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re: Not saving for retirement = freeloader
Posted on 12/10/16 at 8:36 pm to Bestbank Tiger
Posted on 12/10/16 at 8:36 pm to Bestbank Tiger
I agree with you totally
0
Posted on 12/10/16 at 8:38 pm to TejasPete
I dont know what you deem not saving for retirement but my parents combined get $5000/mo or close to it, does that sound right? I think thats what he told me I wanna say give or take in social security, Id say for the avg person if your home is paid off and you get $5k/mo thats a pretty decent living.
Posted on 12/10/16 at 8:58 pm to dabigfella
quote:
I dont know what you deem not saving for retirement but my parents combined get $5000/mo or close to it, does that sound right? I think thats what he told me I wanna say give or take in social security, Id say for the avg person if your home is paid off and you get $5k/mo thats a pretty decent living.
It is possible that is the correct amount but it would mean the both made max payments for 35 years EACH, very few couples accomplish this as it is rare for both to be high earners for that length of time.
Basically it means they BOTH made at or over the SS tax limit for a min. of 35 years.
This is not reality for 99.99999% of the population.
Posted on 12/10/16 at 9:47 pm to Vols&Shaft83
quote:
Sounds like you're a shitty investor.
If so, I have plenty of company. The market experienced a severe correction between the summer and early fall of 2015. While the devaluation of my portfolio–approximately 22 percent–was certainly greater than average, I was hardly the only investor who took a hit during that period.
My investment firm, CSSC Investment Advisory Services of Troy, MI, is as reputable as any other I'm sure, so this wasn't a matter of reckless investing on my part. As I wrote before, I put the experience in the shite Happens file.
If you, through the financial acumen you apparently possess, managed to avoid any losses during that period, good for you.
My point though, was that even people who plan prudently for retirement can be blindsided by unforeseen circumstances, events that significantly erode or wipe out their accumulated wealth. We are hardly the freeloaders the OP imagines us to be.
Posted on 12/10/16 at 9:57 pm to Mars duMorgue
quote:
If you, through the financial acumen you apparently possess, managed to avoid any losses during that period, good for you.
I avoid losses during market crashes by not selling. It's amazing how well that works.
Posted on 12/10/16 at 10:08 pm to PerCuriam
quote:
It is called "rational ignorance". Vast majority of americans are struggling to pay the rent, monthly expenses, college tuition for kids...and they are losing the fight..
Your experience is different than mine. I see people blowing their money on houses, clothes and cars, living paycheck to paycheck (on good salaries) and telling their kids to take out student loans, because there will be no money for college. They are blowing it.
Posted on 12/10/16 at 10:18 pm to TejasPete
I expect "the govt" to supplement my retirement, because I've paid in many many thousands of dollars into a program that says it will do just that.
That isn't "freeloading". That's called getting what you pay for.
That isn't "freeloading". That's called getting what you pay for.
Posted on 12/10/16 at 10:28 pm to Vols&Shaft83
quote:
I avoid losses during market crashes by not selling. It's amazing how well that works
If i had more upvotes to give they would be yours
Posted on 12/10/16 at 10:39 pm to Vols&Shaft83
quote:
I avoid losses during market crashes by not selling. It's amazing how well that works.
As a shitty investor, I complement you on your acuity and immunity from financial loss. You have earned a long and bountiful retirement, which I trust you're enjoying to the fullest. Congratulations from this corner.
Posted on 12/10/16 at 11:01 pm to cave canem
quote:
If i had more upvotes to give they would be yours
It's really the simplest of advice, but I've had to give it to hundreds of clients, thousands of times.
If they listened to me in 2008, they're very happy today. If they ignored me in 2008, they've learned a valuable lesson and they'll listen to me next time.
Posted on 12/10/16 at 11:04 pm to wmr
quote:
I expect "the govt" to supplement my retirement, because I've paid in many many thousands of dollars into a program that says it will do just that
While the government is under an obligation to do that, it doesn't mean they will. I don't expect SS to be around by the time I'm 65, so I don't calculate it in my retirement planning.
Posted on 12/10/16 at 11:06 pm to TejasPete
quote:
Social Security in itself does not provide enough to retire and is just a complement.
the latest GOP solution is to reduce it even more. makes no sense.
Posted on 12/10/16 at 11:21 pm to texashorn
quote:
I see people blowing their money on houses, clothes and cars, living paycheck to paycheck (on good salaries) and telling their kids to take out student loans, because there will be no money for college. They are blowing it.
This.
Our house is paid for(about 3 years ago). Went through it, wiring, new flooring, tin roof, new bathroom...
Land is paid for, I live way out in the country away from all the hassle, its real quite.
No new cars or trucks, I drive a beater. Gonna drive it till the wheels fall off. Wife drives a late model Explorer.
Both of us have good jobs. Kids know that if they want to go to college, for the most part its on them. Scholarships, work after class, a beater to drive around...
We have been investing and saving like crazy these last few years. We have a good little nest egg going. We want to work 15 years more each.
If people would do this, their retirement would be a lot more comfortable.
Posted on 12/10/16 at 11:28 pm to Halftrack
quote:
There is a lot of bs flying around here. Too many idealistic people who have not lived enough life to realize you are not in control of it.
shite happens, no matter what you plan for, what company you work for, what state you live in, or who you voted for.
That's the whole message that people miss - take care of each other. Don't just shite on people because they are down on their luck or had a bad run.
Some companies IRAs were all invested in their own stock and they went under. All kinds of things.
Those who sit back, think they have it made and look at others with distain - remember - it may not have happened to you - yet, it may never, but you can't take it with you. And you still have to answer to your maker, eventually.
And remember Congress exempted themselves from Social Security! That's total BS! Where is that outrage??
Hope you can. Because God knows all and you can't bullshite him.
I'm sorry....I'm sure you have a good heart in all this...but it's bullshite.
I'm far from an "OT baller". I have 3 kids in private school. I own acreage and a 3200 sq ft home. I've got a fairly new truck. My wife is due for one shortly. Her '07 is getting old. I have nearly every toy I could want. We want for nothing. My kids want for nothing. I have retirement. My wife has retirement. We have well more in additional retirement accounts than what it would take to live comfortably. I hope to be able to give that to my kids some day.
My wife and I make shy of 130k a year...combined. And we started 18 years ago at 20k combined. By many standards, we don't make shite. But we aren't fricking retarded with our money. I remember going to the store to buy 1 pound of red beans, 1 pound of white beans, 1 pound of sausage, and 1 pound of salt pork to eat for the week. We lived in a 10x52 trailer with our first child. We didn't buy shite to keep up with anyone. We had a plan, and stuck to it. I have zero sympathy for those who complain about not making enough money to save for retirement, while going out to eat 3X a week.
At the same time, I fricking paid into the social security system. It's not freeloading getting my investments back.
Posted on 12/10/16 at 11:41 pm to CelticDog
quote:
the latest GOP solution is to reduce it even more. makes no sense.
Makes far more sense that continuing what we have been doing for a while now which is promising people money we do not have. We then borrow money to make these payments futher exaggerating the problem.
The fact that the dems had complete control of congress and the WH and yet failed to address this in any meaningful way goes to show how cowardly their leadership actually is.
There are two options, cut benefits or raise the revenue to fund them.
Their inaction forfeits any right to complain about the next guys solution.
Posted on 12/10/16 at 11:45 pm to TejasPete
quote:Because people aren't saving properly, we will have older workers in the future. Most people are neglecting their 401k plan. We are living like pensions still exist for most workers. BTW TejasPete, I talk to people about this all the time. However, I don't call them freeloaders.
The majority of Americans have not saved adequately for retirement.
Posted on 12/10/16 at 11:47 pm to TejasPete
People who make a lot of money rarely talk like this.
People who don't make a whole lot of money but like to pretend that they do to impress people always talk like this.
People who don't make a whole lot of money but like to pretend that they do to impress people always talk like this.
Posted on 12/10/16 at 11:49 pm to CelticDog
quote:
the latest GOP solution is to reduce it even more. makes no sense.
SS has some major mega issues, and I mean huge financial pitfalls coming up, like 50-75 TRILLION $$$ of shortfall coming in the next 20-30 years. Yes, its TRILLIONS of $$$, that Trillion as in 'T'
Posted on 12/11/16 at 12:55 pm to TejasPete
The vast majority of the American people lack the self discipline needed to save for retirement. That is why you need social security, it is "save for retirement" by force and a good thing, because otherwise few would do it but spend on short term fun stuff.
Posted on 12/11/16 at 12:58 pm to dabigfella
quote:
Id say for the avg person if your home is paid off and you get $5k/mo thats a pretty decent living.
That really depends on where you live. My property taxes on Long Island are 18,000 a year. 32,000 left over really would not leave me all that much.
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