patrick.net

The whole excuse/blame it on someone else is a joke.

@CBOEtrader - anyone trying to buy a long term care policy now better have some pretty deep pockets, It is cost prohibitive

which is why I am not married.

Another item that is a scam is nursing home insurance. Only a minority percentage of people ever go into 'nursing homes' to begin with. Most die at home or in hospitals/hospice. Also, most people die after a year or two in a nursing home, anyway, so if it eats up all your money, who cares?

How often have you looked at your 401k returns? 1.75% management fees plus 2% rebalancing fees? You are lucky to return 4%, and still open to massive downside market risk. I roll $50 to 200k of 401k into tax deferred annuities or 3.5% w no downside risk, bread and butter risk management diversification

Rate of return post fees on one plain vanilla Vanguard 60stock/40bond portfolio averaged 7.3 percent over the last ten years. Vanguard fees are very low compared to industry averages. Not a windfall, but not bad considering very low interest rates and market conditions over that time period.
Professionally managed, you could probably knock that down to 3 or 4 percent with the various vigs.

Ceffer says

So, unless you have some pretty firm longevity, I wouldn't blame anybody for taking SS at 62 assuming it isn't taxable at the 85 percent rate, but it would be a good idea to wait until 66-67 if you could if you are fully retired and your other sources of income are more limited.

Yeah. I consider taking SS at 62 as planning for dying early, which is a bad idea. It's living a long time that will cost a heck of a lot more and risk you running out of money before you die. Just think if you take your money at 62 and you're unlucky enough to live to 100!

Not at easy as you would like to make it out to be to sell, move, save and no where did I sad blame it on someone else. That was your spin.

That sees to be the major trend of the Left. That's why they love Bernie. Can't do it for themselves, so they need the government to hold their dicks for them.

buy a wife from Kurdistan and arm her with M134

I WAS the working poor AND got my shit together AND started making good money, while living in California - Monterey to be specific. I didn't leave the high cost of living until I had a solid career.
>
It really is that easy.



Plus, in CA, there are so many gov't programs to give you free healthcare and education, that there really isn't any excuse for being poor.



Please explain how the working poor afford new iphones, coach handbags and guess jeans? It's not from saving and living below their means.



I could retire now, but my ass still drives a 10 year old beater, and shop and thrift stores for clothes.

You can annuitized any pool of capital and get checks for life.

Not everyone catches the same breaks in life regardless of credentials.

Picking up and moving cross country on your own dime is not cheap.

It really is that easy ? If that were so everyone would be an Olympic Athlete, Surgeon, Astronaut etc.

Everyone has the same opportunity. Don't turn this into identity politics.

You're missing the part where I went from nothing, to something in one of the most expensive areas in the country.

To be an astronaut, surgeon or athlete, you have to work hard.

joshuatrio says

Everyone has the same opportunity. Don't turn this into identity politics.

Bullshit - I did not bring up politics you did.

Not everyone catches the same breaks in life regardless of credentials.

It was pretty obvious you were headed down that road when you stated this:

Hence, why people like candidates like Bernie and A.O.C.

What does driving a 10 year old car and having a wife who is thrifty have to do with being able to retire ?

I did not bring up anything political but someone did - wonder who ?

You can work your ass off all your life and one serious illness will undo all of that hard work.

Life is not fair

Hard work is not a guarantee of anything except sore muscles.

You have to know how to make the rules work for you and manipulate them accordingly.

Bullshit again - yes you have to work hard, no not everyone can do it - there are physical limitations and mental capacity to handle the university curriculum.

I consider taking SS at 62 as planning for dying early, which is a bad idea. It's living a long time that will cost a heck of a lot more and risk you running out of money before you die. Just think if you take your money at 62 and you're unlucky enough to live to 100!

You can annuitized any pool of capital and get checks for life. Added to your SS which grows w inflation (supposedly) and you can cover basic income for life.

Annuities only do well for the person selling them, not the people buying them.

Kakistocracy says

Bullshit again - yes you have to work hard, no not everyone can do it - there are physical limitations and mental capacity to handle the university curriculum.

You gotta be shitting me.

The bottom line is, you CAN retire if you WORK HARD and LIVE BELOW YOUR MEANS and SAVE.

Kakistocracy says

Annuities only do well for the person selling them, not the people buying them.

That's just wrong man, annuities are the only product in the world that protect against market risk and offer lifetime income. SS system is built around annuities.

Are we talking about the same thing? I am thinking of the high commission device where the salesperson pushes a product where the customer pays X lump sum and then gets an X monthly payment until death.

Quick math here shows it will take 20 years just to recoup your $100,000, even longer if you include the fees.

If you just put the $100,000 into a 2.5% savings account, you could withdraw $500/mo for 20 years and 3 months before using up the money. And if you pass away before that 20 years, you can will the remainder.

The ones I see bashing them, don't have a pot to piss in, that's why they're so bitter and negative on them. Apparently, they're pissed off that they're missing out.

In which case, you work hard, live below your means and save for retirement!!

Bro, I hate to say it

The bottom line is, you CAN retire if you WORK HARD and LIVE BELOW YOUR MEANS and SAVE.

That's just wrong man, annuities are the only product in the world that protect against market risk and offer lifetime income. SS system is built around annuities.

Keep telling yourself those wives tales though, I'm sure your retirement will go great

annuities have a place in those trusts and estate planning tools

joshuatrio says

In which case, you work hard, live below your means and save for retirement!!

Done it all my life.

That being said you have to accept the world is not fair, the rules are not fair and no one is looking out for you except yourself.

To that end I have done things ethically and unethically to achieve my desired goals.

Manipulate rules, manipulate people - whatever it takes. If you don't someone else will.

Wrong again as usual. Annuities are highly Illiquid and most often come with heavy fees and penalties to get out of them.

These products really only benefit the seller.

That's one area to be aware of, that they aren't loaded with fees and commissions. There are some that aren't like that, depends on the broker selling them. As always, buyer beware.

There are some annuities that are approaching somewhat reasonable in my book as far as fees, cashout etc. but those choices keep changing and require a lot of work and second and even third opinions to vet them and then weigh the opinions offered.

Forbes cites a typical example where one pays a $100,000 lump sum and then receives $416.67 per month until death, a "5% payout" annuity. This does not include any fees.