Posted on 08/27/2018 12:25:53 PM PDT by TangledUpInBlue
Oh, it's coming.
You see, Baby Boomers and their Greatest Generation parents decided to ship all the blue collar jobs overseas, import armies of migrant slave laborers for the few that remained, raise the cost of college for their Millennial children and grandchildren to a price comparable to buying a home and then demand that even the most menial job require a college degree.
So when these Millennials start voting for student loan forgiveness because their $11.00/hour job can't pay off their $80,000 degree, don't be surprised. Also, don't be surprised when they vote themselves socialized medicine which means they'll be able to afford getting their child's broken arm set at the expense of your cancer treatment.
The friends I was referring to in my previous post had one of these prior to the SH&T hitting the fan:
https://www.yachtworld.com/boats/1991/Tayana-55-3072292/Charleston/SC/United-States?refSource=browse listing#.W4Rcz420VD8
They used to call him the “mayor of C dock” at Wentworth Marina in New Castle, NH. When you have a 55’ sloop. You make a lot of friends. The boat when bye, bye when their granddaughter was diagnose with leukemia. She is alive, well today and has children of her own.
As a result of that,as well as thanks to hard work and a fair amount of good luck I'm far from poor (as I define the word) and I'm just as far from being rich.
I'm reluctant to judge the circumstances of others.Bad luck is just as real as the good luck I've experienced.
This country's been good to and my family.My family has also been good to me,as has at least one employer.
This story surprises me....and of course each person/household has an individual story.
Les than $5K? I guess they made some bad decisions along the way. I wonder who is responsible for that? Oh, well...
Bingo! That’s the secret. When the kids are young and still at home doing part-time jobs. That’s exactly when they ought to be socking away 10% plus employer contribution. The money they are earning at this point may be partly for college and mostly for fun, not really for necessities.
It seems to me that the age of the individual should be factored in.If someone my age (I'm old enough to have had a draft card) had only $5,000 in savings that would be incredible.But if it's a young kid in his/her early to mid twenties it might not be that bad.
I was thinking the same thing when I read that.
Pension= No social Security???
Only if your Pension is from the Federal Govt.
And that pension is way better than Social Security could ever be.
Median household income for 2017 was close to $60,000. Different sources report different individual median income levels, ranging from $31,000 in 2016 to about $50,000 in 2017.
In any event, 50% of Americans do NOT support a family on $30,000 per year or less.
My wife and I are in our mid-50s and we have $1.3m in 401(K) between us but we are so concerned it won't be enough that I recently increased my contribution to the max. Speaking for myself, it wasn't terribly hard to do. Since my mid-20s, I've been contributing at least 7% of my income and getting a company match of 3% - so 10% of my income for 30 years.
I just know that I'm going to have to pay much higher taxes to help those who didn't save.
I ref high school and USAV volleyball. I live in Texas and there is plenty of work to be had for 9 months of the year.
Not nearly as good in most other states.
That includes our retirement income; not just my hobby.
LMAO.
It depends on when you want to retire.
If you wait until your 67, at 6% or 7% per year growth, your $1.3 million should come in at around $2.5 - $3 million. At 65, Medicare kicks in, and at 67, you get Social Security.
I’m going to assume, based on your retirement savings, that you and your wife will get above average Social Security benefits. Probably around $40,000 per year.
If you take an income stream of 4% from your retirement accounts (a reasonable amount if you want your money to last indefinitely), you’ll have a pretty generous retirement.
If you want to retire earlier, you won’t have the guesstimated $40K per year SS kicker, you’ll have less in your accounts, and you’ll need to pay full freight for health insurance until your 65.
I screwed up. I’ll be waiting tables soon.
The grasshopper and the ant. The grasshoppers vote for Elizabeth Warren and she gives them the ants’ nest eggs. We ants are vastly outnumbered by the grasshoppers. I anticipated this forty years ago. I have 52k defined benefit pension and over a cool mill in my 401k. Why bother? The Democrats are going to “recapture” that money before long.
You can get a pension and social security at the same time.
You left one off (for many seniors)
- Those multiple kids they put through college moved back home and never left. Mom and Dad still going to work in their 70s while middle-aged son or daughter lives rent-free, trying to figure out what to do with that gender studies degree. Actual plan: wait for parents to die, and battle siblings for what’s left.
My Dad gave me a suitcase for Christmas my senior year in high school. I took the hint and learned to take care of myself.
That truly is frightening. Must be they’re planning to live off the paltry Social Security payout — and that’s not even possible. Some have pensions, but pensions are ending for many so you can’t really count on that.
Generally, there are programs in place through employers that make saving for retirement pretty easy. Of course, if new toys and gadgets are a priority, that’s another story.
But that’s all outside of 401k. That’s my point. Unless they’re also tapping retirement assets to support their lifestyle they should have more than 5k if they sleep walk.
Many of them did not start early.
Another whole bunch of them got wrecked during the financial crisis. They got laid off and withdrew money to live on.
I could pass judgement on their cash flow management, but it won’t put any more $ in their bank.
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