I don't think traditional retirement savings is going to work

Discussion in 'Financial Cents' started by oil pan 4, May 14, 2018.


  1. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    I work every day, I don't depend on Unions (as the man above did) to support me.
     
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  2. oil pan 4

    oil pan 4 Monkey+++

    Millennials And Gold: First A Car, Then A House ... And Then Gold

    Market research firm finds that Millennials are:
    Burdened with crushing student debt.
    Out to make a fast buck.
    Or have already lost their asses in the bitcon bubble.
    Out number baby boomers (never underestimate the power of stupid people in large numbers)
    Saving nothing. 2/3 of them aged of 20 to 32 year olds that is (note the age range for Millennials is 20 to 35 and I'm not one of them)
    Not getting their shit together.
    In debt, to the tune of $42,000 on average.

    The only logical out come is they go after another honey pot. Social security has already been raided.
    Remember Obama said we are all too stupid to under stand how to invest our money and that the government should hold on to it for us, you know, just for safe keeping.
    Tell me if this sounds familiar. You will be able to keep your same retirement plan, everything will be better and cost less.
    From the people who brought you Obamacare, the 2 billion dollar Obamacare Web site no one uses, fast and furious, Russian collusion, failed on the launch pad 25th ammendment coup, complete one sided trade deals favoring china, the "it's technically not a recession" economy, ect.

    Ok, so open up the TSP for everyone as an option, or create something like TSP for non government employees. Problem solved. So simple an incompetent government employee can do it. Leave our shit alone.
     
    Last edited: Feb 19, 2019
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  3. TnAndy

    TnAndy Senior Member Founding Member

    I'd be curious to know the rest of this story, since at 74 he clearly qualifies for Medicare. Along with a zero premium medicare advantage plan (we use United Health care's plan), you have fairly decent coverage that has nothing to do with a Union plan.
     
  4. Gafarmboy

    Gafarmboy Monkey+++

    If, and only if, the markets crash. Money becomes totally worthless, we will all be working till "Death ".
    If you have not prepared your Ass-etts before you retire, you kind of deserve what you get. If you have been living the good life on Credit, someone else's money or what-ever and not saving 1/4 what you make, you deserve what you get. If you have been saving and putting a nest egg away for a rainy day, and it all becomes worthless, you deserve what you get. f you have kids that move back in with you and are swamped with debt, you deserve what you get. None of the above are sustainable. Being truly self-sufficient is extremely difficult if you wait to the end to do it. It is do-able if you work little be little as you grow older and wiser. I may sound like a dick-head, but think about it for a second. In the end, we usually reap what we sow and Life is a Bi### named Karma.
     
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  5. TnAndy

    TnAndy Senior Member Founding Member

    As it turns out, being truly self-sufficient ain't all that easy today. Think about it next time you order, for example, some rifle primers.
     
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  6. Motomom34

    Motomom34 Monkey+++

    Healthcare costs are crippling the elderly. I think the reason is that people are living longer due to modern medicine. Also prescription drug costs are draining their savings. Most of the elderly I know are on at least 5 different pills. Medicare does not cover all the cost for prescriptions, especially if you have money in the bank. Doctors are prescribing the new medicines that do not have generics yet.

    Years ago when I was still married, I met with my accountant for retirement planning. We were middle class and he said that in order to retire and live comfortably till death, we would need a million dollars + in retirement funds. That is not going to happen. So now I am looking at ways to be able to survive without having to work everyday for the rest of my life.
     
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  7. TnAndy

    TnAndy Senior Member Founding Member

    Not here. I take none, wife takes 1/2 pill/day of a blood pressure med (and if it were me, I wouldn't take that....her choice). Doctors WAY over prescribe meds IMHO, and people spend WAY too much time going to them (most of them are quacks) and worse, listening to them.
     
  8. Cruisin Sloth

    Cruisin Sloth Special & Slow

    I'm in the same belief , I do an aspirin maybe twice a year ..

    Now See Alice are the pills :: (Kidding)
    Sloth
     
    Last edited: Feb 20, 2019
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  9. oil pan 4

    oil pan 4 Monkey+++

    Illinois is trying to tax private retirement accounts to fund the state governments insolvent state retirement fund.

    Yes democrats will go after your retirement to confiscate at least part of it to prop up their failed social experiments.
     
    Last edited: Feb 19, 2019
  10. oil pan 4

    oil pan 4 Monkey+++

    Idk about you but as of the beginning of February for 2019 I pretty much hit my yearly Roth goals of 10% for the year.
    In a few days I will be able to see how March did for me (but I have a pretty good idea what it's going to say).
    Hell if trump just stayed president for life I might actually be able to retire at some point.
     
    Last edited: Mar 29, 2019
  11. oil pan 4

    oil pan 4 Monkey+++

    Yep I could put everything in safe bond type funds right now, not make any more money and call 2019 a successful year.

    A lot of investors get beat up by the market.

    What’s the Second Best Performing Asset Since 1999?

    Says "the average consumer investor made 2% since 1999".
    "Last year they lost 9.4%"
     
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  12. Cruisin Sloth

    Cruisin Sloth Special & Slow

    I'm the trustier / executor for Cpl H ( buddy just died ) , cleaning up the house Plus all .
    He picked us Col S & Ms to look after his wish .
    I cleaned the drugs out & filled two bags "winco " brown paper type and didn't layer them .
    Took to the selling pharmacy to destroy ,, so no dogs or birds get this.
    Doctors push pills & pharmacy's make money !!!
    Cpl H made 99 years old , his ashes will be mixed with his late wife & on the family plot.
    Sloth
     
  13. Wildbilly

    Wildbilly Monkey+++

    Go with the hookers, you will remember them til your dying day...and people will wonder at that smile on your face.;)
     
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  14. oil pan 4

    oil pan 4 Monkey+++

    Wish there was a MAGA composite fund.
     
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  15. Motomom34

    Motomom34 Monkey+++

    I was talking to my Mom about retirement planning. She said when she was younger, she was told that to live comfortably when she retired, she was told a couple hundred thousand. Please note this was in the 1970's. The world has changed since then. Now experts say one million plus. How the world has changed. Please note, people are living longer now. Something needs to be done but not sure how to fix this issue.
     
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  16. oil pan 4

    oil pan 4 Monkey+++

    I made 3% for 2020 and I feel like I made out like a bandit since everyone else got the hose again.

    This December I linked my 401k directly to my checking account to make transfers that much faster. Replacing the Snail mailing of a check portion of the transaction and just going straight through the federal Reserve should shave of at least 4 days.
    Now I wait for precious metals to crash and burn.
     
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  17. oil pan 4

    oil pan 4 Monkey+++

    Up 11% year to date.
    I sold large cap and bought mm funds not so close to the Q1 peak, but I called the bottom and bought back into large caps.
     
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  18. oil pan 4

    oil pan 4 Monkey+++

    Now should I sell and lock in the 11% and wiggle my way up to maybe 13% in mm and securities funds or risk it and possibly end up back at 3% again.
    Playing it risky I might be able to hit 15% to 20%.
    Seems like I have more to lose than I have to gain.
     
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  19. oil pan 4

    oil pan 4 Monkey+++

    Checked it again today. Nearly up nearly 18% for the last year and 14.6% year to date.
    I should probably go into bonds, mm, safe stuff soon.
     
  20. oil pan 4

    oil pan 4 Monkey+++

    I'm going to risk it and try to hang in there with large cap stocks into july.
    I'm up 18% for the last year and nearly 16% year to date. Just have to watch it daily.
     
    Gator 45/70 likes this.
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