Posted on 05/31/2020 7:10:02 AM PDT by where's_the_Outrage?
By and large, Americans of all ages believe they are building healthy nest eggs that will support them through a long retirement.
In fact, 60% of all workers say they are piling up savings adequate to last through their golden years, according to the 20th annual Transamerica Retirement Survey of Workers.
But the actual numbers suggest something different.
The median-sized nest egg for baby boomers is a relatively paltry $144,000, according to the Transamerica Center for Retirement Studies. The median is defined as approximately the midpoint of the range in a given category.
(Excerpt) Read more at msn.com ...
They believed that GVT would take care of them.
Do you think that people with flush 401ks are going to keep them in 15 or 20 years?
Best financial thing my wife and I did was taking a Dave Ramsey course.
Dave and the whole gang rock. To para phrase: “Adults devise a plan and follow it, children do what feels good-
I know I don’t have retirement money saved up. Fortunately, I have a work at home job where no one can see me getting older. No heavy lifting, so I will just work as long as I can. Hi am grateful that I live in a time and place where I don’t have to pull a plough or shape and corn iron into horseshoes.
If you don’t have any debt, it is a lot easier to live beneath your means.
I understand that lots of “kids” have a ton of debt. But the problem, as I see it, is that they keep the debt growing instead of shrinking it.
I remember laughing when Ramsey talked about not caring what his credit score was, because he paid for everything in cash. When you don’t need debt, it is amazing how much money will keep being offered to you.
Medical bills wiped us out. We have nothing saved for retirement. I will work until I die.
The ugly truth about retirement savings is that the politicians spend money they dont have by printing money. Where does that wealth come from? It comes from those retirement savings by deflating the value of the dollar.
It’s the perfect crime, it slips the retirement out of the back door of every bank, social security payment and tin can buried in the back yard silently and puts it in their hands to siphon off as temporal wealth.
This PLANdemic stole 10% of everyone’s savings, this year.
You cannot save anywhere near as fast as the Pelosi Mafia can steal it.
Dumbest thing I did WRT retirement was waiting 3 years before starting to save, although my company was offering up to 4% matching funds. If I had started saving when I started working I’d be able to retire early, or have several hundred thousand dollars more worth of accrued interest.
Never heard of Dave Ramsey, but I had various goals:
1. Become debt free (did that at age 47)
2. Invest in IRAs and 401ks
3. Plan to get monthly income. I have several sources such that I don’t need to touch IRAs/401Ks.
4. Don’t put all your eggs in one basket.
That is how the left destroys civilization.
When people have no confidence in private property being secure for the next 15 or 20 years.
It has worked to destroy civilization in several places.
Just look at Cuba, Venezuela, Cambodia, Russia.
China has simulated private property rights for 40 years, and has prospered.
But their charade, propped up by gifts and theft from the West, is starting to fray at the edges.
No problem. You can just go out and loot.
That’s a rough version of the Ramsey plan.
1. Save 1000.
2. Throw everything outside of that 1000 to your debts, starting with the smallest to largest. Pay off everything except the house.
3. Save 3-6 months of expenses in an emergency fund.
You cannot save anywhere near as fast as the Pelosi Mafia can steal it.
Steal or Destroy. The left is very good at destruction. They revel in it.
They expect the productive to bail them out, no matter how much they loot and steal.
It works for them, for a considerable time, as the loot the legacy of generations.
At a certain point in my career I substantially reduced my 401(k) contributions for two reasons: (1) I had no confidence in the tax environment 25+ years later when I began to withdraw the money, and (2) I decided I had a lot more options for investing the money effectively OUTSIDE a retirement plan.
Tell me about it. I worked around the perimeter of the house yesterday. Weeding, raking, bagging, trimming. Two hours later I was wiped out. Toast.
I could never do the physical jobs I did when I was in my 20’s and 30’s.
Thank God I was smart and thrifty enough to save and invest along the way so I’m fine.
I out just enough in the 401K to get my maximum employer match.
Same here. My work is also portable, I can go anywhere.
I have serious concerns about what happens in 2025. President Trump will leave us with a lot of back stops, most importantly, the Supreme Court and federal judiciary. And wrecking the Chinese economy to an extent that they won’t be able to quickly rebuild will be a gift for years to come. Plus, he’s not dragging us into stupid wars and dispatched Obama’s ISIS.
However, the millennials and the generations coming up behind them are thoroughly brainwashed. It’s quite amazing. Go to any discussion board on any topic, weddings, parakeets, pianos, it doesn’t matter. There will be Trump bashing worked in.
As the Boomers make their final exits, the useful idiot class is expanding. They also truly despise Boomers, btw. They blame the Boomer generation for all problems and are convinced that taking their hard earned, double taxed social security is stealing from the brats.
Apparently, there are a few things they don’t teach in Common Core. The children can’t understand that without Boomers, none of them would be here.
But, the real point is that they outnumber the grownups and the stupid bloc will continue to grow as the reliable conservative base shrinks.
They will quickly turn America into a horror show. Unlike previous generations, they won’t smarter up as they mature. We did, but only because we were given solid cores as children, not full indoctrinations.
After listening to Dave Ramsey and some other financial advisors for a long time, I decided that Ramsey is probably wrong on one key point. Paying off your home may not be a good idea for most people. I think Ric Edelman is right on this one: The way our tax code and our financial system is set up in the U.S., owning a home worth hundreds of thousands of dollars free and clear is a terrible idea if you can afford to carry a mortgage on it.
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