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re: This Is What Life Without Retirement Savings Looks Like
Posted on 2/23/18 at 9:21 am to OleWarSkuleAlum
Posted on 2/23/18 at 9:21 am to OleWarSkuleAlum
If you don't do at least a simple calculation to determine how much you will need to survive on, it's on you. Hate to see people struggling to get by in old age, but that's the consequence of unsustainable lifestyles. This will only become more common. Blows my mind to talk to people my age (under 30) who don't utilize their 401K benefits!
1
Posted on 2/23/18 at 9:31 am to OleWarSkuleAlum
quote:
the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000
Again? Only on the internet.... Why is this continuing to be posted here as if it somehow reflects reality and why are people even commenting on this? I took retirement early, well before most and I've never had one cent in a 401k plan.....EVER!! Is that supposed to mean I'm broke or was somehow unprepared??
Honestly speaking, more than the "Information Superhighway" it was once projected to be, the internet has largely become a place where the majority of people are mislead into believing in and reacting to manipulative agendas with ulterior motives using carefully constructed ploys just like this.
This post was edited on 2/23/18 at 9:34 am
Posted on 2/23/18 at 9:34 am to Ed Osteen
quote:
I mean I understand HOW this can happen but how the frick does someone with a 401k let this happen?
It’s easy.
When you are constantly loading up the CCs, and spending that 10% of a fheckbto pay it down, but when it’s down you have a high limit free for the using.
Rinse and repeat.
Far too many people actually think they are going great idly thinking about retirement and weatgeectgey should start putting anything aside in their mid 30s, when in reality a smarter benchmark is having a years worth of income put aside at age 30.
Posted on 2/23/18 at 9:36 am to TurkeysAndBees
quote:
Why is this continuing to be posted here as if it somehow reflects reality
Because it does.
quote:
I took retirement early, well before most and I've never had one cent in a 401k plan.....EVER!!
I'm guessing you have some sort of defined benefit plan (pension). If so, good for you, but those are pretty rare and 401ks are much more prevalent and a better indicator of retirement savings as a whole.
Posted on 2/23/18 at 9:38 am to Brazoria Bengal
quote:
This will only become more common. Blows my mind to talk to people my age (under 30) who don't utilize their 401K benefits!
It pisses me off.
Not for the life choice, but because they will be the first in the crowd to say it’s unfair that some people are set up, that 401k need to be taxed to help beef up social security, or what have you.
Meanwhile I have to hear about them eating out daily, sit down restaurant every meal on weekends, and go out clubbing.
But the mass of people doing this is going to somehow be my problem in 30 years, and I am going to be a “heartless greedy bastard” if I oppose supporting them via my retirement savings
Posted on 2/23/18 at 9:43 am to Powerman
A buddy of mine from college in his mid-40's just told me he cashed out what's left of his 401k to pay bills. He's had a very good job since college and is a regional VP of his firm. Nothing more to it than poor spending habits and trying to keep up with the Jones's. He has a couple of bucks in each of his kids college funds. His oldest is a Jr. in high school so he's about to start that for the next 10 years between all the kids. No chance of him saving a dime until that's over. So, he'll be almost 60 when his youngest kid gets out of college. At that point he'll start saving. Crazy.
Posted on 2/23/18 at 9:45 am to TurkeysAndBees
quote:Ok. I would prefer people are financially stable, so I'm hopeful you're right and you'll provide evidence that reflects a large and representative sample of data from the population.
Again? Only on the internet.... Why is this continuing to be posted here as if it somehow reflects reality and why are people even commenting on this?
quote:Nevermind. Apparently you think your personal anecdote not only refutes the evidence provided, you think it also highlights the manipulative nature of the internet.
I took retirement early, well before most and I've never had one cent in a 401k plan.....EVER!! Is that supposed to mean I'm broke or was somehow unprepared??
Posted on 2/23/18 at 9:52 am to Mingo Was His NameO
quote:
I'm guessing you have some sort of defined benefit plan (pension). If so, good for you, but those are pretty rare and 401ks are much more prevalent and a better indicator of retirement savings as a whole.
Look man, I'm on your side 100% but I'll still disagree. This is the thing, almost 70% of US workers simply don't use 401k's. My comment is not to belittle anyone. We're far from perfect as a society but ours is still the best thing going IMO and I pull for every one of us to succeed in this life. It just bothers me how SO MANY seemingly legitimate observations like this are intentionally "constructed" and how they are used to breed and present opportunities for finger pointing, division, blaming, and general emotionally charged reactions more than they are to disseminate facts, practical knowledge or awareness. There's much more truly insidious "information" being promoted on the web than I think most of us realize.
Posted on 2/23/18 at 10:02 am to buckeye_vol
quote:
Apparently you think your personal anecdote not only refutes the evidence provided, you think it also highlights the manipulative nature of the internet.
My last post would be the same to you as well. Sorry if I sounded as if I was attempting to be elitist, I'm anything but. I'm on your side and I'm all in for all of us to make it. It's not that I have more representative evidence, I'm just pointing out it's bothersome that not only is this not entirely representative, it's not accurate enough to show a direct, honest intention to promote savings awareness or anything else other than to seemingly convolute for other agendas.
Posted on 2/23/18 at 10:05 am to TurkeysAndBees
quote:
This is the thing, almost 70% of US workers simply don't use 401k's
So you think people that don't participate in a 401k (which usually has a built in match from their employer) are saving for retirement using different vehicles. That's a completely naive thought.
I wish everyone saved for retirement too, but believing the data because you think the internet is insidious or whatever is just dumb. Were getting this information from respected financial institutions or reporters like the governemnt, Forbes, and the wall Street journal. I don't think they have a history of construing things to be imflammitory.
Posted on 2/23/18 at 10:06 am to OleWarSkuleAlum
There used to be consequences for your actions. But I'm sure the baby boomers that have done this will try to bleed the younger generations dry trying to save themselves.
Posted on 2/23/18 at 10:09 am to Triple Bogey
quote:
Well let’s just say my portfolio isn’t what you would call “diversified.” I play a lot of 3x leveraged ETFs
Dude 3x leveraged ETFs aren't meant to be a primary investment option
That's for play money
Posted on 2/23/18 at 10:10 am to Mingo Was His NameO
quote:
Because it does.
The link I posted doesn't agree with it being reality
Posted on 2/23/18 at 10:14 am to Powerman
quote:
The link I posted doesn't agree with it being reality
That to me looked more like avaerage than median from data I've seen, but I can't say for certain. Problem with avaerage is there is people with huge balances and no balances that skew the data. I think it's safe to say either way that Boomers are woefully underprepared for retirement.
Posted on 2/23/18 at 10:18 am to TurkeysAndBees
I agree with you about the nature of scaring people not only about money but about a great many scenarios surrounding money. Having children, retirement and buying houses seems to be the biggest focal point. The problem is though, far too many people do not have a clue. So some of it is fact, some is scaring people. You have to decide what is right for you vs. what is right for a family that does not have a dime to their name.
I listened to Dave Ramsey when I did not make half of what I make now. I applied some of what he said and minimized debt to the point where I was comfortable, but his beans and rice, rice and beans approach is a bit much, but some people need it because they cannot manage their finances. For those of us that can, it doesn't apply to us. Same thing with scaring people about having kids and it costing $70 Billion dollars to raise one kid, etc. etc. It does take money, but it doesn't have to be as costly as people try and make it.
I listened to Dave Ramsey when I did not make half of what I make now. I applied some of what he said and minimized debt to the point where I was comfortable, but his beans and rice, rice and beans approach is a bit much, but some people need it because they cannot manage their finances. For those of us that can, it doesn't apply to us. Same thing with scaring people about having kids and it costing $70 Billion dollars to raise one kid, etc. etc. It does take money, but it doesn't have to be as costly as people try and make it.
Posted on 2/23/18 at 10:53 am to statman34
quote:Damn this much be with inflation. I've been seeing $50-60 billion
Same thing with scaring people about having kids and it costing $70 Billion dollars to raise one kid, etc.
Posted on 2/23/18 at 10:58 am to Powerman
quote:
The link I posted doesn't agree with it being reality
I posted one that was much different as well. The internet is full of click bait sensationalism, I suspect this thread may be one
Posted on 2/23/18 at 11:01 am to RogerTheShrubber
Are these "polls" or whatever they are utilizing to determine this "median retirement savings" looking at individuals or households?
Posted on 2/23/18 at 11:06 am to Y.A. Tittle
quote:
Are these "polls" or whatever they are utilizing to determine this "median retirement savings" looking at individuals or households?
Not sure but I know a lot of people older than I have traditional pensions which makes the idea of savings for retirement less relevant.
Posted on 2/23/18 at 11:09 am to RogerTheShrubber
quote:
Not sure but I know a lot of people older than I have traditional pensions which makes the idea of savings for retirement less relevant
12% of US workers have a defined benefit plan
Do you even look before you say something or do you just think that because you k or a couple people that it's representative of the entire country?
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