U.S.Workers and retirement?

[FishermanTim]

Oh, and I heard a story on Fox25 news a week or so back about some legislation that may be on the horizen that would allow people who save too much to be taxed at a higher rate.

Now we're not talking salaries here, but 401k plans.
We're talking about screwing people over that have been saving for their retirement. We're talking "If you save your way to a happy retirement, you won't be happy long because the goverment will be looking to take a good portion of your savings...YOUR SAVINGS, because you should have spent your hard earned savings instead of saving it.

Whoever authored this bathroom material should definitely be strung and hung.

I hope it never comes to fruition, or we will all truly be ruined!!

[Raven]

you could invest it into property now
and sell that later to avoid that scenario
couldn't you?

[nightfighter]

The numbers don't surprise me. Divorce and the recession has wiped out many well planned retirements. In my case, ex wife's lawyer got the court to approve the splitting of my retirement accounts, AND wire 50% to my ex's bank account! It was not rolled over so I was responsible for the taxes and the early withdrawal penalty. She pissed through the money, government got their significant cut, and I had less than 8% of the original amount, which I ended up having to use as I reinvented myself after getting thoroughly fleeced in probate court.... It was just ten years ago that I got into a position to be contributing to a retirement again.
While I am clearly worried about the amount needed, I am better off than many, but clearly well behind what I had initially planned on.

[Nebe]

I started with nothing and have most of it left

[piemma]

I just retired and we are fine. We lived very frugally for most of our lives. Hell, I'm driving a TrailBlazer with 235,000 miles on it and my pickup has 150,000.
We always saved what we could without depriving the family of anything. We didn't tour Europe, Asia or South America but did do the Disney thing and Florida for a week every winter.

I didn't buy a boat until I was 58 and I have worked constantly. I have been accused by more than one member of this site of being a workaholic. Seems like it paid off.
House, cars, boat are all paid for. No cc debt. Basically taxes, insurance and the normal monthly expenses. Bingo!!!

[Fly Rod]

Originally Posted by piemma

I just retired and we are fine. We lived very frugally for most of our lives. Hell, I'm driving a TrailBlazer with 235,000 miles on it and my pickup has 150,000.
We always saved what we could without depriving the family of anything. We didn't tour Europe, Asia or South America but did do the Disney thing and Florida for a week every winter.

I didn't buy a boat until I was 58 and I have worked constantly. I have been accused by more than one member of this site of being a workaholic. Seems like it paid off.
House, cars, boat are all paid for. No cc debt. Basically taxes, insurance and the normal monthly expenses. Bingo!!!

BINGO.... ...U R so rite too.....we think a little a like....that must scare U...LOL.....I was 45 when I started skiing and bought a boat...bought a new car young, monthly payments for a few years let the miles grow ...paid off truck...275 thou mileage... mean time kept putting monthly payment in bank..9 years later buy new truck for cash....never had 401K...other then health well off today and both grand children college will be mostly paid thru investments.
Social is only supplement to buy food for the dog.