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What is the “retirement crisis” going to look like within 10 years
Posted on 12/19/24 at 1:01 pm
Posted on 12/19/24 at 1:01 pm
I’m predicting this will be one of the left’s new movements within the decade. 401ks, Roth IRAs, mutual funds, etc are racist and largely unavailable to working folk. Social security isn’t enough. You get the picture. Is going after normal peoples’ retirement savings going to be one of the straws that breaks the camel’s back?
10
Posted on 12/19/24 at 1:03 pm to NIH
Cyprus did it back in '08. It's definitely in the playbook.
Posted on 12/19/24 at 1:04 pm to NIH
This has been predicted as long as I've been on message boards. I think this is just like reforming SS and something that is too much of a potential political disaster to actually even offer up, let alone try to pass.
Posted on 12/19/24 at 1:05 pm to NIH
The government is chomping at the bit to get that money.
Posted on 12/19/24 at 1:05 pm to NIH
I've joked that I'm not a gun guy, so coming for our guns won't make me lose it -- but, taking my 401(k) absolutely would.
Posted on 12/19/24 at 1:09 pm to NIH
Where you been? They have been probong this for cracks in the lines since Jugears was in office.
Not they're floating taxing unrealized gains in investments.
Not they're floating taxing unrealized gains in investments.
Posted on 12/19/24 at 1:10 pm to Bunk Moreland
And suddenly you'd be a gun guy.
Posted on 12/19/24 at 1:12 pm to NIH
quote:
I’m predicting this will be one of the left’s new movements within the decade. 401ks, Roth IRAs,
Nah, that's untenable. They could raise taxes but that is also very unpopular. So they will just sell more debt, the Federal Reserve will buy it and they will tax you with inflation, like they've been doing for decades.
Posted on 12/19/24 at 1:21 pm to SlowFlowPro
I think it’s a natural progression of the aggregated party. And I do think we are going to see a LOT of retirement / inheritance disparity as boomers’ wealth is passed down.
This post was edited on 12/19/24 at 1:22 pm
Posted on 12/19/24 at 1:22 pm to Bunk Moreland
100%.
Posted on 12/19/24 at 1:26 pm to NIH
quote:
I think it’s a natural progression of the aggregated party. And I do think we are going to see a LOT of retirement / inheritance disparity as boomers’ wealth is passed down.
If families are "supposed" to start over every time the patriarch dies to make things fair then what is the point of striving for anything beyond comfortable subsistence.
If we do not have strivers where will the innovation come from?
Posted on 12/19/24 at 1:26 pm to NIH
They’ve basically already started. Up until few years ago RMD’s for inherited IRA’s were calculated based on the beneficiary’s life expectancy. Now they’re required to be drained within 10 years (and in some cases 5). As boomers start dying off the government will get its share.
Posted on 12/19/24 at 1:27 pm to RohanGonzales
I agree with you. I’m talking about what the left may eventually do
Posted on 12/19/24 at 1:29 pm to NIH
quote:
And I do think we are going to see a LOT of retirement / inheritance disparity as boomers’ wealth is passed down.
I don't dispute this at all.
I just don't think they could even talk about talking about modifying the lax tax rules on these accounts. I'm also only discussing the specific retirement accounts with specialized tax treatment and not just random investment accounts people have on the side.
Posted on 12/19/24 at 1:31 pm to SlowFlowPro
quote:
This has been predicted as long as I've been on message boards. I think this is just like reforming SS and something that is too much of a potential political disaster to actually even offer up, let alone try to pass.
I used to worry about it until I recognized that there is simply a massive ‘golden egg’ aspect to these ever replenishing funds that even the greediest motherfrickers in Washington would have to be insane to kill and further discourage.
Posted on 12/19/24 at 1:36 pm to Y.A. Tittle
quote:
I used to worry about it until I recognized that there is simply a massive ‘golden egg’ aspect to these ever replenishing funds that even the greediest motherfrickers in Washington would have to be insane to kill and further discourage.
Especially with so many potential "off book" avenues today like crypto.
Not to channel my inner rocket, but it's theoretically true.
Posted on 12/19/24 at 1:37 pm to PsychTiger
Yes. There is too much money in insurance funds and private savings for the Dem Socialists to ignore..
Posted on 12/19/24 at 1:41 pm to Free888
quote:i was thinking this as well. they won't blaitanly go in and steal your money, they will tax and or force you into a large taxable event. look for a big death tax to come back, no step-up basis, forced sale of family property/farm/company to pay taxes, higher taxes on 401k distributions, etc.
They’ve basically already started. Up until few years ago RMD’s for inherited IRA’s were calculated based on the beneficiary’s life expectancy. Now they’re required to be drained within 10 years (and in some cases 5). As boomers start dying off the government will get its share.
Posted on 12/19/24 at 1:44 pm to NIH
quote:
401ks, Roth IRAs, mutual funds, etc are racist and largely unavailable to working folk.
Other than the racist part that's not entirely wrong. I've worked for small business my whole life and I don't have a 401K or and IRA or pension. The only thing I have for my retirement is what I can save up.
Posted on 12/19/24 at 1:49 pm to NIH
This is my biggest fear. Wife and I have scrimped and saved and been dedicated to retirement since day 1 of professional life. Literally no one I know closely is at all prepared for retirement. I'm in my mid 40s and my coworkers 10 years my senior are ill-prepared.
This is going to be a nightmare and I fear for all that we've worked so hard to save.
This is going to be a nightmare and I fear for all that we've worked so hard to save.
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