financial security. Additionally, when human resource personnel cannot answer all employee inquiries, it further refers them to appropriate financial advisors within the company for further counsel about finances and savings.

Lets hope the markets don't tank between now, and then, or more than once. But you did hip me to something I didn't know.

PayScale - McDonald's Corporation Employer Wages, Hourly Wage Rate

Did I do the math right but $384 dollars for retirement a year for the top wage earner is what I got. Better than nothing.(?)

Quote:

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Originally Posted by talaniman

Lets hope the markets don't tank between now, and then, or more than once. But you did hip me to something I didn't know.

PayScale - McDonald's Corporation Employer Wages, Hourly Wage Rate

Did I do the math right but $384 dollars for retirement a year for the top wage earner is what I got. Better than nothing.(?)

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At the most minimum of wages listed. (7.46) and the most minimum investment of 1% per year. Im getting a total of $596.80


That's assuming full time and a calculation of 7.46 x 2000hrs per year.

I would be looking for some overtime. 50 years at Mickey D's is 30 grand in the bank.

Better start early, like age 16. But 401K contributions tend to go up when the kids leave, and get through college. It also lowers tax liability, and that money in the bank. AND they are hiring!!!!

Quote:

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Originally Posted by talaniman

I would be looking for some overtime. 50 years at Mickey D's is 30 grand in the bank.

Better start early, like age 16. But 401K contributions tend to go up when the kids leave, and get thru college. It also lowers tax liability, and that money in the bank. AND they are hiring!!!!

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Keep in mind that what we were quoting was the minimum amount. If someone took full advantage of it as is said in the article then the outcome could amount to 16% of gross pay per year being put back. It could allow for a nice bulk payment at the end. Like paying off a home so the large expense isn't there when you retire and your life just got cheaper ( no mortgage).

Its nothing to scream about but it does seem McDs seems to be moving in the right direction. I say good for them.

I didn't know any of this either till I looked it up :)

My parents always said pay yourself first, no matter what you earned but living off minimum wage with kids, and just everyday maintenance doesn't leave a whole lot of room but any cushion for a rainy day is better than none.

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Originally Posted by talaniman

My parents always said pay yourself first, no matter what you earned but living off minimum wage with kids, and just everyday maintenance doesn't leave a whole lot of room but any cushion for a rainy day is better than none.

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The part I like in the article talked about financial planning and money management. Many of the younger generation don't know how to balance a check book as those classes aren't offered in the schools anymore. To me that's a big plus for the next generation if they choose to take advantage of it.