patrick.net
An Antidote to Corporate Media
1,190,143 comments by 13,851 users - DhammaStep, socal2, UkraineIsTotallyFucked online now
Here's how much money Americans think they need to retire comfortably
invite response
2020 Aug 5, 6:18am 5,543 views 48 comments
« First « Previous Comments 28 - 48 of 48 Search these comments
28
clambo
2021 Jan 5, 9:06pm
I’m struggling with the concept today.
I believe that many people can get by with social security and $1/2 million.
$500k could provide $2500/month, and with social security a guy could make ends meet probably.
I have more, but it’s strange; I am so attached and possessive of my investments that I struggle to sell anything to use for income.
I won’t mind spending social security of course but I’m greedy and like the capital appreciation I got in the last 2-3 years.
I took a friend to dinner tonight for her birthday and she said “Don’t wait, you have enough, you can spend it.”
I’m worried about the people who have no savings nor investments. They better wake up and smell the coffee.
I believe that many people can get by with social security and $1/2 million.
$500k could provide $2500/month, and with social security a guy could make ends meet probably.
I have more, but it’s strange; I am so attached and possessive of my investments that I struggle to sell anything to use for income.
I won’t mind spending social security of course but I’m greedy and like the capital appreciation I got in the last 2-3 years.
I took a friend to dinner tonight for her birthday and she said “Don’t wait, you have enough, you can spend it.”
I’m worried about the people who have no savings nor investments. They better wake up and smell the coffee.
29
HeadSet
2021 Jan 6, 8:00am
HeadSet
2021 Jan 6, 8:00am
clambo says
You might need worry about the number of those folks with no retirement savings. They may number enough to get left wing politicians vote to have your savings redistributed "fairly." After all, no autocratic government like to see independent self sufficient citizens. From the days of Pharaoh thru Communism and Sadam, the autocrats want to own all and distribute it out according to their "generosity."
I, just like you, am a saver. I had no inheritances, but have have set aside enough money during my working life so far to retire comfortably for decades along with a paid for house. But I see the an uncomfortable attitude gaining traction, with forgiveness of student loans. I started saving for my daughters college from when she was born, and during that time, I watch the price of college skyrocket mainly because of easy access loans taken by irresponsible people. It is sickening to see a family who bough two luxury cars over the 18 years their kid grew up rather than put it in a college fund get a free education. The kid's college will cost me $120k, or about the price of two Lexus cars. This same attitude may spill over to retirement savings.
I’m worried about the people who have no savings nor investments. They better wake up and smell the coffee.
You might need worry about the number of those folks with no retirement savings. They may number enough to get left wing politicians vote to have your savings redistributed "fairly." After all, no autocratic government like to see independent self sufficient citizens. From the days of Pharaoh thru Communism and Sadam, the autocrats want to own all and distribute it out according to their "generosity."
I, just like you, am a saver. I had no inheritances, but have have set aside enough money during my working life so far to retire comfortably for decades along with a paid for house. But I see the an uncomfortable attitude gaining traction, with forgiveness of student loans. I started saving for my daughters college from when she was born, and during that time, I watch the price of college skyrocket mainly because of easy access loans taken by irresponsible people. It is sickening to see a family who bough two luxury cars over the 18 years their kid grew up rather than put it in a college fund get a free education. The kid's college will cost me $120k, or about the price of two Lexus cars. This same attitude may spill over to retirement savings.
30
B.A.C.A.H.
2021 Jan 6, 8:37am
B.A.C.A.H.
2021 Jan 6, 8:37am
HeadSet says
Another one is a federal bailout for states and municipalities.
Just who are we bailing out?
Public employee pensions and bond holders.
As much as I loathe punk-ass draft dodging coward McConnell I hafta agree with him on that one.
uncomfortable attitude gaining traction, with forgiveness of student loans
Another one is a federal bailout for states and municipalities.
Just who are we bailing out?
Public employee pensions and bond holders.
As much as I loathe punk-ass draft dodging coward McConnell I hafta agree with him on that one.
31
RWSGFY
2021 Jan 6, 8:44am
RWSGFY
2021 Jan 6, 8:44am
IHLary floated the idea of confiscating all IRAs/401k and such into SS. I can see it coming back. Because crisis.
32
MAGA
2021 Jan 6, 8:49am
MAGA
2021 Jan 6, 8:49am
I have a positive cash flow from my savings and investments as a retiree. I have no interest in doing something stupid like buying an expensive sports car. I enjoy a frugal lifestyle
33
MAGA
2021 Jan 6, 8:51am
MAGA
2021 Jan 6, 8:51am
FuckCCP89 says
I forget about that. Maybe Uncle Joe will think about doing that.
IHLary floated the idea of confiscating all IRAs/401k and such into SS. I can see it coming back. Because crisis.
I forget about that. Maybe Uncle Joe will think about doing that.
34
clambo
2021 Jan 6, 9:58am
Like Headset and MAGA I’m afraid that the cocksucking liberals will come after retirement assets.
They know that is where the money is.
I met some young people in Florida, some of whom I dated.
“You’re so lucky to have money.”
“Luck is being born with a brain; the rest was from saving and investing.”
“You can do it; $500/month for 33 years will be a million bucks.”
I was practically screaming at them since 2015 to do this.
One guy is 32 and has had free rent for 3+ years, his parents retired and he lives with them.
“Get a Roth IRA! Quit fuckin around!”
“Stocks up, cocks up!” I text him after a good day in the stock market.
He and the girl resist, I cannot convince them, and they will vote for the asshole who wants to confiscate my blood sweat and tears, I have no doubt.
They know that is where the money is.
I met some young people in Florida, some of whom I dated.
“You’re so lucky to have money.”
“Luck is being born with a brain; the rest was from saving and investing.”
“You can do it; $500/month for 33 years will be a million bucks.”
I was practically screaming at them since 2015 to do this.
One guy is 32 and has had free rent for 3+ years, his parents retired and he lives with them.
“Get a Roth IRA! Quit fuckin around!”
“Stocks up, cocks up!” I text him after a good day in the stock market.
He and the girl resist, I cannot convince them, and they will vote for the asshole who wants to confiscate my blood sweat and tears, I have no doubt.
35
PeopleUnited
2021 Jan 6, 10:04am
PeopleUnited
2021 Jan 6, 10:04am
A retirement account is the epitome of white privilege. For the sake of humanity our great leader will relieve you of this burden. (Sarcasm off)
36
Patrick
2021 Jan 6, 10:15am
Patrick
2021 Jan 6, 10:15am
clambo says
That will be the point at which millions pick up their guns and waste those fuckers.
cocksucking liberals will come after retirement assets
That will be the point at which millions pick up their guns and waste those fuckers.
37
Blue
2021 Jan 6, 10:32am
HeadSet says
I know one of my past neighbors, somehow was able to show empty pockets and get a free medical seat for his daughter at a good college at east coast. About 4 years later bought multi million dollar house around. Over the period, I have seen couple of varieties of these kind of scams. None of them need money from either private or public to pay for their own kids.
This system needs massive changes.
It is sickening to see a family who bough two luxury cars over the 18 years their kid grew up rather than put it in a college fund get a free education. The kid's college will cost me $120k, or about the price of two Lexus cars. This same attitude may spill over to retirement savings.
I know one of my past neighbors, somehow was able to show empty pockets and get a free medical seat for his daughter at a good college at east coast. About 4 years later bought multi million dollar house around. Over the period, I have seen couple of varieties of these kind of scams. None of them need money from either private or public to pay for their own kids.
This system needs massive changes.
38
HeadSet
2021 Jan 6, 12:06pm
HeadSet
2021 Jan 6, 12:06pm
Patrick says
They won't. If people were that protective of their rights, this vote fraud would never have happened. Just like with vote fraud, it will be a faceless entity that taps your and everyone else's retirement accounts.
clambo sayscocksucking liberals will come after retirement assets
That will be the point at which millions pick up their guns and waste those fuckers.
They won't. If people were that protective of their rights, this vote fraud would never have happened. Just like with vote fraud, it will be a faceless entity that taps your and everyone else's retirement accounts.
39
Misc
2021 Jan 6, 4:26pm
Whaddya mean, Uncle Joe said #1 priority is getting out $2000 checks to everyone. (except you)
With money coming in like clockwork from the government, who needs investments? He will probably put back in the Democrats' favorite giveaway an extra $600 per week in extra unemployment from the Federal government as a supplement to the lucrative amount from the State. So who needs a job?
For the disadvantaged, maybe he will make good on those reparation talks. A monthly reparation check will go a long way to combating racism.
Expand Obamacare, of course. As an extra benefit, we need it to cover undocumented immigrants as there are no "illegal" people.
... and it is all free
Saving the best for last ... trillions and trillions to bail out those state and municipal pension plans.
With money coming in like clockwork from the government, who needs investments? He will probably put back in the Democrats' favorite giveaway an extra $600 per week in extra unemployment from the Federal government as a supplement to the lucrative amount from the State. So who needs a job?
For the disadvantaged, maybe he will make good on those reparation talks. A monthly reparation check will go a long way to combating racism.
Expand Obamacare, of course. As an extra benefit, we need it to cover undocumented immigrants as there are no "illegal" people.
... and it is all free
Saving the best for last ... trillions and trillions to bail out those state and municipal pension plans.
40
Patrick
2021 Jan 6, 5:36pm
Patrick
2021 Jan 6, 5:36pm
HeadSet says
There's a difference. People more protective of their money than they are of their Constitutional rights.
If you want to get someone to pick up a gun, take away everything they've worked decades for.
They won't. If people were that protective of their rights, this vote fraud would never have happened.
There's a difference. People more protective of their money than they are of their Constitutional rights.
If you want to get someone to pick up a gun, take away everything they've worked decades for.
41
HeadSet
2021 Jan 6, 6:13pm
HeadSet
2021 Jan 6, 6:13pm
If you want to get someone to pick up a gun, take away everything they've worked decades for.
Income tax. Was not supposed to apply to anyone but the very rich, but now applies to about half of working Americans. Add to that the State tax like in CA, and quite a bit of what one's worked for is taken away.
Real estate tax. Got a paid for $500k house in Omaha? You will be paying $1,000 per month in real estate tax.
Any "Retirement Assets Tax" will be be grudgingly accepted, and even championed by those without retirement assets, and championed the very rich virtue seekers like Warren Buffet, who will weasel out of it.
Income tax. Was not supposed to apply to anyone but the very rich, but now applies to about half of working Americans. Add to that the State tax like in CA, and quite a bit of what one's worked for is taken away.
Real estate tax. Got a paid for $500k house in Omaha? You will be paying $1,000 per month in real estate tax.
Any "Retirement Assets Tax" will be be grudgingly accepted, and even championed by those without retirement assets, and championed the very rich virtue seekers like Warren Buffet, who will weasel out of it.
42
ignoreme
2021 Jan 6, 8:42pm
HeadSet says
Well, 401ks are already taxed so I’m not sure what they could do there. Tax them more then ordinary income? They could raise the cap gain tax but don’t think Goldman would like that. If they confiscated assets it would cause a market crash so that won’t happen.
There’s two things I could see happening.
1. Start taxing Roth. But doing this fairly would be complex. Don’t think it’s likely.
2. Phase out social security for people at certain asset thresholds. This is most likely in my opinion and why I don’t factor social security into my retirement planning.
Retirement Assets Tax
Well, 401ks are already taxed so I’m not sure what they could do there. Tax them more then ordinary income? They could raise the cap gain tax but don’t think Goldman would like that. If they confiscated assets it would cause a market crash so that won’t happen.
There’s two things I could see happening.
1. Start taxing Roth. But doing this fairly would be complex. Don’t think it’s likely.
2. Phase out social security for people at certain asset thresholds. This is most likely in my opinion and why I don’t factor social security into my retirement planning.
43
ignoreme
2021 Jan 6, 8:48pm
BTW my number is 3 million invested in equities, 240k cash, and a paid for house.
Figure the 3 million would provide 10k a month income indexed for inflation which would be a very nice lifestyle when you consider the house is paid for. The 240k cash would be 2 years of living expenses so I can avoid having to sell too much during market downturns.
Figure the 3 million would provide 10k a month income indexed for inflation which would be a very nice lifestyle when you consider the house is paid for. The 240k cash would be 2 years of living expenses so I can avoid having to sell too much during market downturns.
44
GlocknLoad
2021 Jan 6, 9:04pm
GlocknLoad
2021 Jan 6, 9:04pm
Patrick says
Ahh, the proverbial line in the sand. How many times have I heard that before?
That will be the point at which millions pick up their guns and waste those fuckers.
Ahh, the proverbial line in the sand. How many times have I heard that before?
45
GlocknLoad
2021 Jan 6, 9:07pm
GlocknLoad
2021 Jan 6, 9:07pm
HeadSet says
The wider and wider the wealth/income gap becomes, the more likely this is to take place. Book it.
Any "Retirement Assets Tax" will be be grudgingly accepted, and even championed by those without retirement assets, and championed the very rich virtue seekers like Warren Buffet, who will weasel out of it.
The wider and wider the wealth/income gap becomes, the more likely this is to take place. Book it.
46
zzyzzx
2021 Jan 7, 4:50am
zzyzzx
2021 Jan 7, 4:50am
ignoreme says
The printing press (now electronic) is the path of least resistance, so expect real monetary inflation which will continute to be hidden be official inflation stats.
They are already raising the social security tax in Biden's tax plan, so phasing it out might come later. Meaning that they are removing the income limit so expect to get hit with that.
Well, 401ks are already taxed so I’m not sure what they could do there. Tax them more then ordinary income? They could raise the cap gain tax but don’t think Goldman would like that. If they confiscated assets it would cause a market crash so that won’t happen.
There’s two things I could see happening.
1. Start taxing Roth. But doing this fairly would be complex. Don’t think it’s likely.
2. Phase out social security for people at certain asset thresholds. This is most likely in my opinion and why I don’t factor social security into my retirement planning.
The printing press (now electronic) is the path of least resistance, so expect real monetary inflation which will continute to be hidden be official inflation stats.
They are already raising the social security tax in Biden's tax plan, so phasing it out might come later. Meaning that they are removing the income limit so expect to get hit with that.
47
clambo
2021 Jan 7, 6:10am
The first thing they will do is raise the age to collect social security. This is easy for them.
Next, raise capital gains tax rates. This is going to happen in 2025 already.
Then, add a bullshit tax on retirement assets, like the “annuity premium tax” in California; it’s 2.5% of the entire value of a variable annuity (like a non-deductible IRA without contribution limits).
I feel okay today with my net worth today.
Next, raise capital gains tax rates. This is going to happen in 2025 already.
Then, add a bullshit tax on retirement assets, like the “annuity premium tax” in California; it’s 2.5% of the entire value of a variable annuity (like a non-deductible IRA without contribution limits).
I feel okay today with my net worth today.
48
RC2006
2021 Jan 7, 7:29am
RC2006
2021 Jan 7, 7:29am
You'll need a trillion dollars to retire on worthless dollar recycled paper, dems going to wreck US.
« First « Previous Comments 28 - 48 of 48 Search these comments
A nationwide survey by Charles Schwab of 1,000 currently employed 401(k) participants found that on average, respondents believe they need to save $1.9 million for retirement, a 12% increase compared to 2019.
The average differs slightly by generation: Millennials and Gen X believe they need at least $2 million to retire comfortably, while baby boomers put the number around $1.6 million.
But many believe their retirement goals are out of reach. Only 37% think they are "very likely" to achieve their goals, 49% say they are "somewhat likely" and 14% say it is "not likely" they will achieve their goals at all.
One in five, or 21%, said they expect to retire later than originally planned because of the economic downturn caused by the pandemic.
As a result, the virus-induced crisis is causing Americans to reconsider and make changes to their retirement plans and goals. More than 40% of respondents made changes to their 401(k) as a direct result of the pandemic and the economic downturn that it triggered.
About one in six individuals, or 15%, rebalanced their portfolios, while 12% increased their contribution rate. Another 8% increased their exposure to stock funds and equity, while 7% pared down their exposure.
“Saving for retirement has been a top financial stressor for people even when the markets were setting records and we were living through the longest bull market in history,” said Catherine Golladay, executive vice president at Charles Schwab. “Now we are in a new reality where people are trying to navigate the health and financial challenges right in front of them, while also worrying about their long-term goals."
There is a higher rate of action among the 25% of individuals who consulted a financial professional. Of those who sought guidance, 67% made changes in their 401(k), with 26% rebalancing, 22% increasing the contribution rate and 17% increasing exposure to stock funds and equity.
“Getting help and leveraging the financial planning tools and resources your company makes available can help you understand whether you are on track, or need to make adjustments to meet your long-term retirement goals, despite the challenges of the current environment," Golladay said.