life without retirement savings

[antidope]

It is probably poor public policy your opinion because it doesn't benefit you.

You can worry about yourself and want better public policy. They are not mutually exclusive. The problem is that many people don't want to sacrifice a little for the masses to get a lot. So they use "it is hopeless" excuse.

Trust me man I get what you are saying, but the last sentence of your post is the point is the problem. Not enough people care. Also talking about it on Niketalk isnt doing much of anything, meanwhile educating people on personal finance has the potential to have an impact someone.

Your point is valid and I think mine is too.

 

[RustyShackleford]

Trust me man I get what you are saying, but the last sentence of your post is the point is the problem. Not enough people care. Also talking about it on Niketalk isnt doing much of anything, meanwhile educating people on personal finance has the potential to have an impact someone.

Your point is valid and I think mine is too.

Famb we are on a discussion board and we are discussing things.

There is a personal finance thread on NT already. The so called economics thread is pretty much purely finance.

I will admit to much bickering and Trump hating goes on in the Political Thread for it to be a good policy thread.

So I think given the article in the OP, it is worth re-centering the discussion on anti-poverty measures, because those don't get much discussion on NT. Personal finance does.

 

[AZwildcats]

I have a 401k, but need to start an IRA. Also thinking about buying some ETF'S

 

[seasoned vet]

 

[antidope]

Another good option is a Robo-Advisor. I keep my IRA with Betterment because it was the cheapest way for me to create a diversified portfolio using that "Small" of a dollar amount. Plus I just prefer to go passive with my IRA since I'm active with my 401k

 

[freshpairs]

How much are your guys companies matching on 401k? Mine just started matching up to 6% this year.

 

[Chopper]

6% is huge. That’s awesome. Ours is 5% to get 4%.

 

[QU!K]

First time in this thread, what y'all think of Wealthsimple?

 

[antidope]

My old job did 6%, my current does 4%. I'm not tripping because at least they're matching and allowing you to contribute from day one. There are still places out there doing craziness like making you wait a year before you're 401k eligible which is nonsense or not vesting 100% of your contributions immediately. Scams

 

[Chopper]

Look, I understand why folks want to frame issues of poverty in terms of personal finance. It feels better thinking that you have a greater deal of control over your life than you actually do. If your main source of income in selling your labor, life is pretty unpredictable, under our current system (yes even if you have a white collar job with a good 401k match). It feels good to tell yourself "all I got to do is follow David Ramsey's advice and I'll transform my status from precarious wage earner to secure capital owner."

Very true. All the more reason to live below your means and invest in your personal finances.

 

[slighted]

Usually, match is <6%.

My company is 4%, but that amount is minimal compared to $$ you save.

 

[AZwildcats]

My company matches 2%

 

[$tatus $ymbol]

My company doesn’t match but does profit sharing. It’s legit when we get it but it’s always makes me wary bc there could be years where we don’t. They did some foolery this year too putting our profit sharing reward directly into Berkshire Hathaway our parent company. Gonna move that move around a bit.

 

[antidope]

First time in this thread, what y'all think of Wealthsimple?

In general all the robo-advisors are doing similar stuff, I personally prefer Betterment because they invest every single dollar and keep 0% cash.

 

[Xennial]

Make sure you have a rent controlled apt, invest in sneakers, gold, and island property and you'll be all good

 

[RustyShackleford]

Make sure you have a rent controlled apt, invest in sneakers, gold, and island property and you'll be all good

 

[isco]

make sure u guys think twice before ordering the avocado toast

 

[getback]

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

I lost a cushy state job with a pension (laid off). Then I learned that the pension probably would have only benefited me minimally, so I was like whatever. Miss the job though. Still haven't bounced back.

Seems like pensions are soon to be a thing of the past. They were cool for the baby boomers, but then those fools found a loophole and started double dipping and screwed up the state's budget, although that was only one piece of the pie

Our economy and financial well-being is in deep shizz.

I'm hoping for Universal Basic Income and Healthcare eventually.

 

[team91kix]

there are hella problems with social security. the biggest, imho, are the benefits that are paid out to people AND the disability portion of it. paying benefits like spouses benefits with their unreduced benefit is less than one half is out dated. women are working now and earning their own money like men. the disabled widow benefit is stupid. how congress decided you have to be between 50 and 60, disabled, and widow/er died in a 7 year window? the combined family maximum benefit is stupid. people should only get on the higher record. the lump sum death payment is stupid. the government would save tons of money if they didn't pay that out. disability should stop after 62 once someone is of retirement age unless they are working. there is something wrong with everyone at that age. I could keep going. social security needs to be a lot more efficient. I didn't even get into the disability portion. if anyone has any questions, I can answer them for the most part.

 

[getback]

How does one go about obtaining a Roth IRA? Is it as easy as browsing online and signing up? Any tips?

 

[antidope]

How does one go about obtaining a Roth IRA? Is it as easy as browsing online and signing up? Any tips?

It's really that easy. You can open one pretty much anywhere that offers investment services.

I would say it's easier than opening a bank account.

 

[RustyShackleford]

there are hella problems with social security. the biggest, imho, are the benefits that are paid out to people AND the disability portion of it. paying benefits like spouses benefits with their unreduced benefit is less than one half is out dated. women are working now and earning their own money like men. the disabled widow benefit is stupid. how congress decided you have to be between 50 and 60, disabled, and widow/er died in a 7 year window? the combined family maximum benefit is stupid. people should only get on the higher record. the lump sum death payment is stupid. the government would save tons of money if they didn't pay that out. disability should stop after 62 once someone is of retirement age unless they are working. there is something wrong with everyone at that age. I could keep going. social security needs to be a lot more efficient. I didn't even get into the disability portion. if anyone has any questions, I can answer them for the most part.

Or.....

After we raised the Social Security Tax under the guise of keeping it solvent forever, we should have not allowed Reagan and following president to use it on general funds.

Or maybe when we had a surplus we could have elected the people that want to use the surplus to fund Social Security for the following generations. Instead of one that wanted to waste it on giving mainly the rich tax cuts.

And we could just cut the payroll tax rate, and expand it to all income. That way majority of people get a tax cuts and we have enough to keep it solvent.

But nahhhhh, let's just practice more austerity. Even when we don't have too.

 

[team91kix]

Or.....

After we raised the Social Security Tax under the guise of keeping it solvent forever, we should have not allowed Reagan and following president to use it on general funds.

Or maybe when we had a surplus we could have elected the people that want to use the surplus to fund Social Security for the following generations. Instead of one that wanted to waste it on giving mainly the rich tax cuts.

And we could just cut the payroll tax rate, and expand it to all income. That way majority of people get a tax cuts and we have enough to keep it solvent.

But nahhhhh, let's just practice more austerity. Even when we don't have too.

I agree 100% with almost everything you said but it doesn't take away from the fact that these benefits that are being paid are stupid and wasteful today

 

[nawghtyhare]

there are hella problems with social security. the biggest, imho, are the benefits that are paid out to people AND the disability portion of it. paying benefits like spouses benefits with their unreduced benefit is less than one half is out dated. women are working now and earning their own money like men. the disabled widow benefit is stupid. how congress decided you have to be between 50 and 60, disabled, and widow/er died in a 7 year window? the combined family maximum benefit is stupid. people should only get on the higher record. the lump sum death payment is stupid. the government would save tons of money if they didn't pay that out. disability should stop after 62 once someone is of retirement age unless they are working. there is something wrong with everyone at that age. I could keep going. social security needs to be a lot more efficient. I didn't even get into the disability portion. if anyone has any questions, I can answer them for the most part.

My in laws get disability social security benefits
Can’t work
The mom gonna be 62 this year
Can she also get get more money cause she gonna be 62 this year as well???

 

[sharpshooter718]

How much are your guys companies matching on 401k? Mine just started matching up to 6% this year.

mine matches up to 6 percent.. thats where im at right now... started off at 3 , moved to 6 last year when i got a raise.. got another raise this year but not as much so 6 percent will stay there until im fired or bouncing...