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re: This Is What Life Without Retirement Savings Looks Like
Posted on 2/22/18 at 11:14 pm to RunningBlake
Posted on 2/22/18 at 11:14 pm to RunningBlake
quote:
I know several people that should be retired or, at least, close to retirement. But, instead of retiring, they are planning on working until later in life, hanging on to jobs younger people should have.
Oh the entitlement
Posted on 2/22/18 at 11:18 pm to Pepe Lepew
Hey oldman, you working? Me, just trying to stay drunk. These hydro 10's are not helping the pain in my neck along with JB.
Posted on 2/22/18 at 11:18 pm to Pepe Lepew
I saw a report this week of a record number of new "millionaire" 401k folks since the Trump election. I was surprised at the rather modest number.
Posted on 2/22/18 at 11:22 pm to jimbeam
It's coming. Some things one just shouldn't wish for and a market correction is one of them. Last one, 3 trillion dollars were gone in one day. Only the supper rich got that monies.
Posted on 2/22/18 at 11:22 pm to fishfighter
Yes I’m working Fish, finding entertainment here!
Posted on 2/22/18 at 11:25 pm to Pepe Lepew
Used to do the same back in the day, or should I say night.
Posted on 2/22/18 at 11:26 pm to DCtiger1
quote:
If the government is going to force me to pay for others retirements via SS, there should at least be an opportunity to select a safe investment vehicle in which that money could go to. I hate pissing that money away with every paycheck knowing that SS won’t exist when I’m ready to retire. Worlds largest Ponzi scheme and the gov has us all fooled.
You aren't forced to pay it. I don't.
Posted on 2/22/18 at 11:29 pm to fishfighter
So, you’re drunk posting?
Should be a good thread
Should be a good thread
Posted on 2/22/18 at 11:36 pm to Pepe Lepew
Not really drunk, lite buzz. For some reason, I can't get drunk. Started drinking around noon today.
Posted on 2/23/18 at 12:03 am to fishfighter
What pisses me off is that I make enough money that sometime during October every year I get to stop paying SS tax because I have reached the maximum for the year, but I will never see a fricking dime of it.
I am a soon to be 45 year old Gen X'r, by the way.
I am a soon to be 45 year old Gen X'r, by the way.
Posted on 2/23/18 at 12:19 am to Spankum
quote:
it wasn't until about 1980 that the 401K was even invented. people didn't make much money back then, but their benefits and retirement programs provided security.
So...
401ks didn't come around till these people were in their late 20's?
My dad is 66. He was 29 in 1980.
Posted on 2/23/18 at 12:21 am to OleWarSkuleAlum
quote:
the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000,
That is just plain embarrassing. You might as well not heave an account.
Posted on 2/23/18 at 12:27 am to OleWarSkuleAlum
quote:
Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $300,000. Their asset allocation for all of their investments are also conservative, according to QS Investors, an investment management firm Legg Mason acquired in 2014, with 30% in cash, 24% in equities, 22% in fixed income, 4% in non-traditional assets, 8% in investment real estate, 2% in gold and other precious metals and 8% in other investments.
LINK
Doesn't look that bad
What about those with standard pensions?
Posted on 2/23/18 at 12:40 am to fallguy_1978
quote:
There are plenty of millennials on here that live in 350k houses on 85k income.
Assuming the put down 20-30% (possibly a big assumption), what’s the problem here?
Posted on 2/23/18 at 1:32 am to YoungManOldMan
quote:
Based upon the modeling from our FA, we will make more money after retirement per year than we did while working. Suck it.
Based on my 40 years of real life investing experience plan on having half what your FA model says. I don't recall a single investment model that accounted for the crashes of 1987, 1990, 2000, 2001, 2007, and a bunch of smaller declines.
This post was edited on 2/23/18 at 1:33 am
Posted on 2/23/18 at 6:26 am to EA6B
That is what I was saying to that young fool last night.
1990 cost me 80+k.
1990 cost me 80+k.
Posted on 2/23/18 at 6:43 am to okietiger
quote:
quote:
There are plenty of millennials on here that live in 350k houses on 85k income.
Assuming the put down 20-30% (possibly a big assumption), what’s the problem here?
That's a tight budget to me. Sure that's my opinion. But we make a lot more than that and live in a house that's barely 300k. I'm sure it's doable, just seems tight.
Posted on 2/23/18 at 6:49 am to olgoi khorkhoi
quote:
Oh the entitlement
Exactly. You’d figure the old fricks could just retire and live off their SS entitlement.
Posted on 2/23/18 at 6:52 am to fallguy_1978
quote:
There are plenty of millennials on here that live in 350k houses on 85k income.
Do you have any concept of what houses cost now?
In South Louisiana, an average house in a good area with good schools is going to cost between $250k and $350k.
Of all the things to bitch at millenials about, this ain’t one.
Posted on 2/23/18 at 7:00 am to fallguy_1978
quote:
There are plenty of millennials on here that live in 350k houses on 85k income.
And they'll be in the same boat someday, while their own kids will say "good, frick em!"
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