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Started By
Message
re: Do you ever worry that your retirement or savings will be taken away?
Posted on 6/21/18 at 1:01 pm to PortHudsonPlaya
Posted on 6/21/18 at 1:01 pm to PortHudsonPlaya
The government make the tax laws.
The government make savings laws for tax plans because of tax laws they made.
I do not worry. I don't use government savings plans for retirement.
The government make savings laws for tax plans because of tax laws they made.
I do not worry. I don't use government savings plans for retirement.
0
Posted on 6/21/18 at 1:20 pm to PortHudsonPlaya
What are these magical retirement savings that you speak of?
Posted on 6/21/18 at 1:24 pm to LSU alum wannabe
My wife just celebrated 40 years with State Farm Corporate on June 19.
She is retiring in December of this year. She will be 59 1/2.
Her 401 is rock solid, but we went to a financial planning meeting a couple weeks ago.....SF will allow us to keep our Medical at the same price as now, for now.....they will still put $2500 a year, each into the Healthcare Spending account,......
BUT, she's only going to get 80% of the monthly pension check she's been told she would receive for the past 40 years
Bullfrickingshit......they already jacking folks......
Since they are closing her office in Baton Rouge, she could have transferred to Dallas or Atlanta, but we tired of moving, even knowing it's a lucrative relocate package.
She will get 1 years' pay of severance, and that helps take a little of the mad off.....
She is retiring in December of this year. She will be 59 1/2.
Her 401 is rock solid, but we went to a financial planning meeting a couple weeks ago.....SF will allow us to keep our Medical at the same price as now, for now.....they will still put $2500 a year, each into the Healthcare Spending account,......
BUT, she's only going to get 80% of the monthly pension check she's been told she would receive for the past 40 years
Bullfrickingshit......they already jacking folks......
Since they are closing her office in Baton Rouge, she could have transferred to Dallas or Atlanta, but we tired of moving, even knowing it's a lucrative relocate package.
She will get 1 years' pay of severance, and that helps take a little of the mad off.....
Posted on 6/21/18 at 1:31 pm to PortHudsonPlaya
Social security is a scam
Posted on 6/21/18 at 1:36 pm to jbgleason
quote:
I wrote off my Social Security contributions years ago.
Ditto.
It's just a huge Ponzi scheme.
I am worried that the tax rate will be about 80% in 35 years when I can pull out of my 401k. That is what Roth IRA's are for.
Posted on 6/21/18 at 1:36 pm to The Torch
quote:
I'm getting a divorce, my wife has never saved a penny and I have 20+ years building my 401K up.
This. My ex got half of what she never paid into while working. Now neither of us have enough to retire according to our original timeline. It makes it bad for both of us and the kids too. Of course, she can always marry another guy and reap the rewards of his hard labor, too.
Thank God for inheritances.
Posted on 6/21/18 at 2:04 pm to PortHudsonPlaya
quote:Not until just now! Thanks a lot!
Do you ever worry that your retirement or savings will be taken away?
Posted on 6/21/18 at 2:13 pm to PortHudsonPlaya
quote:
Do you ever worry that your retirement or savings will be taken away?
Nah, because after the civil war there's going to be plenty left just lying around for the survivors.
Posted on 6/21/18 at 2:16 pm to The Torch
quote:
I'm getting a divorce, my wife has never saved a penny and I have 20+ years building my 401K up
She’s entitled to half of what’s likely a million dollars, so...probably want to go ahead and lube up.
Posted on 6/21/18 at 2:17 pm to PortHudsonPlaya
Under 35 won't see a dime they put into SSec. Which is technically theft.
Posted on 6/21/18 at 2:21 pm to PortHudsonPlaya
I do think some kind of National Sales Tax will be implemented when all these people start retiring with giant Roth IRAs / 401ks. They will have to get tax money somehow.
The beautiful thing is that if all of our money starts disappearing it'll be a Venezuela situation or worse and money won't matter. Guns/bullets and Canned Goods will...straight survival.
Another thing to consider is technological advances may make money irrelevant like in Star Trek. Everyone just lives from AI doing the work.
The beautiful thing is that if all of our money starts disappearing it'll be a Venezuela situation or worse and money won't matter. Guns/bullets and Canned Goods will...straight survival.
Another thing to consider is technological advances may make money irrelevant like in Star Trek. Everyone just lives from AI doing the work.
Posted on 6/21/18 at 2:22 pm to 50_Tiger
quote:
Under 35 won't see a dime they put into SSec. Which is technically theft.
You do realize people have been saying this for 20+ years right? Social Security is a welfare program it isn’t going anywhere. The government will not allow it to fail.
The thing I’m most concerned about is Congress changing the tax treatment on various things like IRAs whether it be Roth or traditional, HSAs, and 529s. This would be too easy to accomplish. That’s why if you have all your eggs in the Roth IRA basket you might want to look into tax diversification with a traditional.
Posted on 6/21/18 at 2:22 pm to PortHudsonPlaya
quote:
everyone is whiped clean, funds are combined into one pot, and government control is the only way to start the recovery
This seems like a stretch to me. I’m more worried about a Great Depression 2.0 type of scenario. You still have all of your assets - they just cease to be worth shite.
Obviously you try to diversify and invest in some low-risk areas to mitigate that and you wouldn’t lose 100% of your savings.. but losing 50% would still suck arse.
Posted on 6/21/18 at 2:23 pm to crazycubes
quote:
This is why crypto currency is popular
You crypto fanboys are funny.
Posted on 6/21/18 at 2:25 pm to TheCaterpillar
Roth IRA accounts are relatively new and number far fewer than traditional IRA and 401k accounts. Seizure of Roths won't be big enough to make a dent, versus raising income taxes on traditional IRAs and 401k accounts.
I'd do everything I could to invest and/convert to a Roth before the government goes bankrupt, as the CBO has said it will in 2021.
CBO has stated the cost of social security, Medicare and interest on the debt will consume the ENTIRE projected budget of 3+ trillion dollars in fiscal 2021, precluding paying for any other government services.
The only solution will be cutting entitlements, raising taxes and/or printing money (hyperinflation).
I'd do everything I could to invest and/convert to a Roth before the government goes bankrupt, as the CBO has said it will in 2021.
CBO has stated the cost of social security, Medicare and interest on the debt will consume the ENTIRE projected budget of 3+ trillion dollars in fiscal 2021, precluding paying for any other government services.
The only solution will be cutting entitlements, raising taxes and/or printing money (hyperinflation).
Posted on 6/21/18 at 2:27 pm to The Torch
quote:Yep, might as well bend over.
I'm getting a divorce, my wife has never saved a penny and I have 20+ years building my 401K up. I'm sure I'm about to get F'ed up the anus
Posted on 6/21/18 at 2:29 pm to PortHudsonPlaya
If there were ever a serious threat of this happening, watch the price of gold go over 100k/oz overnight.
Posted on 6/21/18 at 2:31 pm to MrSmith65
quote:
BUT, she's only going to get 80% of the monthly pension check she's been told she would receive for the past 40 years
Bullfrickingshit......they already jacking folks......
Care to explain more about the haircut on the pension? I assume it's due to her age.
Posted on 6/21/18 at 2:32 pm to OleWarSkuleAlum
quote:
You do realize people have been saying this for 20+ years right? Social Security is a welfare program it isn’t going anywhere. The government will not allow it to fail.
20 years ago we had over 5 workers per SS recipient, now we have less than 3 per recipient and it is only going down.
The date for the trust fund to go bankrupt hasn't been pushed back at any point in the last 20 years, in fact it's only been revised to be earlier. I believe it's 2024 now, and there's always been a bold statement on your SSI statement "only 76% of benefits will be payable after 2024".
Changing tax treatment of Roth vehicles doesn't yield enough versus massive tax increases on the far more numerous traditional IRA and 401k accounts, which baby boomers will be forced to make minimum withdrawals from in the next 5-10 years.
Posted on 6/21/18 at 2:33 pm to GoIrish02
quote:
The only solution will be cutting entitlements, raising taxes and/or printing money (hyperinflation).
They will just do the first 2.
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