life without retirement savings

[InTheHallway]

Going to take this $120 more each paycheck from the Don and invest half ... Other half going to be donated to CPAC ...

 

[RustyShackleford]

Going to take this $120 more each paycheck from the Don and invest half ... Other half going to be donated to CPAC ...

 

[Chopper]

 

[seasoned vet]

leave it up to NT make light of a thread dedicated to your financial future

 

[RustyShackleford]

leave it up to NT make light of a thread dedicated to your financial future

I am not making light of anyone's financial future. I am laughing at one post.

The reason his comment is funny is that the original article deals with retirement savings, besides individual savings and maybe the few instance of pensions, folk depend on Social Security

Tax cuts like the one just passed put Social Security in jeopardy. It raises deficits first off that incentivizes deficit hawks (the people he said will donate half is extra money too) to look into reducing things like social security benefits.

Not only that, always running very high deficits put pressure on interest rates that will, in turn, put downward pressure on long-term growth. I am not a deficit hawk, but the macroeconomy will not be strengthened in any real way from these supply-side tax cuts. The trade-off is very weak.

Not only that the increase in inflation that is setting in, and given who controls government right now, that will make cuts to cost of living adjustments even harsher.

So if we are talking about financial futures, especially for the entire population, then I feel it is right to laugh at a poster that is so blinded by his politics that he can't see how he is hustling backward. He is helping bringing on the world spoken about in the article to more people.

 

[antidope]

I have 401k but only do 6 percent

Guessing that's what they match up to? You should do more man. Increase that and watch how little your take home pay moves. I went through this in the personal finance thread a while back.

In the past I've advocated for maxing out your 401k and I thought I'd provide a bit of context as to why.

The exact math. So essentially I made 1k less post tax, yet put 7k more into my 401k. I sacrificed 1k to invest 7k and made 20% on that money this year. Then you consider the power of compounding returns and this is a vastly better option

That's 45$ a check post tax I lost. It didn't cost me anything. Not saying that this is an absolute guarantee to work thing for everyone but when I initially did this and ran my projections this is exactly what I expected to happen.

Not saying it's perfect and will work out this exact way for everyone but yeah..

 

[you go boy]

yes my company matches 6 percent so thats why i do it... i might change it to 10... thanks for the heads up

 

[Chopper]

Example of benefit to Roth... I copped Amazon at $380 in my Roth account. I will not have to pay taxes on my earnings from Amazon when I sell and start to take "distributions" after the age of 59.5.

 

[InTheHallway]

The dude RustyShackleford always attempts to be intelligent but fails miserably at every turn ...

Hustling backwards LOL ... How about I post my investment accounts and growth in 401K over the last year, along with the NPV of my defined benefit pension? ... I'm looking at 90% of take home on the modest assumption that my CURRENT assets simply grow at inflation for the next 20 years ... I am in the top 5% at a young age and plan to retire at 50 at the latest ... One yaself ...

 

[RustyShackleford]

The dude RustyShackleford always attempts to be intelligent but fails miserably at every turn ...

Hustling backwards LOL ... How about I post my investment accounts and growth in 401K over the last year, along with the NPV of my defined benefit pension? ... I'm looking at 90% of take home on the modest assumption that my CURRENT assets simply grow at inflation for the next 20 years ... I am in the top 5% at a young age and plan to retire at 50 at the latest ... One yaself ...

 

[seasoned vet]

here we go

thanks RustyShackleford

 

[Chopper]

at thinking that pension plan gonna be around for you in 25 years.

Post it up pleighboi. Cat probably a gov't agent of sorts too... that pension is toast.

 

[RustyShackleford]

here we go

thanks RustyShackleford

Here we go what? Is a laughing gif really that big of an issue for you

Dude you just seemed to be upset for the sake of being upset

 

[Chopper]

Cats are straight p*ssy in here.

 

[wallyhopp]

Around my way it just feels like irresponsibility.

Half these older folks are spending half their paychecks at the casinos. They're 'retired' but still don't know how to save or spend wisely.

Not saying the lady in the article is a bad person but a grand a month on rent and you still have to pay utilities is a bit crazy for one person. They really need 'how to save' classes for the elderly.
I had a uncle who was paying msn montly for his @msn email thinking if he cut service, he'd lose the email. Another relative pays $9.99/month for anti-malware protection on their 10 year old poc computer.

 

[seasoned vet]

Here we go what? Is a laughing gif really that big of an issue for you

Dude you just seemed to be upset for the sake of being upset

because the last thing NT needs is yet ANOTHER political argument thread

 

[RustyShackleford]

because the last thing NT needs is yet ANOTHER political argument thread

No one is having a political argument dude. What I you talking about, what are you reading?

I broken down in detail the economic and policy implications of his comment when you took issue with my first gif. Dude responded with an insult and trying to wealth stunt.

There is no real back and forth going on I am just laughing off his comments.

So please spare me.

And like how the hell is talking about how our macroeconomy and welfare policy off limits given the Atlantic article.

 

[seasoned vet]

There is no real back and forth going on I am just laughing off his comments.

oh. ok.

dude.

 

[antidope]

yes my company matches 6 percent so thats why i do it... i might change it to 10... thanks for the heads up

Yeah man if it ends up being too much of a drag on your take home pay you can always change it back to 6%.

 

[Deleted member 42060]

No point of saving for retirement if we all gonna die from world nuclear war in 30 years

Also all these psychopaths wanting to off errbody

 

[$tatus $ymbol]

Do you guys have both 401k and IRA? If so how do you split your contributions between the two? I just have my 401k but I’d like to go ahead and tax some of that money now just in case.

 

[isco]

Do you guys have both 401k and IRA? If so how do you split your contributions between the two? I just have my 401k but I’d like to go ahead and tax some of that money now just in case.

U can max ur IRA at once in the beginning of the year

 

[antidope]

Do you guys have both 401k and IRA? If so how do you split your contributions between the two? I just have my 401k but I’d like to go ahead and tax some of that money now just in case.

I max out both. 5,500 and 18,500

 

[seasoned vet]

 

[seasoned vet]