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I hate these fucking articles that say you need 5 million bucks, that's a load of bullshit.
More importantly, how much to retire in Caligulan splendor at various ages?Probably retire at age 26 or 27. Caligula only lived to age 28!
I hate these fucking articles that say you need 5 million bucks, that's a load of bullshit.Articles I've said have mentioned that you spend 4% of your retirement savings in the first year (or up to 6%, depending on risk factors etc). Then, you spend that same amount every year after adjusting upward for inflation. That makes assumptions about real investment returns.
The flip side is that if something goes wrong 20 years after you retired at age 40,I assume you mean if your money is gone, perhaps due to a WW stock market crash. But if that happens, you won't be alone in the world of hurt and so current job skills at 60 probably won't matter. Probably more important to have enough ammo and arms, food and water.
$5 million would put you in the top 1.5% of the country.
Clearly people retire below that.
I hate these fucking articles that say you need 5 million bucks, that's a load of bullshit.
because my current house is maybe worth $35K-$55K range
I'm guessing you live in a very rural area or a small town?
'm sure you would need millions of dollars to retire in California. Florida, not so much.
Yeah, if you basically just putt around your house in retirement... you can survive on social security alone if your house is paid off and it’s not high property taxes. My neighbors in CA only pay tax on $180k due to prop 13. You might be eating a lot of soup and bread.. but it’s being done everywhere. The saving grace about CA is PROP 13. It’s why even that commercial prop 13 repeal failed... retirees smelled the next step would be residence prop 13 repeal and didn’t want to go down that road.
"Apparently it’d only take half a bitcoin to retire"
"Buy now or cry later."
I’m worried about the people who have no savings nor investments. They better wake up and smell the coffee.
uncomfortable attitude gaining traction, with forgiveness of student loans
IHLary floated the idea of confiscating all IRAs/401k and such into SS. I can see it coming back. Because crisis.
cocksucking liberals will come after retirement assets
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.
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.
Retirement Assets Tax
That will be the point at which millions pick up their guns and waste those fuckers.
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.
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.
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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.