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re: This "top economist" says most of us are saving too much for retirement
Posted on 6/7/24 at 5:53 pm to kaaj24
Posted on 6/7/24 at 5:53 pm to kaaj24
I agree with that absolutely.
We’ve met with CPAs, bankers, investment advisors etc, they are all trying to sell you something obviously so whether what they are selling is helpful to you is a personal decision and you have to do your own homework too.
I’m not scared of a little risk one way or the other. If you have decent SS you CAN deal with lower total savings
We’ve met with CPAs, bankers, investment advisors etc, they are all trying to sell you something obviously so whether what they are selling is helpful to you is a personal decision and you have to do your own homework too.
I’m not scared of a little risk one way or the other. If you have decent SS you CAN deal with lower total savings
1
Posted on 6/7/24 at 6:14 pm to el Gaucho
quote:
After this next term healthcare will just be abortion, death shot, or tranny surgery so nobody needs a big medical budget
I’ve got my entire 401k in GME so I’m good.
Posted on 6/7/24 at 8:35 pm to Dawgfanman
quote:
They also have Medicare
Somewhat overrated.
Part A is free. Part B and Part D have a premium. It also pays only 80% and has deductibles.
You'd need Medicare plus a Medigap plan, ideally Part G, in which case you're paying ~ $300/mo for coverage and $240/yr out of pocket for office visits and DME.
Posted on 6/7/24 at 8:37 pm to Bestbank Tiger
Combined me and the wife are looking at 5mil in our 401Ks. We also have investment accounts that will be over 1mil. And will have no bills come 50 so I’m not worried or relying on the government for anything
Posted on 6/7/24 at 9:07 pm to tigerbacon
quote:
Combined me and the wife are looking at 5mil in our 401Ks
You know y'all could go ahead and retire with that much in your 401Ks. If you just put $1.5 million in BITO, you would have 57,339 shares at today's closing price. If you had that many shares and BITO's monthly dividend stayed the same as the June dividend ($1.76 per share) your monthly dividend paycheck into your 401Ks would be $100,916.64 every month. In approximately 14 months you've created cash dividends equal to your initial investment. BITO's dividends have steadily increased every month this year, but there's no guarantee. Still you could be getting a massive monthly paycheck even at half that.
This post was edited on 6/7/24 at 9:41 pm
Posted on 6/7/24 at 9:08 pm to Powerman
Let him ask people like that in their 80s when they have nothing left.
Posted on 6/7/24 at 9:10 pm to ragincajun03
quote:
I put my target at 2.2 MM
This feels right, or is that adjusted for inflation when you do retire?
Posted on 6/7/24 at 9:19 pm to Dawgfanman
quote:
They also have Medicare.
You really don't understand how Medicare.
Posted on 6/7/24 at 9:34 pm to Powerman
Boy, I sure hope he’s right!
Posted on 6/7/24 at 9:49 pm to iron banks
quote:While that's true, the biggest fear driving my own retirement saving goals is that I REALLY don't want to be 85 and wake up in an ER with a broken hip and $100 in the bank.
Live a basic life style. My observations are that most people once over 80 years of age don't really consume a lot of extras.
Posted on 6/8/24 at 12:01 am to 98eagle
quote:
98eagle
Out of curiosity what is your age?
Posted on 6/8/24 at 12:27 am to ragincajun03
quote:
Frick that. And who knows what the hell the Federal Government may do with IRAs and 401ks, after "promising" what the tax rules will be
I’m quite confident the federal government cannot mess with the Roth rules they put in place at least as it relates to monies taxed and invested to date, including amounts generated in interest to date relating to those taxed contributions. However, they could put a stake into the ground to end it going forward for new contributions. Otherwise, it would be patently unconstitutional.
Posted on 6/8/24 at 5:49 am to Upperdecker
quote:
Social security will be defunct soon
Has been said since the 70s.
Back to the OP, I’m not sure how anyone could live 20 or 30 years of retirement on $100K nowadays, especially as health issues arise. I guess sitting in a paid off house and watching TV the rest of your life, collecting SS can make it work. But that’s not a “happy retirement” for most I’d guess.
The math doesn’t work.
Posted on 6/8/24 at 8:05 am to Upperdecker
quote:
This all assumes social security pays you a wage. Social security will be defunct soon
Social security isn’t going anywhere. We may go broke ensuring it stays but it won’t go anywhere.
Posted on 6/8/24 at 8:22 am to cgrand
quote:
if you don’t have that taken care of before retirement regardless of your savings you’ve failed
Agreed
I've decided to rent and stockpile cash. When I'm 20 years from retirement I'm going to get into a 15 year mortgage
At least that's the plan for now
Posted on 6/8/24 at 8:25 am to Powerman
quote:What an asinine statement. What if I have $10MM liquid and a $250K mortgage? Did I "fail"?
Agreed
Posted on 6/8/24 at 8:25 am to tigerbacon
quote:
Combined me and the wife are looking at 5mil in our 401Ks
We are on track for close to this, and she will have a pension.
55, rain or shine, we are hanging it up. My lifestyle will be based on what I have saved at that point.
Posted on 6/8/24 at 8:28 am to Powerman
Later in the article:
He's conservative but wants to take away one of our best tax-avoidance and savings-promotion laws? Screw him.
quote:
Biggs is a noted conservative economist and something of a contrarian. Earlier this year, he and a colleague sparked outrage with a paper that argued for eliminating the 401(k) plan.
He's conservative but wants to take away one of our best tax-avoidance and savings-promotion laws? Screw him.
Posted on 6/8/24 at 8:39 am to Powerman
They want us to be poor and dependent on government. That’s the only explanation
Posted on 6/8/24 at 8:54 am to Sterling Archer
quote:
$50,000 to $100,000 in total savings.
quote:
How many of them have pensions?
Excellent point. And what the analysis in the OP also ignores are income producing assets, whether it be rental real estate or other assets that throw off income.
I’m assuming that in his “total savings” calculation, he’s just including bank and brokerage balances (including 401Ks and the like), and not pensions or income producing assets.
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