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Started By
Message
re: Nearly Half of All US Families Have Zero Retirement Savings
Posted on 3/3/19 at 10:03 am to OleWarSkuleAlum
Posted on 3/3/19 at 10:03 am to OleWarSkuleAlum
quote:
They do not have access to investing tools such as an S&P 500 index
this is a lie
quote:
and year over year SS growth greatly underperforms the index.
and making a universal version of SS will magically avoid this issue
and SS pays more than UBI will and exists for retired people. you still haven't said why UBI is applicable to your "retirement" OP
1
Posted on 3/3/19 at 10:05 am to OleWarSkuleAlum
quote:Its a terrible ROI for everyone. The more you put in the worse it gets. Who puts in the most? Poor people or "rich" people?
Social security is a terrible ROI for poor people.
quote:What is the minimum income requirement to purchase an SP500 index fund?
They do not have access to investing tools such as an S&P 500 index
Posted on 3/3/19 at 10:06 am to OleWarSkuleAlum
quote:I would be satisfied if the government just gave me back what I've put into Social Security without interest. I'll just consider it having been my patriotic duty to give them an interest free loan.
Social security is a terrible ROI for poor people. They do not have access to investing tools such as an S&P 500 index and year over year SS growth greatly underperforms the index.
So when you say that they "do not have access" to investing in the S&P 500 do you literally mean that? Because, if so, you're a dumbass.
Posted on 3/3/19 at 10:11 am to OleWarSkuleAlum
quote:
Keep buying your oversized houses and F450s in order to keep up with the joneses. Don’t worry “conservatives” the government will bail you out. UBI is coming faster than you expect.
I will. Of course, I save more than I spend and I spend on things that will appreciate and not depreciate for the most part. I plan on collecting 0.000 from social security and anticipate a portion of my 401k/profit sharing to be confiscated at some point, but I'll still be good thanks to my fiscally conservative actions and habits. Thank you for your concern but you should probably worry more about your side than our side.
Posted on 3/3/19 at 10:11 am to OleWarSkuleAlum
quote:
LINK Keep buying your oversized houses and F450s in order to keep up with the joneses. Don’t worry “conservatives” the government will bail you out. UBI is coming faster than you expect.
I haven't gone through every post on this thread yet but after reading the OP I had to stop right here^^^^^. If you broke the retirement savings stats down by political ideology I guarantee you'll see conservatives are sitting much better heading into retirement than most Prog/Dim leftists.
Posted on 3/3/19 at 10:12 am to OleWarSkuleAlum
quote:
They do not have access to investing tools such as an S&P 500 index and year over year SS growth greatly underperforms the index
In what world do they not have access to this?
Fun snippets for thought:
Average price of a pack of cigarettes in LA is $5.44 source.
Cost of 365 packs: $1985.60. While I understand savings of $150 monthly aren't feasible for a fair amount of people, it is still, I believe, a very reasonable amount based on the number of people who do smoke a pack per day in very low income brackets.
S&P 500, which every single person who puts away $5/d (and even less) has access to, has returned relative to 2015:
~11% over 30 years
9.85% over 20
7.67% over 10 (2005-2015)
And roughly 15, 20, and 13% over 5,3,1 which indicates the 10-year is on the upswing rather than staying down under 7.
But let's take the 10-year low and pretend that's what you get over 35 years because a 30-year old quit smoking and put his pack per day habit into an IRA:
The 35 year savings become a $265000 simple or $250,000ish Roth IRA at the age of 65.
If the same person is lucky enough to get a 10% ROI over the same time (somewhere between the 20 and 30 year above returns), it's more like $536000/428000.
The simple cost of investing cigarette money into a retirement account is worth a lot in the long run. And even that little amount of money gains you access to the things you suggested weren't available.
Posted on 3/3/19 at 10:12 am to OleWarSkuleAlum
No big deal as posted yesterday: "Nearly 45 million U.S. households will hand down about $68.4 trillion over the course of the next quarter-decade, according to research and consulting firm Cerulli Associates, a phenomenon known as the “great wealth transfer.”
The parents are doing the saving for the kids and grand kids.
And those that don't get from their ascendants will be taken care of by the government.
The parents are doing the saving for the kids and grand kids.
And those that don't get from their ascendants will be taken care of by the government.
Posted on 3/3/19 at 10:14 am to RoyalWe
quote:
So when you say that they "do not have access" to investing in the S&P 500 do you literally mean that? Because, if so, you're a dumbass.
The economically disadvantaged underclass in America doesn’t have computer or internet access. How are they are to access a brokerage to invest in VTSMX? Do tell? They sure as hell are not going to have the account minimum to even open the account.
This post was edited on 3/3/19 at 10:17 am
Posted on 3/3/19 at 10:16 am to OleWarSkuleAlum
Social security is a supplement. Everyone needs to save. Everyone can save. Those who do not will suffer. I feel no sympathy for someone that failed to prepare and is now in dire straits because of their own decisions and lack of planning. And I'll liquidate all my shite and haul arse before I even think I'm gonna have to give my shite to a bunch of assholes that didn't take care of their own business. Not that I'm not already doing that with my tax dollars, but if we ever get another Obama. Many of us will hopefully be old enough to empty our 401k's before they can take them.
Posted on 3/3/19 at 10:16 am to OleWarSkuleAlum
quote:
The economically disadvantaged underclass in America don’t have computer or internet access.
Yes they do. quote:
They sure as hell are not going to have the account minimum to even open the account.
If they own a TV they can afford it. Easily. This post was edited on 3/3/19 at 10:17 am
Posted on 3/3/19 at 10:16 am to CarrolltonTiger
quote:
No big deal as posted yesterday: "Nearly 45 million U.S. households will hand down about $68.4 trillion over the course of the next quarter-decade, according to research and consulting firm Cerulli Associates, a phenomenon known as the “great wealth transfer.”
The parents are doing the saving for the kids and grand kids.
This is great for white elites. Should be a much more substantial estate tax than the current version.
Posted on 3/3/19 at 10:17 am to OleWarSkuleAlum
quote:
The economically disadvantaged underclass in America don’t have computer or internet access.
All my underclass friends without home (or encampment) internet access manage their accounts at the library.
Posted on 3/3/19 at 10:18 am to SmackoverHawg
quote:Apparently there's a minimum income required in order to put away savings. Also apparent, my immigrant friends that came here with $0 and managed to save arse-piles of money didn't follow that "law".
Everyone needs to save. Everyone can save.
Posted on 3/3/19 at 10:20 am to OleWarSkuleAlum
quote:
The economically disadvantaged underclass in America doesn’t have computer or internet access.
this is a bigger lie than the index fund one
quote:
How are they are to access a brokerage to invest in VTSMX?
i opened a Charles Schwab account on my phone
quote:
Do tell? They sure as hell are not going to have the account minimum to even open the account.
so they save until they can
Posted on 3/3/19 at 10:21 am to CarrolltonTiger
quote:
No big deal as posted yesterday: "Nearly 45 million U.S. households will hand down about $68.4 trillion over the course of the next quarter-decade, according to research and consulting firm Cerulli Associates, a phenomenon known as the “great wealth transfer.” The parents are doing the saving for the kids and grand kids. And those that don't get from their ascendants will be taken care of by the government.
I'm starting to believe that's my daughter's retirement strategy. I told her to don't count on a damn dime from me and your mother or you may see how well Murphy's law works in the real world.
Posted on 3/3/19 at 10:21 am to OleWarSkuleAlum
quote:
Keep buying your oversized houses and F450s
Can’t we love those material items without the reasoning of keeping up with the Joneses. Would it be upsetting to know that many of us that make good money still live within a budget?
Posted on 3/3/19 at 10:24 am to OleWarSkuleAlum
quote:Quick question, what level of poverty are we talking when you say "economically disadvantaged underclass"? Are they just disadvantaged (i.e. a victim of being held down by the man) or are they truly poor? You said that they don't have internet access so I assume you mean they are so poor that they don't have a smart phone, right? I just want to make sure I know what level of poverty we are talking about here. Because if it's as poor as you're stating then they probably fall into the category where I think they should be taken care of because they can't take care of themselves. But if you're talking about the normal "economically disadvantaged underclass", well those folks usually drive better cars than I do and have smart phones. So, could you define it better for me?
The economically disadvantaged underclass in America don’t have computer or internet access. How are they are to access a brokerage to invest in VTSMX? Do tell? They sure as hell are not going to have the account minimum to even open the account.
Posted on 3/3/19 at 10:27 am to OleWarSkuleAlum
quote:
quote: No big deal as posted yesterday: "Nearly 45 million U.S. households will hand down about $68.4 trillion over the course of the next quarter-decade, according to research and consulting firm Cerulli Associates, a phenomenon known as the “great wealth transfer.” The parents are doing the saving for the kids and grand kids.
This is great for white elites. Should be a much more substantial estate tax than the current version.
White Elites? You mean regular Americans who worked for +40 years, put some of their hard earned dollars into retirement accounts and basically took care of business.
You pukes are what's dragging this country into shithole status.... it's why the phrase MAGA triggers idiots like you. Your ideology only survives if people are reliant on an over reaching federal government.
Posted on 3/3/19 at 10:27 am to RoyalWe
quote:
So, could you define it better for me?
Think of a janitor, house cleaner, etc
Posted on 3/3/19 at 10:28 am to SlowFlowPro
quote:
Social Security’s trustees, the program’s trust fund is scheduled to run out of money. If nothing else is done, they say, after 2034 Social Security’s annual income will only be enough to pay “about three-quarters of scheduled benefits.”
We’re talking about a 25% cut in payments.
quote:
According to Fed data, at most one quarter of people currently nearing retirement are going to be able to shrug off any cuts at all in Social Security. Actually, it’s probably considerably less than one quarter. And everyone else will be in serious trouble.
Half of those nearing retirement will end up in dire straits. That’s because most of them have little or nothing in private retirement plans. The country’s 401(k)s and individual retirement accounts? The old-fashioned company pension plans? Most of these assets are owned by the wealthiest 25% of the country, the Fed calculates.
Between 83% and 85% of the total balance is in the hands of the highest-earning one-fourth. For everyone else? It’s down to Social Security or bust.
this is the youngest of the baby boomers, those born in the years (1960-64)- they will have to work until they die
quote:
the Fed looked at the balance sheets of those currently in their 50s who are nearing retirement. For the middle two quartiles by income — in other words, the middle 50% — Social Security accounts for somewhere between 47% and 64% of their total retirement wealth. For those in the bottom 25% it’s nearly all of it. They hold, on average, just $28,000 in private retirement plans.
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