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Message
re: How are average earners able to prep for the future?
Posted on 8/10/23 at 10:21 am to WG_Dawg
Posted on 8/10/23 at 10:21 am to WG_Dawg
There are really only 2 ways to go in the future
Either we keep going the way we’re going with increased fake money and digital slavery or the whole thing collapses
That’s why I’m not worried about retirement. Either I get to wear deerhide in the future or fema orange
Either we keep going the way we’re going with increased fake money and digital slavery or the whole thing collapses
That’s why I’m not worried about retirement. Either I get to wear deerhide in the future or fema orange
0
Posted on 8/10/23 at 11:46 am to HailToTheChiz
That’s starting to go away depending on where you live. Teachers in PA now basically have a 401k with a small match from the state. Meanwhile I’m the last teacher in my school to have the old pension plan (state pensions) We pay 7.5% pretax into the plan and get a 2.5% multiplier per year, so if you work 30 years you get 75% of your highest salary. That’s long gone now. These kids today aren’t making much and getting way less in terms of retirement benefits and the state wonders why we have a massive teacher shortage.
Posted on 8/10/23 at 11:56 am to grsharky
All the news I'm reading is that pension funds across the country are underfunded by something like a trillion dollars. I had no idea states were already switching to a new model like the one you're describing, but it sounds like an unfortunately necessary step.
Also makes you wonder if at some point all these wildly underfunded pension funds just declare themselves insolvent and say sorry guys, money's not coming.
Also makes you wonder if at some point all these wildly underfunded pension funds just declare themselves insolvent and say sorry guys, money's not coming.
Posted on 8/10/23 at 1:47 pm to Thundercles
Humans in general are reactive, not proactive.
Once shite really hits the fan, we are really good at adapting, so I don't think there will be this massive upheaval when the chickens come home to roost, people will just readjust to having to live in multigenerational housing, side hustles in retirement, etc etc.
The ultimate irony to me is working longer and harder in an era when we have instant communication, knowledge, and labor saving devices at our finger tips that should be allowing us to work less and live more freely than ever.
Once shite really hits the fan, we are really good at adapting, so I don't think there will be this massive upheaval when the chickens come home to roost, people will just readjust to having to live in multigenerational housing, side hustles in retirement, etc etc.
The ultimate irony to me is working longer and harder in an era when we have instant communication, knowledge, and labor saving devices at our finger tips that should be allowing us to work less and live more freely than ever.
Posted on 8/10/23 at 1:47 pm to Thundercles
quote:
Also makes you wonder if at some point all these wildly underfunded pension funds just declare themselves insolvent and say sorry guys, money's not coming.
Yeah that is definitely something that may happen down the road, although I think it would be pretty rare for that to happen at the state level. PSERS, our state pension fund, is about 61.5% funded currently. That is an improvement over where it was not long ago, they had some serious mismanagement that had to be corrected and it was.
Posted on 8/10/23 at 3:38 pm to BoudinChicot
quote:
The ultimate irony to me is working longer and harder in an era when we have instant communication, knowledge, and labor saving devices at our finger tips that should be allowing us to work less and live more freely than ever.
How is it ironic? You’re supporting the ever growing "social safety net" for people that don't work
ETA: and that’s less than half of the problem.
This post was edited on 8/10/23 at 4:10 pm
Posted on 8/10/23 at 3:59 pm to el Gaucho
quote:/schtick
el Gaucho
Posted on 8/10/23 at 4:11 pm to SuperSaint
that response was too based for the money board
back to your regularly scheduled programming
back to your regularly scheduled programming
Posted on 8/10/23 at 4:26 pm to Thundercles
Ill bite.
I used to smoke cigarettes, going on 4 years since i quit.
There is $12,000 i saved rt there.
A lot of poor people are spending their money on stupid shite like that, lottery tickets, booze.
Also have employer match, so i currently max out my 401k and my roth.
I used to smoke cigarettes, going on 4 years since i quit.
There is $12,000 i saved rt there.
A lot of poor people are spending their money on stupid shite like that, lottery tickets, booze.
Also have employer match, so i currently max out my 401k and my roth.
This post was edited on 8/10/23 at 4:29 pm
Posted on 8/10/23 at 4:32 pm to el Gaucho
quote:
How is it ironic? You’re supporting the ever growing "social safety net" for people that don't work
Touche my friend, touche.
Posted on 8/10/23 at 4:37 pm to BlackAdam
quote:
I don't know how people can make it on median income. When I was in my twenties I thought "man if I can net $10,000 a month I'll be rich." Now $10,000 a month doesn't seem like much.
I live a pretty modest life, and saving money for both retirement and emergencies is becoming increasingly difficult.
Ill prob never clear that much and im fine.
Some of you dont know what modest is.
I eat my lunch from home. Others spend $25 on a salad 5 days a week.
There are ways. Also buying a car i can afford. Shopping around for the cheapest insurance. I currently dont have a roommate but most of my 20s i did. Saved on rent and utilities doing that.
Posted on 8/10/23 at 5:01 pm to dgnx6
quote:
Some of you dont know what modest is.
Yeah netting 10k a month means 180k (assuming no special tax deductions) which is around top 10% in the country. Far above the median earnings.
This post was edited on 8/10/23 at 5:04 pm
Posted on 8/10/23 at 8:09 pm to Thundercles
I don't wanna sound like hillary here but there's kind of a point where the taxes follow you around and get higher as you make like 20k more a year than you did
I'd say to be making good money where it doesn't matter you gotta be at like 750 a year
ETA: what i mean is at like 75k you're probably paying like 10% tax, jump up to 120k it's like 25%, get to 200k it's like 60% rip
I'd say to be making good money where it doesn't matter you gotta be at like 750 a year
ETA: what i mean is at like 75k you're probably paying like 10% tax, jump up to 120k it's like 25%, get to 200k it's like 60% rip
This post was edited on 8/10/23 at 8:13 pm
Posted on 8/10/23 at 9:14 pm to el Gaucho
Posted on 8/10/23 at 10:20 pm to TorchtheFlyingTiger
cmon man it's like the food pyramid where they tell you to eat 12 pizzas a day to get your grain
if the government puts out a chart it's fake
ETA: and my numbers were basically correct like it's not that bad til you approach 100k then its bad and then when you get to 200k it's brutal
like they know most of us schlubs will top out at that level and get killed by taxes meanwhile if you make like 10 million a year the tax rate is 0
the "middle class" now is basically from 120k to like 500k
if the government puts out a chart it's fake
ETA: and my numbers were basically correct like it's not that bad til you approach 100k then its bad and then when you get to 200k it's brutal
like they know most of us schlubs will top out at that level and get killed by taxes meanwhile if you make like 10 million a year the tax rate is 0
the "middle class" now is basically from 120k to like 500k
This post was edited on 8/10/23 at 10:23 pm
Posted on 8/11/23 at 11:05 am to Thundercles
I just called my homeowners insurance because I renew in October. 40% increase.
Posted on 8/11/23 at 12:38 pm to LSUA 75
quote:
Stared drawing S.S. at 70,wife at 69.
“Dick move. You don’t need the money.” - lefties
This post was edited on 8/11/23 at 12:39 pm
Posted on 8/13/23 at 8:28 am to Dawgfanman
Average earners have to settle for whatever life is at the time they finish working. There’s huge opportunity out there for people to go buy a boomer’s business to elevate themselves and their family. I’m in the construction business space and see it all the time. So many 60-70 yr olds out there that didn’t grow their business to include a succession plan. You can find these people and potentially buy their business with little to no money down…doing owner financing.
Their only other option is to shut the business down.
So many people in this world with scarcity mindset/victim mentality/employee mentality who have to grapple with accepting their harsh reality. Gotta shake that mentality and bet on yourself…invest in yourself!
Their only other option is to shut the business down.
So many people in this world with scarcity mindset/victim mentality/employee mentality who have to grapple with accepting their harsh reality. Gotta shake that mentality and bet on yourself…invest in yourself!
Posted on 8/13/23 at 11:16 am to BLM
quote:
Average earners have to settle for whatever life is at the time they finish working
I guess this is my point. How can they ever finish working. If you're 70 and have 150k to your name and social security will presumably be cut a bit in the next decade or two. I'm not even 40 and I worry about aging out of the workforce.
Posted on 8/13/23 at 11:40 am to Thundercles
quote:
and social security will presumably be cut a bit in the next decade or two.
Social security will never be cut.
It will be delayed (as has happened multiple times).
And it may have tax rules change.
But no one is cutting social security.
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