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Posted on 8/28/19 at 9:37 am to Fat Bastard
quote:
absofrickinglutely! this baord is an ANOMALY! we are all here in the 1 to 10 percent. most people do not have jack shite and live paycheck to paycheck and struggle.
I work with some people who make $120-180K and still have very little saved.
They're in the 40-55 year age range. Most have kids in college and spoil them by spending way more than they should on them. They also go on exotic vacations every year.
And, they can't understand why they are living paycheck to paycheck and have very little saved in their 401K plans.
I tried to explain to one friend that his daughter didn't need a different $500 dress and $200 pair of shoes for every destination sorority/fraternity formal she attends. His answer to me was, "Yeah right - tell her that!"
He actually told me that once his kids get out of college that he'll be able to start contributing more in his 401K. I told him that grad school will be next. Then they'll get out making a measly salary and he'll have to help them with their rent payments. By that time he'll be in his 60's and will have to work until he's 75 (or dead) just for the hope of maybe retiring one day.
Posted on 8/28/19 at 9:41 am to MMauler
quote:
He actually told me that once his kids get out of college that he'll be able to start contributing more in his 401K. I told him that grad school will be next. Then they'll get out making a measly salary and he'll have to help them with their rent payments. By that time he'll be in his 60's and will have to work until he's 75 (or dead) just for the hope of maybe retiring one day.
And, he'll likely end up with ungrateful children who will refuse to help him out or consider sharing housing with him because "he didn't save enough, so he's not my problem" as demonstrated by multiple posters on this board in other threads. Funny how the values that you teach your children through your daily demostrated behaviors will be the strongest influences on their behaviors.
Posted on 8/28/19 at 9:53 am to MMauler
Yeah. Seeing the kinda money people waste all but keeps me awake at night.
Posted on 8/28/19 at 11:05 am to hungryone
quote:
And, he'll likely end up with ungrateful children who will refuse to help him out or consider sharing housing with him because "he didn't save enough, so he's not my problem" as demonstrated by multiple posters on this board in other threads
I read an article recently that said that many millennials view their potential inheritance as their retirement plan.
I'm just shy of 50. If I get anything when my parents die it will definitely be something short of $100K (basically about 1/2 the value of their home) - hardly enough for retirement. But, I can definitely see the next generation thinking that they will get something. They've been coddled from birth and received participation trophies for everything they've ever done. So, why shouldn't they expect to retire on their parents' money. Add the fact that most of us have earned and saved more than our parents and I wonder if they are correct in their assumptions.
Posted on 8/28/19 at 5:23 pm to MMauler
I was about 45 when the hospital I worked at started 403-B.I did max(15%) from day 1.Half of my co-workers didn’t participate at all,not even 4% mininmum to get the match.I obviously didn’t reach a million $ but I had other IRA’s and separate brokerage account.
Lot of my coworkers used to tease me about how tight I was but I’ve been retired several years and they’re still working.
Lot of my coworkers used to tease me about how tight I was but I’ve been retired several years and they’re still working.
Posted on 8/28/19 at 6:04 pm to GCTigahs
quote:
20-29: $11,800
30-39: $42,400
40-49: $102,700
50-59: $174,100
60-69: $195,500
this doesnt surprise me at all.
i'm 52 years old and i JUST now am finally debt-free and in my prime earning years. child has flown the coop and i dont have major expenses anymore
obviously i'd rather this was the case ten years ago, but you play the hand you are dealt. i have 350,000 in retirement accounts, the equity in my house and the cash value of my business. i dont know how much money i will need to retire but i have a good idea of how much i will have.
Posted on 8/28/19 at 6:54 pm to cgrand
quote:
this doesnt surprise me at all. i'm 52 years old and i JUST now am finally debt-free and in my prime earning years. child has flown the coop and i dont have major expenses anymore
obviously i'd rather this was the case ten years ago, but you play the hand you are dealt. i have 350,000 in retirement accounts, the equity in my house and the cash value of my business. i dont know how much money i will need to retire but i have a good idea of how much i will have.
I would not be able to sleep at night with financials that looked like that. Hope it works out for you.
Posted on 8/28/19 at 9:45 pm to OleWarSkuleAlum
I was bored waiting for that storm in BR to pass so i scrolled thru your post history on this board. A piece of advice from an elder (and Alexander Pope)...a little learning is a dangerous thing
Posted on 8/29/19 at 6:21 am to cgrand
What’s even more crazy is that all 196,000 post on Tigerdroppings.
Posted on 8/29/19 at 6:32 am to cgrand
quote:
A piece of advice from an elder (and Alexander Pope)...a little learning is a dangerous thing
What exactly do I need to learn?
Posted on 8/29/19 at 10:49 am to OleWarSkuleAlum
the opportunities for you to learn appear to be limitless
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