User Panel
User Panel
User Panel
LA, USA
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Posted: 4/29/2024 3:19:08 PM EDT
[#1]
Quote HistoryOriginally Posted By AKMfreak: This. We have yet to see how far down the dollar will go. I expect Wiemar Republic inflation in our near future. Quote HistoryOriginally Posted By AKMfreak: Originally Posted By Jellyfrosh: Saving for retirement with this much inflation is retarded. Inflation will outpace anything you save or invest. Buy stuff you actually need that will last you or stuff that will actually hold value. This. We have yet to see how far down the dollar will go. I expect Wiemar Republic inflation in our near future. I'm doing all of the above. Public sector pension, 457b, and investing in goods to develop the skills to turn a hobby into marketable goods. The day after I retire I plan to get up, have my morning coffee, and go into the shop and start making furniture. The feds are already going to take up to 50% of the little bit of social security i would have collected, thanks Windfall Elimination Provision. 
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Posted: 4/29/2024 3:20:09 PM EDT
[#2]
Fortunately, by the time young folks are eligible for retirement benefits, I'll be dead.
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Posted: 4/29/2024 3:24:47 PM EDT
[#3]
Quote HistoryOriginally Posted By Bat15: Sorry for your loss. My mom passed about five years before I retired. She and my dad both planned and saved for their retirement. They did not need Starbucks every morning or any of the other things people seem to need today to enjoy their lifetime. Dad lived to 86 and mom was 94. They were not rich but they weren’t poor either. They just had a good sense of what was important and not important. I hope they passed it on to me. I am comfortable in my retirement. I also don’t need to pickup Starbucks everyday. Not to pick on Starbucks because I make it at home and like their coffee. I get more enjoyment out of seeing the grandkids play than from anything I could buy myself. my mom dropped dead at 69, 3 years after retiring. she worked her fool head off to achieve things her parents never had so my brother and i had a good rural middle class life. my dad is still alive at 78. he has health issues and cant do much and is pretty much home bound now. what they did to save, prepare did help but you just never know. i am lucky, i have zero debt and i dont require much either. my goal is to walk away from my business in about 10-12yrs and finally relax and enjoy life. |
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Posted: 4/29/2024 3:25:48 PM EDT
[#4]
I'd say roughly half of my friends expect a massive crash or worse before hitting retirement age, great depression or worse. Homesteading getting quite a bit of attention from them, one couple recently sold their suburban home and is looking to buy some land (renting while they find the right property).
The consensus view of the future with those 40 and under is pretty grim, which really discourages saving for retirement (if they can even afford to do that). |
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Posted: 4/29/2024 3:26:50 PM EDT
[#5]
Why save for retirement when your plan is to vote for communism?
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Posted: 4/29/2024 3:29:50 PM EDT
[#6]
I'm going to guess that 61% of young people don't discretionarily add more to their own retirement options, is probably no larger a percentage than ever since ever.
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Posted: 4/29/2024 3:30:14 PM EDT
[#7]
Quote HistoryOriginally Posted By governmentman: I'd say roughly half of my friends expect a massive crash or worse before hitting retirement age, great depression or worse. Homesteading getting quite a bit of attention from them, one couple recently sold their suburban home and is looking to buy some land (renting while they find the right property). The consensus view of the future with those 40 and under is pretty grim, which really discourages saving for retirement (if they can even afford to do that). Life be expensive yo, my wife and I struggle to even throw $100 a month in our Roth right now. |
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Posted: 4/29/2024 3:31:34 PM EDT
[#8]
Quote HistoryOriginally Posted By 0311SKI: Meh, im not wasting my life hoping I'm both alive and physically able to enjoy retirement, seen plenty of the people telling me to save every penny and live frugal keel over before being even able to retire. I just turned 50 this year. I am definitely feeling it. I might die before 65. There's no way financially I'll be able to save enough for a comfortable retirement, so I am just going to enjoy life as much as I can. Tomorrow isn't guaranteed for any of us. I do have some meager savings, but this economy has depleted a lot of it. |
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USA
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Posted: 4/29/2024 3:40:05 PM EDT
[Last Edit: STRIKE504]
[#9]
"Maintain a side hustle."
 You mean you work two jobs? |
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TX, USA
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Posted: 4/29/2024 3:43:03 PM EDT
[Last Edit: PresidentJ]
[#10]
I didn’t start significantly contributing to retirement until my 30s.
Now I’m maxing out my contribution limits. It’s hard to put a lot back when you are aggressively paying down debts, buying house, car, children etc. should be fine now though. House is nearly paid off as my last debt. 40 percent of the population though don’t work or fall in the poor category so that makes sense. |
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MI, USA
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Posted: 4/29/2024 3:57:23 PM EDT
[#11]
Quote HistoryOriginally Posted By wakeboarder: Why did boomers not offer pensions to millennials like the Greatest Generation did for them? WW2 wiped out most countries economies. US had a monopoly on pretty much everything. Until the world started catching up roughly in the early 70's and competition became a serious thing. US labor force started getting out bid by cheaper labor with higher quality. Pensions started becoming more expensive as a cost to businesses. One can still become fairly rich with IRA's when saving for retirement. I still remember wondering if I was ever going to have enough to retire, then about 20 years in all those years of adding to the IRA started paying off in huge increases in net worth of the IRA. |
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Posted: 4/29/2024 4:02:19 PM EDT
[#12]
Quote HistoryOriginally Posted By eagarminuteman: I didn't start retirement savings till I joined ARF, nobody taught me shit about it. That was around 5 years ago and I am super glad I did. I now save 25% into my 403b, Max my Roth IRA & HSA every year. I just started moving my savings account into a HYSA so I can some what keep up with inflation |
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Posted: 4/29/2024 4:03:55 PM EDT
[#13]
Quote HistoryOriginally Posted By PA-Minuteman: Kinda the same, I read in a financial thread here about retirement and that kick started me learning about retirement & finances That was around 5 years ago and I am super glad I did. I now save 25% into my 403b, Max my Roth IRA & HSA every year. I just started moving my savings account into a HYSA so I can some what keep up with inflation Once I’m finished with school that’s my plan. Right now I barely have anything to contribute. |
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Posted: 4/29/2024 4:08:41 PM EDT
[#14]
Quote HistoryOriginally Posted By eagarminuteman: Once I'm finished with school that's my plan. Right now I barely have anything to contribute. |
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MS, USA
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Posted: 4/29/2024 4:10:02 PM EDT
[#15]
To be fair, I didn't really start saving for retirement until I was 33.
Even so, I managed to retire at 52. |
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Posted: 4/29/2024 4:11:26 PM EDT
[#16]
Quote HistoryOriginally Posted By crashburnrepeat: How could you save with costs like they are? politicians are fucking us worse then they ever have. I also think the young are waiting for UBI/Socialism. this country is dying. By reducing your lifestyle and expenses. Easy, no. Fun, no. Doable, yes. Oatmeal, potatoes, & rice are all cheep. Want fresh veggies, plant a garden. Need protein, buy a bulk 40 lb case of chicken leg quarters for $ 30.00 to $ 40.00 Or people can keep calling doordash and complaining. |
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IA, USA
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Posted: 4/29/2024 4:13:06 PM EDT
[#17]
Young people have never been any good at saving money. That's part of being young and dumb.
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Posted: 4/29/2024 4:17:42 PM EDT
[#18]
Quote HistoryOriginally Posted By lumper: By reducing your lifestyle and expenses. Easy, no. Fun, no. Doable, yes. Oatmeal, potatoes, & rice are all cheep. Want fresh veggies, plant a garden. Need protein, buy a bulk 40 lb case of chicken leg quarters for $ 30.00 to $ 40.00 Or people can keep calling doordash and complaining.  Attached FileThis is what I do, I pretty much only eat protein & veggies. I buy 80% of my protein for $2lb or less, & buy bulk frozen veggies in 5lb bags for $5-7 depending on the veggie |
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Posted: 4/29/2024 4:18:50 PM EDT
[#19]
Quote HistoryOriginally Posted By PA-Minuteman: School is next, I'm 29 and I need to figure out what the next step is for me. I'm trying to decide if I should wait until I pay off the house hopefully in the next 4-5 years, or save for another 2 - 3 years to fully pay my way though school. School sucks, I’m 4 years in on my mechanical engineering degree, slated to finish in 2026. I just force myself to remember it’ll be worth it. |
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Posted: 4/29/2024 4:22:03 PM EDT
[#20]
2. 55% of young adults are not planning to purchase a home this year, despite a recent decline in interest rates  Attached File |
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Posted: 4/29/2024 4:23:52 PM EDT
[#21]
Quote HistoryIt ain’t even the interest rate for my wife and I, it’s the fact that we would have to somehow increase our housing budget to nearly $2000 to find anything semi-decent. Buddy of mine bought a brand new manufactured home on a lot for 350k, monthly payment is $2500. Prices are nuts. |
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Posted: 4/29/2024 4:24:46 PM EDT
[#22]
Quote HistoryOriginally Posted By eagarminuteman: School sucks, I'm 4 years in on my mechanical engineering degree, slated to finish in 2026. I just force myself to remember it'll be worth it. I know it's going to suck alot but where I am at right now I'm at the end of my rope. I make what I would consider really good money for not having a college education but I want to finally take the next step wage wise but I just haven't decided what I want to do that I wouldn't hate the rest of my life doing
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Posted: 4/29/2024 4:35:12 PM EDT
[Last Edit: callgood]
[#23]
Quote HistoryOriginally Posted By eagarminuteman: It ain’t even the interest rate for my wife and I, it’s the fact that we would have to somehow increase our housing budget to nearly $2000 to find anything semi-decent. Buddy of mine bought a brand new manufactured home on a lot for 350k, monthly payment is $2500. Prices are nuts. You think that's squirrely? House down the street from my youngest daughter.  Attached File 'purt near a half a mill.
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Posted: 4/29/2024 4:37:22 PM EDT
[#24]
Quote HistoryOriginally Posted By callgood: You think that's squirrely? House across the street from my youngest daughter. https://www.ar15.com/media/mediaFiles/60489/Capture_JPG-3201428.JPG I know it’s not squirrely, that’s the terrible part. It’ll be a few years before the wife and I could stomach that price for a house. |
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WA, USA
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Posted: 4/29/2024 4:56:48 PM EDT
[#25]
Quote HistoryOriginally Posted By Jellyfrosh: Saving for retirement with this much inflation is retarded. Inflation will outpace anything you save or invest. Buy stuff you actually need that will last you or stuff that will actually hold value. I never saved for retirement, only a down payment on property, Half of all my wealth has come from property. (which keeps up with inflation) |
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MN, USA
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Posted: 4/29/2024 4:56:57 PM EDT
[#26]
Quote HistoryOriginally Posted By GDaawg: Its not just some young adults. I have nothing saved for retirement. 47. Child support for the past 16 years and bouncing from lower wage jobs took care of that one for me. all your problems originated below your belt buckle |
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Posted: 4/29/2024 4:57:28 PM EDT
[#27]
Quote HistoryOriginally Posted By callgood: You think that's squirrely? House across the street from my youngest daughter. https://www.ar15.com/media/mediaFiles/60489/Capture_JPG-3201428.JPG 'purt near a half a mill.Quote HistoryOriginally Posted By callgood: Originally Posted By eagarminuteman: It ain’t even the interest rate for my wife and I, it’s the fact that we would have to somehow increase our housing budget to nearly $2000 to find anything semi-decent. Buddy of mine bought a brand new manufactured home on a lot for 350k, monthly payment is $2500. Prices are nuts. You think that's squirrely? House across the street from my youngest daughter. https://www.ar15.com/media/mediaFiles/60489/Capture_JPG-3201428.JPG 'purt near a half a mill.Oh you guys are getting invaded too huh. Sucks don't it. |
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Posted: 4/29/2024 5:00:57 PM EDT
[Last Edit: rfoxtrot]
[#28]
I find that the crowd that can't save and is perpetually broke seems to use door dash and eat out a lot. Or the I don't make enough. Good. Then do something about it.
Make beater cars and not keeping up with the Jones great again! Reality is 87% of people suck with money, badly. |
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Posted: 4/29/2024 5:02:24 PM EDT
[#29]
Quote HistoryOriginally Posted By eagarminuteman: Once I'm finished with school that's my plan. Right now I barely have anything to contribute. Get out of school as close to debt free as you possibly can. Then pay off debts and then investments. |
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Posted: 4/29/2024 5:07:00 PM EDT
[Last Edit: KILLERB6]
[#30]
Quote HistoryOriginally Posted By Bat15: The problem with 401k plans is that most people will contribute the bare minimum or nothing at all. I was pushing for a 401k plan at work but most of the staff and several middle managers would not contribute. Even some on the executive committee did not want to participate. That was a real shock to me. We did have a profit sharing plan and the executive committee had phantom stock. Almost any 401(k) plan is going to be far better than “normal” pensions and in a shorter time. My current contract plan allows for after-tax contributions so the limit goes up to $76.5k. When I tried to make after-tax contributions (via Fidelity, the plan administrator) my payroll department didn’t know how to process it. When asked, they said no one else is making after tax contributions.  . I had to get Fidelity to explain it to them.I like to front load my contributions so I contribute the max at the beginning of the year…and, just like every year they already cut me off for exceeding the “normal” ($30.5k) contribution limit. |
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AL, USA
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Posted: 4/29/2024 5:14:08 PM EDT
[Last Edit: GDaawg]
[#31]
Quote HistoryOriginally Posted By syclone170: all your problems originated below your belt buckle Quote HistoryOriginally Posted By syclone170: Originally Posted By GDaawg: Its not just some young adults. I have nothing saved for retirement. 47. Child support for the past 16 years and bouncing from lower wage jobs took care of that one for me. all your problems originated below your belt buckle Yes sir they sure did. I still wouldn't trade my daughter for all the money in the world though. Putting her into this world is the only good I've ever done. |
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MN, USA
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Posted: 4/29/2024 5:15:58 PM EDT
[#32]
Avocado toast for all!!!
Seriously, most young never save. Thats why we have shitty tv shows and woke crap everywhere. Its been building for a good long while. |
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Posted: 4/29/2024 5:16:34 PM EDT
[#33]
50% of baby boomer women did not save for retirement- guess how they vote
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VA, USA
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Posted: 4/29/2024 5:22:44 PM EDT
[#34]
Quote HistoryOriginally Posted By Bat15: The problem with 401k plans is that most people will contribute the bare minimum or nothing at all. I was pushing for a 401k plan at work but most of the staff and several middle managers would not contribute. Even some on the executive committee did not want to participate. That was a real shock to me. We did have a profit sharing plan and the executive committee had phantom stock. Lead a horse to water and all that… Here is something better then a pension, but it’s not mandatory/forced like a pension so it’s up to you to use restraint and will power to contribute to it rather then spend the money…now they’re just completely ignoring retirement savings and sticking their heads in the sand. |
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Posted: 4/29/2024 5:22:52 PM EDT
[#35]
Quote HistoryOriginally Posted By eolian: They are waiting for UBI. Really that's the plan they are being told. This. They are waiting for Socialism to save them. Everyone will just own nothing and everyone will be happy. |
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UT, USA
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Posted: 4/29/2024 5:31:31 PM EDT
[#36]
You’re making a couple grand a month. You don’t have any money left to save. Even if you’re making twice that it’s going to be hard to have any left over. So let’s say you do have a couple hundred bucks. Are you really going to “save” it? Why? If we were generous, let’s say the bank gives you 2% interest. Hell, let’s be even more generous and give you 5%. We just lost 20% to inflation the last few years. Even if you hit the Feds 2% inflation you’re only making 3% a year. And that’s if you manage to find a 5% rate. Unfortunately in this economic environment, savings is losing. And for young people with little money I don’t blame them. They would be better off buying”forever” postage stamps and reselling them under the next higher rate.
They need taught how to not throw money away for starters. Then they need investment advice. Saving for savings sake, is not what it used to be. Yes have some emergency funds or saving for a down payment on something ok. Saving for a retirement in inflationary times is throwing money out the door. |
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Posted: 4/29/2024 5:32:10 PM EDT
[#37]
Quote HistoryOriginally Posted By c7aea15: I want to say fuck 'em, not my problem. But it will become my problem  Yup. Zero chance 50%-70% of the country lives in poverty while 30%-50% sits around bragging about their fat retirement / 401k accounts / poors comments. Government will steal those retirements and turn them into universal income checks / claim your SS check is all the retirement you deserve, and steal every dime to “ make every citizen “equal “. That’s what the democrat party is all about and that’s who typically votes democrat, small minded, jealous, envious, spiteful, lazy, weed smoking / drug using people who want free shit / government to daddy them / protect them from their bad decisions/ laziness via unions, diversity, student debt bailouts, want free healthcare, free child care, etc, etc, and if they can’t be wealthy, they will happily drag everyone else into poverty with them. |
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UT, USA
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Posted: 4/29/2024 5:36:21 PM EDT
[#38]
Quote HistoryOriginally Posted By Osprey61: I prefer my veils just a touch less opaque. Lol..."But let us not forget the role of our leaders, those who have the power to shape the economic landscape. Where are the bold initiatives to address the student debt crisis?" I’ll give you a bold initiative, no more tax returns for one!! And here’s the cream of the crop! No more federal loans for education. It went back to the banks!! Now you have to convince Mr Banker you’re worth the risk!! How’s that for bold??? |
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USA
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Posted: 4/29/2024 5:37:24 PM EDT
[#39]
I'm making some of the best money I ever have (especially given the ratio of hours worked to pay), but the inflatuon has really zapped the extra income. I've had to decrease retirement savings, and budget better because at the rate things have been going our spending wasn't sustainable long term. If was younger and in this same economy, shit, I wouldn't be saving any retirement either.
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TX, USA
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Posted: 4/29/2024 5:38:33 PM EDT
[#40]
None of those people should be expecting the rest of us to pay their way through life.
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Posted: 4/29/2024 5:39:26 PM EDT
[#41]
Quote HistoryOriginally Posted By 15jonshoot: WW2 wiped out most countries economies. US had a monopoly on pretty much everything. Until the world started catching up roughly in the early 70's and competition became a serious thing. US labor force started getting out bid by cheaper labor with higher quality. Pensions started becoming more expensive as a cost to businesses. One can still become fairly rich with IRA's when saving for retirement. I still remember wondering if I was ever going to have enough to retire, then about 20 years in all those years of adding to the IRA started paying off in huge increases in net worth of the IRA. Quote HistoryOriginally Posted By 15jonshoot: Originally Posted By wakeboarder: Why did boomers not offer pensions to millennials like the Greatest Generation did for them? WW2 wiped out most countries economies. US had a monopoly on pretty much everything. Until the world started catching up roughly in the early 70's and competition became a serious thing. US labor force started getting out bid by cheaper labor with higher quality. Pensions started becoming more expensive as a cost to businesses. One can still become fairly rich with IRA's when saving for retirement. I still remember wondering if I was ever going to have enough to retire, then about 20 years in all those years of adding to the IRA started paying off in huge increases in net worth of the IRA. The question was rhetorical. It always is. |
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UT, USA
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Posted: 4/29/2024 5:40:08 PM EDT
[#42]
Quote HistoryOriginally Posted By fadedsun: Acquire pensions. Retire Early. I was going to retire at 44 had trump stayed in the WhiteHouse. Delayed that about 5 years. Don’t buy stupid stuff. Live frugally. Thanks a lot, Biden Pensions??? You mean all those unfunded ones to the tune of trillions nationwide? Those pensions?? We’re so screwed…. |
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USA
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Posted: 4/29/2024 5:41:08 PM EDT
[#43]
I am saving, but not as much as I was 4 years ago. Inflation has absolutely destroyed my ability to save for retirement. I was doing 15% I am not down to 6% and the 401k match.
I am working on a new job and my VA shit so after that I will be on easy street, so I am not terribly worried. |
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MI, USA
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Posted: 4/29/2024 5:46:55 PM EDT
[#44]
Quote HistoryOriginally Posted By TexanInOhio4: None of those people should be expecting the rest of us to pay their way through life. So we can eliminate social security right now right? Cause that's pretty much young people paying the bills for old people who didn't save enough. You sold me |
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Posted: 4/29/2024 5:47:41 PM EDT
[Last Edit: buck19delta]
[#45]
U.S. government is close to being able to tax every single dime you touch, every single transaction, everything you buy, sell, etc, down to the $5.00 you give your kid for the tooth fairy / taxing your kids lemonade stand / that $5.00 doo dad you bought at the yard sale. Every. Single. Penny. Via digital dollar / tracking every transaction. Your paycheck, allowance, bonuses, money your grandma gives you for your birthday, welfare check, etc direct deposit into a bank account digitally, digitally transferred citizen to citizen , tracking every eBay, Facebook, EE, Amazon, yard sale purchase / sale to the penny, via various apps that all report every dime directly to the U.S. government, and used to tally your income taxes at years end.
They just have to get rid of cash and go all digital, I expect to be a huge push in that direction before long, they will rake in hundreds of billions possibly a trillion extra tax dollars every year going digital. Not to mention now they control you, piss them off, your money is locked down, zero ability to buy anything. Taxes and control, the two things gov likes most. |
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Posted: 4/29/2024 5:51:44 PM EDT
[#46]
Quote HistoryOriginally Posted By BikerNut: This. They are waiting for Everyone will just own nothing and everyone will be happy. FIFY |
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PA, USA
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Posted: 4/29/2024 5:52:31 PM EDT
[#47]
Quote HistoryOriginally Posted By Bat15: The problem with 401k plans is that most people will contribute the bare minimum or nothing at all. I was pushing for a 401k plan at work but most of the staff and several middle managers would not contribute. Even some on the executive committee did not want to participate. That was a real shock to me. We did have a profit sharing plan and the executive committee had phantom stock. Did the 401(k) have matching? That might maybe get a few more to contribute to get that "free money". 
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Posted: 4/29/2024 5:56:25 PM EDT
[Last Edit: buck19delta]
[#48]
The have not lazy grasshoppers who never saved a dime their entire lives as they partied thru a endless summer will use corrupt politicians, and power of U.S. government to steal from the frugal, money saving / 401k / investment wise ants who knew winter was ahead, and that stolen money will finance SS which will grow into universal income, to pay retirement money to live on, as well as universal income for people laying on their asses. The have nots will gleefully drag everyone else into poverty with them via force of government .
That’s the direction the USA is heading, socialism / communism. |
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PA, USA
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Posted: 4/29/2024 5:57:33 PM EDT
[#49]
Quote HistoryOriginally Posted By eagarminuteman: Once I’m finished with school that’s my plan. Right now I barely have anything to contribute. If you can throw any money into something easy and painless like VOO (Vanguard S&P 500 index fund, $1 minimum to start), you'll be off to a good start. My wife and I didn't start saving significantly until my mid-30s, wish we had started earlier. But we did pay off the house before starting to invest much other than some basic CDs. |
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Posted: 4/29/2024 6:03:41 PM EDT
[#50]
Quote HistoryOriginally Posted By billclo: If you can throw any money into something easy and painless like VOO (Vanguard S&P 500 index fund, $1 minimum to start), you'll be off to a good start. My wife and I didn't start saving significantly until my mid-30s, wish we had started earlier. But we did pay off the house before starting to invest much other than some basic CDs. VTI is what I’ve been throwing it in. Just $100 each month. |
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