Retirement Planning - Lessons Learned

[Steppenwolfe]

There are certainly those, no argument.

But there are a pile that have been dorked by the unions, the government, and crappy employers, and just shitty luck.

Every time I get to feeling cocky I try to look back at some pivotal breaks I have gotten. I have not been poor since my early 20's, and not saying I would have been destitute, but man, missing a couple of 20% gains would have meant working for several more years.

Best,

ed

Understood. My wife and I started out with less than zero... literally.

 

[Steppenwolfe]

Brother, from what I can tell from your posts, you get it. I quit a high paying job to teach HS Economics in a school with 3/4 of families living below the poverty line. Today I showed them how to use a spreadsheet to put together a personal budget. You would think I invented fire.

I applaud your altruism; but try not to be let down by the "long row to hoe" these kids are up against. Been there, done that...

 

[Torvy]

As long as I get through to a few of them, I will have done more good than a bunch of well-meaning people giving them 'free money.

 

[MoKelly]

Sir... I am self employed; have been since I was 23. I get to pay double SS. And yes, the 7 years between 15 and 23 I assume my employer paid the other half... REAL BIG MONEY back then. I get reamed on SS... I sure hope I live long enough to get it back.

Fantastic.

The cap on FICA is much higher now than back then. When I started paying double it was 7.65% (x2) on the first $51300. Now I’m paying 6.2% (x2) on the first $142800.

Been doing that since 1990. Can’t believe it but that’s been 30+ years.

Time flies.

MoKelly

 

[Frankenkubota]

I have no idea why you people are so obsessed with politics. I know a guy who runs a water delivery service. His wife has cancer, and has a medical marijuana card. Her pot is way cheaper than recreational pot, because it's not taxed. What part of that do you not like?

for me it's not politics, it's principle. i quit voting when they said that corporations are people. if it was up to me i'd blow it up and start over with a king that had a good attitude.

as far as your buddy......best wishes there. i was caretaker for 3 older guys, all who had cancer, while i was living in oregon.

i object to the govt causing so many more problems than they fix and the sheep that follow blindly, just as long as the bennies are rollin and the money printing presses are oiled.

When i lived in portland and frequented the dog parks one of the most common statements i heard, over and over was....the city should do something about that...whatever.

again, tell me anything the govt does well.

that's what i object to.

again, good luck to your pal.

 

[Frankenkubota]

As long as I get through to a few of them, I will have done more good than a bunch of well-meaning people giving them 'free money.

the most valuable thing on this planet is a good teacher...imho

 

[newbury]

<snip>

Only investment where I have lost is individual stocks and I quickly realized I would always be behind the curve.
<snip>

Same here, must be timing or luck of the draw.
Just before the 2008 crash I and most of my cohort at work had been heavily investing in the market. But I was suffering from a pinched sciatic nerve and the drugs were starting to affect my judgement.
I pulled all my retirement funds out of the market.
All my cohort at work lost 30% or more.
DEFINITELY changed a lot of retirements.

 

[Paddy]

Retirement planning is well documented. Sure, save early. Easier said than done for some.

I grew up in a nice neighborhood in the 60's and 70's. Dad was an engineer, so I became one too. Go figure. Life has been great, big house and bigger 401K

As I skated through life, doing somethings right, some things wrong, I always had parents, grand parents, MIL/FIL and spouses grand parents to fall back on. I/we never did need much of any help. But it was there! So buying my first pc of land at 21 years old on contract, was a huge privilege.

I'm a very lucky person. I have always recognized much of my opportunity was due to my placement on this planet. Thanks Giving has always been a special day for me.

For many people, USA and the globe, their birth locations and economic position, make change very difficult. I really hate it when people say, " just pick yourself up by your boot straps". Easier said than done for some.

 

[cqaigy2]

That's admirable. I got a free high school education and heavily subsidized college education courtesy of the taxpayer. It helped a lot. Washington's minimum wage is $13.69, but I doubt many people are looking to work for that. Around here, Taco Bell starts employees at $14.20. Maybe it's different in the South. Do Walmart and grocery stores only charge 50% of PNW prices there?

The $300 unemployment boost expires in September, and 26 states have already cancelled it without seeing an uptick in hiring. It looks like the "nobody wants to work" rant was just BS. People aren't willing to sit still and be screwed any more. The handwriting on the wall is, if you have employees you better keep them happy. Half of them would like to work elsewhere, and 44% already have one foot out the door.

Is now a good time to change careers? More workers are feeling good about it

In an exclusive ‘Fast Company’-Harris Poll, 59% of middle-income workers said they’re thinking about changing jobs. Remote work continues to be a draw.

www.fastcompany.com

See that's where you have to get people upside down on their homes. That way they are stuck there and can't go somewhere else to get better pay.

 

[RickB]

Same here, must be timing or luck of the draw.
Just before the 2008 crash I and most of my cohort at work had been heavily investing in the market. But I was suffering from a pinched sciatic nerve and the drugs were starting to affect my judgement.
I pulled all my retirement funds out of the market.
All my cohort at work lost 30% or more.
DEFINITELY changed a lot of retirements.

I didn't lose a cent in 2008 because I didn't sell a single share of anything I owned. Only those that choose to sell low lose in a down market.