TDFFFreak Posted January 25, 2006 Share Posted January 25, 2006 http://money.cnn.com/2006/01/24/pf/worst_s...dex.htm?cnn=yes This struck me as unfortunate, but there are going to be a lot of people in 20, 30, 40 who will be in deep sh*t when it comes to retirement. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 25, 2006 Share Posted January 25, 2006 http://money.cnn.com/2006/01/24/pf/worst_s...dex.htm?cnn=yes This struck me as unfortunate, but there are going to be a lot of people in 20, 30, 40 who will be in deep sh*t when it comes to retirement. 1287553[/snapback] I wonder how many of these forgot to include their 401k? Also, this statement is fatuous: Nearly a quarter (22 percent) of Americans have no money left once they've paid for their essential living expenses and spent their discretionary dollars. Well, hello! Nobody has any money left if they've paid the essentials and spent their discretionary dollars. Quote Link to comment Share on other sites More sharing options...
Piranha Posted January 25, 2006 Share Posted January 25, 2006 I just read that article a little while ago. Basically people who live paycheck to paycheck. Like me Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 25, 2006 Author Share Posted January 25, 2006 I wonder how many of these forgot to include their 401k? Also, this statement is fatuous: Well, hello! Nobody has any money left if they've paid the essentials and spent their discretionary dollars. 1287596[/snapback] Yeah, it is a bit of an unclear statement, but you know what they mean. The government (perhaps in conjuction with big business) needs to come up with a good plan to educate and encourage people to start saving. Problem is that all that spending in part drives the economy. Ugh. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 25, 2006 Author Share Posted January 25, 2006 I just read that article a little while ago.Basically people who live paycheck to paycheck. Like me 1287608[/snapback] Yep, there are lot of paycheck to paycheck people out there for sure, but there are also a lot of "can't give up my daily starbucks coffee, cigs or shoe shopping" people out there too. Quote Link to comment Share on other sites More sharing options...
junebugz Posted January 25, 2006 Share Posted January 25, 2006 Yep, there are lot of paycheck to paycheck people out there for sure, but there are also a lot of "can't give up my daily starbucks coffee, cigs or shoe shopping" people out there too. 1287619[/snapback] :putscoffedown: Quote Link to comment Share on other sites More sharing options...
Furd Posted January 25, 2006 Share Posted January 25, 2006 Yeah, it is a bit of an unclear statement, but you know what they mean. The government (perhaps in conjuction with big business) needs to come up with a good plan to educate and encourage people to start saving. Problem is that all that spending in part drives the economy. Ugh. 1287610[/snapback] Right on. You think the gubmint wants the shmo who gets the $400 income tax refund to save it or pay down debt? Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 25, 2006 Author Share Posted January 25, 2006 Right on. You think the gubmint wants the shmo who gets the $400 income tax refund to save it or pay down debt? 1287632[/snapback] Kind of a messed up system we live in sometimes, uh? Quote Link to comment Share on other sites More sharing options...
Tommyknocker Posted January 25, 2006 Share Posted January 25, 2006 I've been saying it for a few years now, but the reason the Fed is making it so easy to save for our own retirement, with tax breaks on IRAs, Roth IRAs, 401s and such is because they have run the numbers and Social Security aint gonna do much for us poor working saps in 15 years or more. They keep making it easier and easier to save our own, they are sending a message. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 25, 2006 Share Posted January 25, 2006 I've been saying it for a few years now, but the reason the Fed is making it so easy to save for our own retirement, with tax breaks on IRAs, Roth IRAs, 401s and such is because they have run the numbers and Social Security aint gonna do much for us poor working saps in 15 years or more. They keep making it easier and easier to save our own, they are sending a message. 1287749[/snapback] Anyone relying totally on SS is a fool, unless they have no other option. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted January 25, 2006 Share Posted January 25, 2006 The biggest problemin america today with regard to personal finance is that they have no idea how to budget their income, and plan for savings. When ever I see a guy that smokes a pack a day, stops off at Starbucks on the way into work, and eats out at lunch every day, and complain about finances it just irritates the hell out of me. Quote Link to comment Share on other sites More sharing options...
spain Posted January 25, 2006 Share Posted January 25, 2006 Anyone relying totally on SS is a fool, unless they have no other option. 1287757[/snapback] You mean the gobment isnt the answer to all of our problems?? Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted January 25, 2006 Share Posted January 25, 2006 I've been saying it for a few years now, but the reason the Fed is making it so easy to save for our own retirement, with tax breaks on IRAs, Roth IRAs, 401s and such is because they have run the numbers and Social Security aint gonna do much for us poor working saps in 15 years or more. They keep making it easier and easier to save our own, they are sending a message. 1287749[/snapback] What really pisses me off is that the gov't will have stolen all that money from my paycheck for all these years and I won't see dime one of it. The most frustrating thing about it that I can't do a darn thing about it either. Give me my Oprahing money back you bastadges! Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 25, 2006 Share Posted January 25, 2006 You mean the gobment isnt the answer to all of our problems?? 1287783[/snapback] You know as well as I do that I've never subscribed to that idea. There always needs to be a safety net for those that can't secure themselves, but the rest of us need to make our own arrangements. This is why I support a sliding scale of SS payments based on need, not what's been paid in. I personally would get less that way, but it would be the right thing to do, as well as greatly extending the life of SS. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted January 25, 2006 Share Posted January 25, 2006 if u dont spend every penny u ern u are unamerican, anti bush and anti jebus... didnt u fellows get the memo we need to boost the econonmy so Gw looks like a brian wizard Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted January 25, 2006 Share Posted January 25, 2006 if u dont spend every penny u ern u are unamerican, anti bush and anti jebus... didnt u fellows get the memo we need to boost the econonmy so Gw looks like a brian wizard Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted January 25, 2006 Share Posted January 25, 2006 I think Yukon's got the shakes, he keeps double posting. Quote Link to comment Share on other sites More sharing options...
spain Posted January 25, 2006 Share Posted January 25, 2006 My wife and I have maxed out our 401k's for years. We also max out our Roth IRA's. We also save money on the side for our kids education. And we put back a little each month in our money market that we use to buy large ticket items. We also have a rainy day fund that wil cover all of our expenses for about 8 months or so. We have no car payments. We pay off all of our credit cards at the end of every month. I am terrified of owing people money and I just wont do it. Growing up we lived hand to mouth and always had to buy stuff on lay-away. Do they even still have that? The only thing we owe money on is our mortgage. We pay it twice a month so we actually pay an extra months worth of payments each year. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted January 25, 2006 Share Posted January 25, 2006 We pay it twice a month so we actually pay an extra months worth of payments each year. 1287897[/snapback] You mean you pay it every two weeks, right? If you make two payments a month you make 24 payments per year, if you pay every two weeks you make 26 payments per year. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 25, 2006 Share Posted January 25, 2006 (edited) What really pisses me off is that the gov't will have stolen all that money from my paycheck for all these years and I won't see dime one of it. The most frustrating thing about it that I can't do a darn thing about it either. Give me my Oprahing money back you bastadges! 1287805[/snapback] That's a legit gripe. However, a lot of the people who are getting ready to collect paid in to the system, too. Screwing them is even more unfair, as they will not have had as much time to plan around the fact that Social Security will eventually implode, relative to those currently in their 20s and 30s. Edited January 25, 2006 by yo mama Quote Link to comment Share on other sites More sharing options...
spain Posted January 25, 2006 Share Posted January 25, 2006 You mean you pay it every two weeks, right? If you make two payments a month you make 24 payments per year, if you pay every two weeks you make 26 payments per year. 1287915[/snapback] Yes, I pay half of one months payment every 2 weeks. it comes out to making 13 monthly payments per year rather than 12. And if I hit any big licks this year, i will make a few extra payments on it. If you grow up poor and broke, trust me, you dont ever want to live like that again. I wish I could opt out of social security right now. i would let them keep all the $$ we have paid into it. just let me go and we can call it even. Quote Link to comment Share on other sites More sharing options...
junebugz Posted January 25, 2006 Share Posted January 25, 2006 (edited) Yes, I pay half of one months payment every 2 weeks. it comes out to making 13 monthly payments per year rather than 12. And if I hit any big licks this year, i will make a few extra payments on it. If you grow up poor and broke, trust me, you dont ever want to live like that again. I wish I could opt out of social security right now. i would let them keep all the $$ we have paid into it. just let me go and we can call it even. 1287953[/snapback] Don't know all the specifics, but when someone becomes a pastor they do have the option of opting out of SS. Maybe too late for a career move and the pay probably isn't the same ... well, plus the sheep thing might make the congregation shy away from you too. You should probably just stick with SS. Edited January 25, 2006 by junebugz Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted January 25, 2006 Share Posted January 25, 2006 (edited) Yes, I pay half of one months payment every 2 weeks. it comes out to making 13 monthly payments per year rather than 12. And if I hit any big licks this year, i will make a few extra payments on it. If you grow up poor and broke, trust me, you dont ever want to live like that again. I wish I could opt out of social security right now. i would let them keep all the $$ we have paid into it. just let me go and we can call it even. i do the same thing....it knocks a few years of your payments in the end.... the ss statement is interesting....if we had a choice to just quit paying in and get nothing vs continuing to pay and hoping for something....its like selling out a stock at a loss, you have money in it, but want to cut your losses. maybe it keeps going down or maybe it comes back.... think i would cut my losses too...i could put that money to much better use than what the govt is doing with it... Edited January 25, 2006 by dmarc117 Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted January 25, 2006 Share Posted January 25, 2006 i do the same thing....it knocks a few years of your payments in the end.... the ss statement is interesting....if we had a choice to just quit paying in and get nothing vs continuing to pay and hoping for something....its like selling out a stock at a loss, you have money in it, but want to cut your losses. maybe it keeps going down or maybe it comes back.... think i would cut my losses too...i could put that money to much better use than what the govt is doing with it... 1287972[/snapback] A 30 year mortgage gets paid off in 22 years. Quite the savings. A 15 year mortgage gets paid off in 11 years. A huge savings. Even if the gov't required me to invest x percent of my gross income in a 401k type account I jump ship from SS in a heartbeat. At least this way those greed heads in Congress couldn't get their hands on it (immediately. Those Oprahers will alwalys try and steal your money). Quote Link to comment Share on other sites More sharing options...
ebartender Posted January 25, 2006 Share Posted January 25, 2006 Maybe if they stopped spending so much money on wars and foreign aid the government could take care of it's own citizens. I am 27 years old and I am almost finishing paying off all my credit card debt from college (yeah, I was stupid) and moving into a new house. Once that is done I will max out my 401K and my fiancee's. In a couple years we will have no car payments and I will use that extra cash to pay off more of the mortgage. I figure that is a s good a start as any. Pay the house off ASAP and carry minimum CC debt. That leavbes room for more money for investment. Quote Link to comment Share on other sites More sharing options...
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