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Joined: Dec 2007
Posts: 11,212
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2007
Posts: 11,212 |
Worse, the Fed is deliberately keeping interest rates so low that people cannot build up enough savings for retirement. They're forced into risky investments which will likely collapse like a bubble some day.
I'm surprised that the Millenials are not setting up guillotines in Washington. Perhaps their support for Sanders is their way of doing that. So you think high interest rates are the answer? Why do people have to be at the mercy of Wall Street when it comes to their retirement? I don't see a problem with higher interest rates, then again I don't live my life in debt up to my eyeballs.
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Joined: May 2004
Posts: 56,172 Likes: 14
Campfire Kahuna
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Campfire Kahuna
Joined: May 2004
Posts: 56,172 Likes: 14 |
There are now around 40 million seniors in this country; one in six is living below the poverty level. That’s about 6.5 million people. To put that number into perspective, that’s roughly the population of Massachusetts.
Elections have consequences. By 2050, there will be 90 million seniors. There is no estimate of how many will be living in poverty. I won't be here to support them. Phfffft! Between 1985 and 2010, the number of 65- to 70-year-olds working for a paycheck almost doubled. And almost three-fourths of all Americans now plan to work in retirement. It's the land of opportunity, not guarantees. In about 20 years, the number of people receiving Social Security benefits will increase from 61 million to 91 million. That’s almost 50% more. I'm not one of them. Suck it up....... Try living on $332 a week! BTDT. Buy some hooks, catch a fish, stop whining. The program faces unfunded liabilities of more than $38 trillion over the next 75 years. That comes to approximately $328,404 for each household in the United States.
Darwin is my hero. Besides, in 75 years $328K will be beer change. Champagne will cost a lot more.
I am..........disturbed.
Concerning the difference between man and the jackass: some observers hold that there isn't any. But this wrongs the jackass. -Twain
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Joined: Dec 2010
Posts: 19,257 Likes: 11
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,257 Likes: 11 |
When I retire I want to build a margarita cart and push it up and down the beach. I'll get exercise, meet happy people on vacation, see pretty girls in bikinis and have an all cash business with no register. What's not to like about a retirement job like that?? I'm sure that would be illegal for some fuggin reason. Almost everything fun is.
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Joined: Feb 2007
Posts: 11,789
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2007
Posts: 11,789 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off.
NRA Patron
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Joined: Aug 2009
Posts: 20,824
Campfire Ranger
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Campfire Ranger
Joined: Aug 2009
Posts: 20,824 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off. You do realize stocks can and do go to zero? Many believe the bond bubble is ready to pop. How many people in mutual funds have lost ground due to management fee's etc...
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Sorry, trump is a no tax payin pile of shiit.
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Joined: Jan 2012
Posts: 9,391
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2012
Posts: 9,391 |
DD and Ed M should be listened to by those who would whine.
I have been financially independent since 2000. I was rescued from retirement by 9/11 and became addicted again to working w/ young people w/ a mission. I retired for good 6 weeks ago and can now enjoy it.
Anyone w/ good credit can borrow at a rate lower than what can be earned w/ smart investing. This is still a country w/ amazing opportunities and great tax shelters for those who pay attention.
mike r
Last edited by lvmiker; 05/23/16.
Don't wish it were easier Wish you were better
Stab them in the taint, you can't put a tourniquet on that. Craig Douglas ECQC
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Joined: Dec 2007
Posts: 11,212
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2007
Posts: 11,212 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off. Not everybody wants their future at the mercy of Wall Street. The game is setup, you're going to give your money to them to play with or plan on earning less than 1% On your money .
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Joined: Aug 2009
Posts: 20,824
Campfire Ranger
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Campfire Ranger
Joined: Aug 2009
Posts: 20,824 |
DD and Ed M should be listened to by those who would whine.
I have been financially independent since 2000. I was rescued from retirement by 9/11 and became addicted again to working w/ young people w/ a mission. I retired for good 6 weeks ago and can now enjoy it.
Anyone w/ good credit can borrow at a rate lower than what can be earned w/ smart investing. This is still a country w/ amazing opportunities and great tax shelters for those who pay attention.
mike r Of course you are correct and I have employed that very strategy myself and retired at a young age. My point is the bigger picture and the well being of the average person. There is little doubt in my mind the country is going economically down hill at a rapid pace. Cheap and easy credit has a huge price, nothing is free.
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Sorry, trump is a no tax payin pile of shiit.
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Joined: Sep 2010
Posts: 3,891
Campfire Tracker
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Campfire Tracker
Joined: Sep 2010
Posts: 3,891 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off. Republicans love to whine about redistribution of wealth thry the tax revenue system but Wall Street was saved by dropping the interest rate which has done nothing but rape the savers and coupon clipping widows out of billions of earnings and put It in the pockets of equity investors most of them institutional investors.If that isn't a redistribution of wealth then I don't know what is.
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Joined: Oct 2004
Posts: 50,169 Likes: 1
Campfire Kahuna
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Campfire Kahuna
Joined: Oct 2004
Posts: 50,169 Likes: 1 |
They have an old saying that goes something like this...
"Do what the others aren't doing when you're young, so you don't have to do what they're doing when they get old."
This might include getting a good education, taking the risk of starting a business, dedicating your youth to the service of others or just saving your money.
The only thing worse than a liberal is a liberal that thinks they're a conservative.
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Joined: Nov 2013
Posts: 28,846 Likes: 11
Campfire Ranger
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Campfire Ranger
Joined: Nov 2013
Posts: 28,846 Likes: 11 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off. Yeah, it goes down, and then it goes back up. Problem is, if it goes down after you've set up your draws for retirement income, you can end up living off your principal. Unless you're really well fixed or can go back to work (ugh!), it's hard to recover from that. When I retired, I could have taken a lump sum and rolled it into an IRA, or taken a pension. I took the pension because I didn't want to dread hearing the financial news every day. Maybe an IRA would have made me a bit better off, but I sleep better with the pension. One of my friends took the lump in 2000, invested wisely, and even after drawing out a fair chunk over the years, has more money than he started with. But he also has worked for the majority of that time so his "retirement" is really in name only. He just hired out again, at age 66, just because the money's so good for what he's doing that he feels he can't pass it up. I'd rather fish and hunt.
What fresh Hell is this?
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
When I retire I want to build a margarita cart and push it up and down the beach. I'll get exercise, meet happy people on vacation, see pretty girls in bikinis and have an all cash business with no register. What's not to like about a retirement job like that?? Problem: pretty girls in bikinis? Where they going to put the cash? Gonna have to take debit card. you haven't been in some of the bars i have been in, they could do wonders with a rolled up dollar bill.
THE BIRTH PLACE OF GERONIMO
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
Worse, the Fed is deliberately keeping interest rates so low that people cannot build up enough savings for retirement. They're forced into risky investments which will likely collapse like a bubble some day.
I'm surprised that the Millenials are not setting up guillotines in Washington. Perhaps their support for Sanders is their way of doing that. So you think high interest rates are the answer? Why do people have to be at the mercy of Wall Street when it comes to their retirement? I don't see a problem with higher interest rates, then again I don't live my life in debt up to my eyeballs. it isn't wall street setting interest rates, it's the fed.
THE BIRTH PLACE OF GERONIMO
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
Not sure way all the adversity towards wall street. Yes it dropped a lot in 2008, and it has before and will but has fully recovered. Over time it has paid off very well. If you can set aside money in a near zero interest account, you can set it aside in stocks bonds and other such investments, and be far better off. You do realize stocks can and do go to zero? Many believe the bond bubble is ready to pop. How many people in mutual funds have lost ground due to management fee's etc... another wrong one, during the depression many banks failed, the bigger companies survived just fine.
THE BIRTH PLACE OF GERONIMO
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Joined: Sep 2010
Posts: 3,891
Campfire Tracker
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Campfire Tracker
Joined: Sep 2010
Posts: 3,891 |
There is a lot of talk about how we are leaving the next generation in tremendous debt etc. however there is almost no discussion about how they will be the beneficiaries of everything we ( baby boomers) own because as they say a shroud has no pockets. The intersting thing is how all of our stuff will flow to the next generation. Will someone buy your $250,000 house for $150,000 because of devaluation, or will you spend your entire net worth on health and longevity term care as you age. Will the govt enact stringent estate taxes to pay off the debt? There are thousands of scenarios out there and none of the great financial gurus and economists have a clue or even seem to have recognized the fact that over the next 25 years there is going to be the greatest inter generational transfer of wealth in history.
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Joined: Aug 2004
Posts: 5,691
Campfire Tracker
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Campfire Tracker
Joined: Aug 2004
Posts: 5,691 |
If you think the low interest rates are killing retirees, wait until the ramifications of quantitative easing begin to kick in. Work, save, invest all your life and watch government steal your money's value to buy votes from shiftless layabouts.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." TJ
"All that is necessary for the triumph of evil is for good men to do nothing". EB
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
The number one biggest asset you have is time. That is, if you are now under the age of 40. If you are over 50, time is your biggest liability.
The sooner you start saving the better off you'll be; the later you start... well, welcome to $322 a week. Einstein is (arguably) attributed s saying "Compound interest is the most powerful force in the universe". Regardless as to who said it,it is a true statement. Save as much as you can, as early as you can and in low cost investments.
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Joined: Jan 2001
Posts: 28,400 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Jan 2001
Posts: 28,400 Likes: 1 |
Gunnery, gunnery, gunnery. Hit the target, all else is twaddle!
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Joined: Nov 2002
Posts: 33,752 Likes: 6
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,752 Likes: 6 |
For many folks, myself included, paying cash is just plain dumb. Never saw the time where paying cash was was dumb for us, but can realize that it can happen. Just happier to be set like Shod basically, all paid for, never paid a dime in interest, and so on. Not retired yet, but working hard on semi retire and just enjoy it best we can. Paying interest instead of paying off just never made sense to me. Of course if you could pay 10% and make 18% it would. This. I just refinanced my home at 3% for 15 years. With my interest deduction I am looking at 2ish% money that is available to invest and make good money with. Like I said, "for many folks", not all.
Conduct is the best proof of character.
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Joined: Dec 2008
Posts: 3,079
Campfire Tracker
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Campfire Tracker
Joined: Dec 2008
Posts: 3,079 |
Yep, house, vehicles, etc… everything is paid for. Still costs me $800/month in taxes and insurance just to live and breathe. Actually it's more than that, but I don't want to be accused of exaggerating.
Income tax runs almost $1000/month for two retired educators pension checks.
Anyone with some property within walking distance to a town water supply will be able to rent out tent space by 2050.
Alan
Food is at the core of Hunting and Fishing - Rebecca Gray
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