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Here's how much money Americans think they need to retire comfortably
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2020 Aug 5, 6:18am 5,743 views 48 comments
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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.
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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.