Posted on 12/17/2004 12:15:42 PM PST by Constitutionalist Conservative
Back at you, and yours. ;)
Of course one could save for retirement, like we did, and move to Citrus County, Florida where the best restaurant is The Outback Steak House, and eat at home mostly.
Seems there are no shortage of Applebee's and other assorted fast food junk palaces with kids that are determined to say ... "no problem" when you ask for something.
No problem? You work for $2 bucks per hour and tip, you bring me a glass of water and when I say thanks, you say "no problem"?
Poor little dears. I had no hint that it was a problem.
In some states, there is that expectation. Saving for retirement has to come later. Sigh.
And don't say through taxation for state universities.
Perhaps like the old Soviet economy, where everybody had a ton of money in the bank, but nothing worth buying?
There would be nothing worth investing in either, because no one would spend their money, just "invest" it in now worthless entities.
Thank goodness for the folks out there who shop till they drop. They may be spending their retirement, but they make the world go round for everybody else.
It is not the proper function of government to incentivize savings. What the government should do is greatly reduce (and eliminate some) taxes on savings and investment vehicles.
Hee...we are in the exact same boat, (four kids, one on the way), so I know what you mean. Just the thought of paying tuition for one was enough to get us looking hard at our options and crunching numbers. Also, our family is FAR from affluent, so we know we can't even dream of help from anyone else. My grandparents (mom and dad's both) have done quite well for themselves through proper planning, so I intend to emulate them as best I can. My mother's parents made all their funeral arrangements 30 years ago. All my mom and her sibs have to do is execute their wishes and grieve. I hope to plan half as well, long-term!
Never waver - It works. I am 59 years old and have been retired for 5 years.
I don't live an extravagant life but I do pretty much whatever I want to do.
I am doing something similar. While I am putting some money aside that I have sort of earmarked as a college fund, it's not in a 529 plan or anything that would prevent me from using it for another purpose.
If you should decide to change your mind later and contribute to their college tuition, you can make early withdrawls from an IRA for education expenses. The withdrawls are not subject to the 10% penalty, although they will be taxed as income.
I vacation on Topsail several times a year. It has gone through some drastic changes the past 3 to 4 years. Love it down there. Play golf at North Shore and travel inland a little to Olde Point and Castle Bay.
Well, an expectation is different from law. So, which is it? I would love to avoid a state that has found yet another way to tell me what to do with my savings.
Good thinking, it worked for my six brothers and sisters and I and we all have 13 college and post-grad degrees now.
Dear exnavychick,
Sensible policy.
When your children apply to college, the standard financial aid calculation will take into account using a percentage of their savings, and the savings you've earmarked for them to use for college.
However, that same calculation may not take into account your retirement savings.
Thus, if by the time your children have reached age 18, and are ready to ship off for college, if you have, say, $100,000 saved for college education, then the folks who compute financial aid eligibility will expect you to use a percentage of that $100,000 each year while your children are in college.
But if the $100,000 is all in 401(K)s and IRAs, then the folks who compute financial aid eligibility cannot factor those savings into the calculations.
As a result, your children will be eligible for more financial aid, and your children will be eligible for better student loan programs.
sitetest
Where did you get the idea that soviets had tons of money in the bank?
As far as what would the economy look like if everyone saved enough for retirement? How about a federal budget of half what it is now and ALL citizens having larger paychecks both because of lower taxes and because of greater business activity.
I hope you like the smell of boiled cabbage.
I'm glad to know that I'm not totally crazy, lol. Some people have all but accused us of neglect for our stance on the subject.
My father retired at 57. He could have retired at 49 but my mother wouldn't let him.
There is only one way to do that. Try to not leave a huge mess someone has to clean up.
You are exactly right. If I knew how long my wife and I are going to live I could figure out when it would be safe to start tapping the principle on investments.
Since I don't have a crystal ball I have to plan as if we are going to live forever.
Oh hell yeah, right on, the more you save for college the more college expects you to pay. The kids will be fine, and you can always help them pay off loans when they're out of college.
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