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The Lack Of Retirement Savings

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  • The Lack Of Retirement Savings

    What going to happen with the US's aging work force in the next 10-20 years. It's commonly known that few companies still have defined benefit pensions and people can't/won't contribute to their defined contribution 401k/403b plans.
    Especially in blue collar industrial jobs, I expect there to be more age discrimination suits. Older people won't be able to do the job anymore, yet won't have the savings to retire. What do you think?
    http://www.investopedia.com/articles...alance-age.asp
    They say that you should only withdraw 4% of your money per year to make it last until death. That means that for an income of $20,000, you should have investments of $500,000.

  • #2
    Pi$$ poor planning on your part does not create a crisis on my part. The means to retire in style is there for most people. If someone chooses not to plan ahead then that's on them and not on me.

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    • #3
      Originally posted by T. A. Gardner View Post
      Pi$$ poor planning on your part does not create a crisis on my part. The means to retire in style is there for most people. If someone chooses not to plan ahead then that's on them and not on me.
      Damn strait, if you planned on uncle sugar to bail you out its all on you...
      Credo quia absurdum.


      Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

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      • #4
        Originally posted by T. A. Gardner View Post
        Pi$$ poor planning on your part does not create a crisis on my part. The means to retire in style is there for most people. If someone chooses not to plan ahead then that's on them and not on me.
        Exactly. I started prepping for retirement in my 20s.

        Too many people I know wait until they are in their 50s and then start wondering how it will work out.
        Any man can hold his place when the bands play and women throw flowers; it is when the enemy presses close and metal shears through the ranks that one can acertain which are soldiers, and which are not.

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        • #5
          Originally posted by T. A. Gardner View Post
          Pi$$ poor planning on your part does not create a crisis on my part. The means to retire in style is there for most people. If someone chooses not to plan ahead then that's on them and not on me.
          Originally posted by Bwaha View Post
          Damn strait, if you planned on uncle sugar to bail you out its all on you...
          Originally posted by Arnold J Rimmer View Post
          Exactly. I started prepping for retirement in my 20s.

          Too many people I know wait until they are in their 50s and then start wondering how it will work out.
          I'm not worried about myself, I also started in my 20's. It was just a general question that has more everyday implications on most peoples' lives than who the president happens to be.

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          • #6
            Originally posted by johns624 View Post
            I'm not worried about myself, I also started in my 20's. It was just a general question that has more everyday implications on most peoples' lives than who the president happens to be.
            I think the crux is who started thinking about it early, however haphazardly (as I did), and who left it for the last minute.

            I have a friend who did ten years with the State in the prison system, cashed in his retirement, did twenty with the highway patrol, cashed in most of his retirement, and is now working for a city; he's in his mid-60s, and worried about retiring on what little he has saved and a fifteen-year municipal pension.

            Whereas thirty years with the state would have kept him comfortable from fifteen years ago.

            Social Security teaches us that we can'tr count on Congress. I believe we should drop at least one semester class of the progressive BS they teach in high school and teach students about retirement options.
            Any man can hold his place when the bands play and women throw flowers; it is when the enemy presses close and metal shears through the ranks that one can acertain which are soldiers, and which are not.

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            • #7
              What many don't realize is that just contributing to your 401k isn't enough, especially if you're playing "catchup". It's a good start but you should also have an IRA and a regular investment account to put any extra money into. It's always a good idea to live well under your means. That way, it's easier to adjust to less income when you retire.
              The only thing my wife and I splurge on is our vacations. That way, if times get tight, we only have to change our lifestyle 1-2 weeks of the year. People who are constantly buying stuff and eating out have to change their entire way of living, and that's hard.

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              • #8
                You guys want to make some $$$? Here's some free advice. Those storage lockers hold auctions every month on defaulters. Buy the contents for a few bucks then sell the contents at one of the estate auctions. Go to the auction and bid the items up a bit.

                It's fun and very profitable...



                Sorry its a greed thing...
                Credo quia absurdum.


                Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

                Comment


                • #9
                  Originally posted by johns624 View Post
                  What many don't realize is that just contributing to your 401k isn't enough, especially if you're playing "catchup". It's a good start but you should also have an IRA and a regular investment account to put any extra money into. It's always a good idea to live well under your means. That way, it's easier to adjust to less income when you retire.
                  The only thing my wife and I splurge on is our vacations. That way, if times get tight, we only have to change our lifestyle 1-2 weeks of the year. People who are constantly buying stuff and eating out have to change their entire way of living, and that's hard.
                  Excellent advice.

                  Living beneath your means is critically important; avoid debt and build savings.
                  Any man can hold his place when the bands play and women throw flowers; it is when the enemy presses close and metal shears through the ranks that one can acertain which are soldiers, and which are not.

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                  • #10

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                    • #11
                      The banksters got a significant share of my savings. It's not that I didn't see it coming it was more a case of misplaced ethical standards.

                      I can't go along with you hard core free market people there are simply too many evil people in business.
                      We hunt the hunters

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                      • #12
                        Originally posted by wolfhnd View Post
                        The banksters got a significant share of my savings. It's not that I didn't see it coming it was more a case of misplaced ethical standards.

                        I can't go along with you hard core free market people there are simply too many evil people in business.
                        Yeah Enron got a significant piece of my hide. Learned from that I did. Stocks and bonds are a sucker bet...

                        Better is buying land. The prices may fluctuate but at least you own the land...
                        Credo quia absurdum.


                        Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

                        Comment


                        • #13
                          Originally posted by Bwaha View Post
                          Yeah Enron got a significant piece of my hide. Learned from that I did. Stocks and bonds are a sucker bet...

                          Better is buying land. The prices may fluctuate but at least you own the land...
                          I stick with Wal Mart, stock-wise. I've dabbled in oil companies, but they fluctuate too much for my taste. I don't have the nerve to gamble on the market.

                          Municipal bonds are safe, so long as they are from a red state.
                          Any man can hold his place when the bands play and women throw flowers; it is when the enemy presses close and metal shears through the ranks that one can acertain which are soldiers, and which are not.

                          Comment


                          • #14
                            Originally posted by Bwaha View Post
                            Yeah Enron got a significant piece of my hide. Learned from that I did. Stocks and bonds are a sucker bet...

                            Better is buying land. The prices may fluctuate but at least you own the land...
                            Land is better. Particularly if you have the means to do basic improvements to it. Take a raw lot that's a good buy and grade it where it's buildable. Big, big increase in price. But, that takes work and know-how.

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                            • #15
                              You forgot exploiting the government. My neighbor and his buddies made a small fortune with section 8 housing. The trick apparently involves buying and selling to each other and illegal evicting deadbeats and vandals. The downside is it is apparently dangerous based on the number of times renters beat him up and his life was threatened. You also have to be able to intimidate drug dealers.

                              I declined his generous offer to get me started in the business :-)
                              We hunt the hunters

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