Why do people put money in a retirement account like a 401k or a IRA? Will retired job people get disability money without saving retirement?

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A question by Moses :  Will SSA give people disability money after retirement (without having anything saved up in a 401k or IRA? 

Update 2 Why not just spend all your job paycheck money, put back ($1,000 max) into your bank’s savings account, so you can live paycheck to paycheck having lots of fun with all your job money? Think about it: if you made $120,000 per year ($10,000 per month before taxes, $7,200 a month after taxes,), you can spend like $5,000 (after bills are paid) on things like: lots of video games, lots of food and restaurant food, and lots of cool things at garage sales and flea markets.

Update 3: So, why would anyone be crazy enough to put lots of money away in a 401k or an IRA (instead of spending it like they’re rich) Answer?


Provide a response using the comment section. After review we will update the answers.

“That’s silly thinking Look at the situation with covid19, that’s why you save a little from each check. I prefer not to live hand to mouth one check to another If you want to have anything you need to learn to save for your future…..and you do this your whole life somits good to start early…”

something fishy

“I’ll start with a true odd statement. A lot of people are banking on lottery tickets to retire, and many know they will work until they drop dead. The system is controlled by the wealthy and all gains after inflation since the 1970’s have funneled up to the rich. If you have a decent income and can live below your income, retirement accounts have tax benefits and disability is not guaranteed and Social Security income not nearly enough. I am quite older than you, stopped working at age 51, and financially secure for life, living in a condo I bought in Las Vegas. For those who can afford it and manage money well, retirement accounts are a good thing to make use of. I have various accounts.”


“After age 66, you are no longer eligible for SSDI. Your ignorance is only exceeded by your stupidity. You’ll live a very poor life in your old age, probably living under a bridge somewhere.”


“I started investing in my company’s 401K when I was 30, I didn’t know much about them but I did know that I would not pay taxes on what I put in and my employer would match 50% of what I contributed that is a 50% return right there, so over the years I increased what I contributed whenever I could, I watched it grow, I had no idea what it would grow to, when Roth became available, I added more to that.  I retired last year, with a million dollars in my investment, I get a pension and SS, so I am living better than when I worked.”


“I hate to say it but this is a pretty ignorant question. It’s almost as if you’ve never had a job or lived on your own. However, much money you think you are earning; you are probably earning way less. I put 200 monthly into my Roth so that when I’m 50 or so I don’t have to work anymore. While you can buy all the video games you want and live with your parents until you’re 50 because you now have to be a greeter at Walmart to pay for food. .”


“The 1000 or so a month that social security pays, isn’t going to cut it. If you want to live in your own home, live in a low crime area, have options. You need a retirement fund. People save in retirement accounts so they won’t be poor when they retire.  “Retired job people” are not necessarily disabled.  “


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