Ping.
Yes, if you have money to put into retirement your taxes are too low.
Government should be doing all of that stuff so EVERYONE can eat, drink, be merry, and vote appropriately.
Stop worrying about it, socialism has safety nets for such things.
You see where this is going, right?
Been semi-retired (wife completely retired) for almost 3 years now. We are getting by on about 65% of our former household income rather easily. And that includes paying for our own health insurance now. And taking a European vacation each year, just like we have for 12 of the last 15 years.
Of course, we’ve been in training for 25 years at living below our means.
If I hadn’t begun retirement planning at the age of 36 after husband 1.0 decided to rake me over the coals, I would have been in really bad financial shape when I had to retire 3 years sooner than planned. As it is, I’m grateful that the Creator let me last so long in the workplace.
Well, you don’t have to save that much because you have also social security to help out:)
You’ve got a point.
Inflation is a hidden tax, that bleeds off savings and makes long term projections and comparisons difficult or impossible. The collapse of the financial system has me scratching my head - are these people delusional? Have they not been paying attention, or perhaps they think the alligator will eat them last.
Without knowing the FUTURE inflation rate or FUTURE government policies, retirement planning is really just a wild a** guess anyway.
Best to learn to live a little below you means, save as much as you can, learn to invest and management your money and plan on working longer (at least part time). That’s about the best you can do.
Can one accumulate food stamps like cell phone rollover minutes? I suppose I could live slightly under my means-—and eat every third day.
It doesn’t matter anyway.This Government of ours will eaither tax the hell out of it,Increase inflation so high that a pention cannot keep up or destroy the stock market values like they have already.
With this government there is No such thing as retirement planning.You just can’t plan on the destructive things their doing.
This article feels like a plea for retiring Baby Boomers to blow wads of cash on facials, vacations and “hobbies” to boost the economy because they “likely won’t need all their savings”.
Spending all the retirement money now only makes since if there is NO risk of someone outliving it. And if you die with extra left over, you don’t care.
This article only makes sense if you trust the government not to send you home to die because they have no money for you.
With a paid off, modest house in a moderate to low cost of living area with moderate to low property taxes, it’s still entirely possible to retire reasonably comfortably with the proceeds from Social Security alone, and even that being based upon lifetime earnings that were just as moderate as everything else.
My mom hasn’t touched the retirement accounts my dad scrimped and sacrificed to save, other than required distributions. She gives those to my sister and me. Those investments have taken a bit of a beating despite the both of us, my mother and I, attempting to beat the inevitable back in late 2007 and early 2008 by trying to set things up in other, more stable investments.
Obama’s gambit back in August, of using the fear of SS checks not being sent out backfired with her. She’s still Democrat, voted for him in fact, but that really rattled her. She can’t stand him now. Look at the approval ratings for back then, he really damaged himself with seniors by doing that.
All I know for myself personally at this point, though, is that “retirement” as it has been understood likely isn’t going to be in the cards for me or for the majority of people my age and younger. There is no certainty, incomes are falling, costs including taxation are rising. No end in sight, either. Looks like we’re heading back into scary times along the lines of 2008 again. The fundamental problems have not been addressed. Throwing money at it by the truckload just papered it over for the time being.
I was right on track for semi-retirement at 50 until 07-08. My formerly very successful small business was done in by bad debt, customer bankruptcies and mergers. Now, it’s looking like I’ll be fortunate to be able to merely go part time in my dotage. I’m trying to regain my footing by opening an e-commerce business in addition to having gone to work for one of the few former customers to thrive. If that succeeds, maybe my old age will be less of a grind. If it or some other effort doesn’t, I’ll be working in some capacity until I drop.
I’m far from alone in being in this predicament.
I say save as much as you can, I’d much rather have much more than any system advises. However, my problem is that I need to learn how to spend again....
Thanks Silentgypsy for the ping.
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I say save as much as you can, I’d much rather have much more than any system advises. However, my problem is that I need to learn how to spend again....
Thanks Silentgypsy for the ping.
Dave Ramsey Fan Ping List.
If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.
Dave would say, Normal doesn't save anything. Normal worries about all the above and doesn't even start saving.
Weird starts early, say at age 22. He opens and puts in the minimum and works up to the target. By age 26, he has thousands tax free. By 60 he will have millions tax free.
Yeah, Normal, worries and doesn't do a thing. Normal will be living in a double-wide, if he's lucky, and eating dog food for retirement.
Oh, and Normal probably ridiculed Weird along the way.
Agreed. A huge bunch of worthless drivel.