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Started By
Message
re: This Is What Life Without Retirement Savings Looks Like
Posted on 2/22/18 at 9:32 pm to OleWarSkuleAlum
Posted on 2/22/18 at 9:32 pm 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
That is just crazy
0
Posted on 2/22/18 at 9:33 pm to Spankum
quote:Huh?
The baby boomers and the generation before them generally had jobs with pensions to depend on in retirement along with Social Security.
Baby Boomers are ‘46-‘64.
I can tell you from personal experience that jobs with pensions were not nearly as plentiful then for one to be able to say they were “generally” there to depend on.
Moreso than today for sure but not nearly 50% of real full-time employment has pensions in the South.
Maybe in more deeply unionist areas.
Posted on 2/22/18 at 9:33 pm 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
As shocking as it sounds at face value, you have to think about how low the median household income is in each state. For example, it's $45k here in LA. Sure cost of living is cheaper than some states, but that kind of income means you have to cut a lot of corners to not be working poor.
Throw in higher costs of living in modern times, unexpected life events, and living in debt. It's not hard to imagine how people make poor choices with their financial security.
Posted on 2/22/18 at 9:36 pm to OleWarSkuleAlum
quote:if I were broke, I'd let nature take its course than try to stay alive past 80.
a woman in her 80s is paying on average $8,400 in out-of-pocket medical expenses each year,
Posted on 2/22/18 at 9:37 pm to soccerfüt
quote:
Moreso than today for sure but not nearly 50% of real full-time employment has pensions in the South.
My dad is almost 70, worked the same white collar job from 1969 until he retired in 2011. He didn't have a pension. Luckily he lived pretty frugally and saved a lot
Posted on 2/22/18 at 9:38 pm to OleWarSkuleAlum
Boomers are leaches, story at 11
Posted on 2/22/18 at 9:39 pm to Triple Bogey
I love this argument. Save correctly and you'll be swimming in your 50s
Posted on 2/22/18 at 9:40 pm to gamatt53
quote:
Spoken like a true F250 7 year note carrier that rents a shitty apartment
My debt to income ratio is good bro. My brokerage account, IRA, and 401k were in good shape till the volatility apocalypse happened a couple weeks ago. Y’all just sum hatuhz mayne.
Posted on 2/22/18 at 9:41 pm to Triple Bogey
Dude we're 1500 points off the ATH. How bad could you have taken a hit?
Posted on 2/22/18 at 9:41 pm to Triple Bogey
quote:
My brokerage account, IRA, and 401k were in good shape till the volatility apocalypse happened a couple weeks ago.
Did you invest your retirement in the VIX?
Posted on 2/22/18 at 9:43 pm to Darth_Vader
quote:
You should drop to your knees and thank the Lord you don’t live in a country where the state decides if you you get the privilege of not being put down like a dog.
You realize we already have death panels right? You think it's somehow materially different when insurance companies decide not to cover exorbitant later-life health care costs?
I'm not arguing for state only healthcare, but the propaganda about death panels was such a load of shite. We've been having that for decades.
Posted on 2/22/18 at 9:43 pm to OleWarSkuleAlum
I know several people that should be retired or, at least, close to retirement. But, instead of retiring, they are planning on working until later in life, hanging on to jobs younger people should have.
This post was edited on 2/22/18 at 9:45 pm
Posted on 2/22/18 at 9:45 pm to OleWarSkuleAlum
Oh well, Boomers ran up this country’s debt for decades and are leaving it to be someone else’s mess.
Posted on 2/22/18 at 9:45 pm to Spankum
quote:
Ultimately, the country started shifting towards socialism and pensions became less common.
I guess a pension is never going to pay out in socialism due to the government failing before you retire, but I still don't see how a 401k is socialist.
Posted on 2/22/18 at 9:45 pm to tgrbaitn08
quote:
That’s not really that good
Having 360k before 50 is perfectly fine. Depending on when you retire, those last 5-10 years the power of compounding interest really starts to kick in. That is unless the stock market crashes and you lose have the value of your account overnight.
Posted on 2/22/18 at 9:46 pm to fallguy_1978
Depending on debt to equity ratio - that’s not bad.
Posted on 2/22/18 at 9:47 pm to tom
quote:
quote:
Ultimately, the country started shifting towards socialism and pensions became less common.
I guess a pension is never going to pay out in socialism due to the government failing before you retire, but I still don't see how a 401k is socialist.
I had a hard time wrapping my head around that one too.
Posted on 2/22/18 at 9:48 pm to OleWarSkuleAlum
Hate to break it to you, it isn't just boomers in this scenario. A lot of the young people I worked with aren't saving much either. The comment I always heard went something like this, "I'll start saving and get in the 401 program after I pay off my car". You can guess how that is going to turn out.
Posted on 2/22/18 at 9:52 pm to tom
The thing about a pension though is that it really only benefits you if you spent most of your career with said company. At least with a 401k, they could be rolled over from company to company. My company has both, and you become fully vested after 5 years. I don’t necessarily think I will stay with this company for 30 more years, so my pension would be peanuts unless I was a long termer.
Posted on 2/22/18 at 9:54 pm to Traveler
quote:
Hate to break it to you, it isn't just boomers in this scenario. A lot of the young people I worked with aren't saving much either. The comment I always heard went something like this, "I'll start saving and get in the 401 program after I pay off my car". You can guess how that is going to turn out.
That’s correct and it’s not going to get better. But this is a deadbeat baby boomer thread.
76 million boomers-not all had pensions/401k. Some work at 7-11.
65 million Gen X ers a lot without 401.
83 million Millenials most still living with parents who are baby boomers spending their savings on their deadbeat kids.
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