Striper Talk Striped Bass Fishing, Surfcasting, Boating

     

Left Nav S-B Home Register FAQ Members List S-B on Facebook Arcade WEAX Tides Buoys Calendar Search Today's Posts Mark Forums Read Right Nav

Left Container Right Container
 

Go Back   Striper Talk Striped Bass Fishing, Surfcasting, Boating » Striper Chat - Discuss stuff other than fishing ~ The Scuppers and Political talk » The Scuppers

The Scuppers This is a new forum for the not necessarily fishing related topics...

Reply
 
Thread Tools Rating: Thread Rating: 5 votes, 5.00 average. Display Modes
Old 03-18-2014, 06:41 PM   #1
Jenn
Moderator
iTrader: (0)
 
Jenn's Avatar
 
Join Date: Oct 2000
Location: 4 hours from my favorite place
Posts: 5,366
U.S.Workers and retirement?

Anyone catch the snippet on the nightly news tonite where they gave poll numbers on American workers and where they felt the stood when the retire? The one thing that shocked me was that 36% or us workers said they had less than $1,000 in retirement savings/investments! Curious on your opinions here....anyone feel this number is even feasible? Shocking to say the least...

I will admit I suck with money and my 401k is about all I have but if this poll was anywhere near accurate I have more than a 1/3 of working folks out there! . Just doesn't seem right.....

Simplify.......
Jenn is offline   Reply With Quote
Old 03-18-2014, 06:53 PM   #2
trevier
Registered User
 
Join Date: Nov 2008
Posts: 331
my retirement money went out the door when the market went to #^&#^&#^&#^&e. Thank go I still have about 200k in equity in my house if I had to sell it. I can dump 50k into it and get back the 50 and then another 100k, new house that I built and great location.
trevier is offline   Reply With Quote
Old 03-18-2014, 07:00 PM   #3
justplugit
Registered Grandpa
iTrader: (0)
 
justplugit's Avatar
 
Join Date: Nov 2003
Location: east coast
Posts: 8,592
I didn't see it, but I wouldn't surprise me.
The Generation of, "I want it and I want it now" doesn't leave anything left for savings. Unless you pay yourself first by maxing a 401 K or IRA there won't be anything. It wouldn't surprise me if the same 36% or more weren't paying more than the minimum on their credit cards either.
Imho, the IRA and 401 k was the best legislation ever for saving. It's a no brainer. Start at 2% and build to the max over a period of time.

" Choose Life "
justplugit is offline   Reply With Quote
Old 03-18-2014, 08:33 PM   #4
BigBo
Registered User
iTrader: (1)
 
BigBo's Avatar
 
Join Date: Aug 2002
Location: RockVegas
Posts: 3,228
I've had a plan for quite a few years now and I'm trying my best to stick to it. I'll be 60 in two more years and I'm retiring. At least from my current full time job. Financially things are looking good. The only thing that would be a game changer is that my wife is already retired so I might need a part time job so we have some time apart.
Posted from my iPhone/Mobile device
BigBo is offline   Reply With Quote
Old 03-18-2014, 09:25 PM   #5
Nebe
Registered User
iTrader: (0)
 
Nebe's Avatar
 
Join Date: Sep 2003
Location: Libtardia
Posts: 21,553
These will be the zombies after the apocalypse.
Posted from my iPhone/Mobile device
Nebe is offline   Reply With Quote
Old 03-19-2014, 05:17 AM   #6
Fishpart
Keep The Change
iTrader: (0)
 
Fishpart's Avatar
 
Join Date: Oct 2000
Location: The Road to Serfdom
Posts: 3,275
Try putting 1 to 3 kids through college at 25k per year (uri with lodging) and see how long your retirement lasts. Move to RPI at 23k per semester tuition only and your money really vaporizes.
Posted from my iPhone/Mobile device
Fishpart is offline   Reply With Quote
Old 03-19-2014, 07:24 AM   #7
Swimmer
Retired Surfer
iTrader: (0)
 
Swimmer's Avatar
 
Join Date: Dec 2000
Location: Sunset Grill
Posts: 9,511
Saw nbc last night too. Really a shame so many people have so little, and so little to look forward too during retirement. There is more to consider here though as well. What did people do with thier earnings during thier careers. Many people have tendencies toward unwise spending patterns; borrowing to go on vacations they can't afford, lottery, Foxwoods, and so on. Unfortunately many people in the 36% bracket just never earn much money. I would be broke if it wasn' for my wife. Corvette here, corvette there, here a corvette, there a corvette, well you know the rest. I did leave out the boat purchases.

Swimmer a.k.a. YO YO MA
Serial Mailbox Killer/Seal Fisherman
Swimmer is offline   Reply With Quote
Old 03-19-2014, 08:52 AM   #8
Piscator
Registered User
iTrader: (0)
 
Piscator's Avatar
 
Join Date: Oct 2006
Location: Marshfield, Ma
Posts: 2,150
What's worse is that those who save and are responsible will end up (in one way or another) paying for those that don't.....

"I know a taxidermy man back home. He gonna have a heart attack when he see what I brung him!"
Piscator is offline   Reply With Quote
Old 03-19-2014, 09:01 AM   #9
iamskippy
Registered User
iTrader: (1)
 
iamskippy's Avatar
 
Join Date: Aug 2010
Location: A village some where
Posts: 3,436
I agree Frank, my girls father didnt save a dime and has his own painting buisiness which is on the rocks. He would freely spend his money on not saving ventures if you will and i will leave it at that.

I have no empathy what so ever.....
Posted from my iPhone/Mobile device
iamskippy is offline   Reply With Quote
Old 03-19-2014, 09:14 AM   #10
buckman
Registered User
iTrader: (0)
 
buckman's Avatar
 
Join Date: Sep 2006
Location: Mansfield
Posts: 4,834
Blog Entries: 1
Quote:
Originally Posted by iamskippy View Post
I agree Frank, my girls father didnt save a dime and has his own painting buisiness which is on the rocks. He would freely spend his money on not saving ventures if you will and i will leave it at that.

I have no empathy what so ever.....
Posted from my iPhone/Mobile device
Not trying ti offend and i might be wrong but didn't he also raise a family? Probably put himself last a lot of times . I'm afflicted with the same problem and it's hard to change . I'm playing catch up now , just have to stay healthy and keep the Government from stealing it.
It's a shame all the money we put into SS isn't going to help us
Posted from my iPhone/Mobile device
buckman is offline   Reply With Quote
Old 03-19-2014, 09:26 AM   #11
iamskippy
Registered User
iTrader: (1)
 
iamskippy's Avatar
 
Join Date: Aug 2010
Location: A village some where
Posts: 3,436
Quote:
Originally Posted by buckman View Post
Not trying ti offend and i might be wrong but didn't he also raise a family? Probably put himself last a lot of times . I'm afflicted with the same problem and it's hard to change . I'm playing catch up now , just have to stay healthy and keep the Government from stealing it.
It's a shame all the money we put into SS isn't going to help us
Posted from my iPhone/Mobile device
Bman, No offense taken, if that was the case i would have sung a different tune. Gambling was a major factor as well as other unmentionables he actually put his family last.
iamskippy is offline   Reply With Quote
Old 03-19-2014, 09:42 AM   #12
Dick Durand
Registered User
 
Join Date: Aug 2006
Location: Narragansett
Posts: 903
That's an amazing retirement figure. It's never too soon to start putting $ in tax deferred accounts and increasing that amount whenever possible.
Dick Durand is offline   Reply With Quote
Old 03-19-2014, 02:08 PM   #13
tysdad115
Registered User
iTrader: (0)
 
tysdad115's Avatar
 
Join Date: May 2010
Location: Pembroke
Posts: 3,343
Quote:
Originally Posted by Piscator View Post
What's worse is that those who save and are responsible will end up (in one way or another) paying for those that don't.....
Winner!!! But it's ok , Big O said he will make a retirement plan standard for everyone at the last state of the union BS session, so I'm sitting back waiting for it to come to me!
tysdad115 is offline   Reply With Quote
Old 03-19-2014, 02:33 PM   #14
Jimbo
Registered User
 
Join Date: Mar 2002
Location: S. Yarmouth, MA
Posts: 1,604
I'm one of those who probably doesn't manage my retirement monies the best that I could, but I have been putting in to it for a long time, I think I decided when I got married it was time to start saving for a rainy day.
We just had a presentation by our company provided retirement and savings plan provider yetserday. The percentage of currently employed people they quoted as putting little or nothing away was 43%. I have no idea how they got that number.
Jimbo is offline   Reply With Quote
Old 03-19-2014, 03:40 PM   #15
Piscator
Registered User
iTrader: (0)
 
Piscator's Avatar
 
Join Date: Oct 2006
Location: Marshfield, Ma
Posts: 2,150
Most employers also give a match %, not taking advantage of that is like turning down free money (provided you are employed by one of those places and have some extra cash you can save)
Posted from my iPhone/Mobile device
Piscator is offline   Reply With Quote
Old 03-19-2014, 04:40 PM   #16
TheSpecialist
Hardcore Equipment Tester
iTrader: (0)
 
TheSpecialist's Avatar
 
Join Date: Mar 2001
Location: Abington, MA
Posts: 6,234
Blog Entries: 1
I have a good chunk in my 401k contribute every week, and a pension, but even with that you never know what the state of our economy will be, and how expensive or inexpensive things will be.

Bent Rods and Screaming Reels!

Spot NAZI
TheSpecialist is offline   Reply With Quote
Old 03-19-2014, 05:04 PM   #17
bassballer
Registered User
iTrader: (0)
 
bassballer's Avatar
 
Join Date: Jul 2007
Location: Newport, RI
Posts: 2,395
Blog Entries: 1
2 years ago my wife and I decided to max out at 17% our 401K's. Shes 31 im 32 and weve been doing it for 2 years along with our companies 50% match up to a certain %. Best decision weve made. We spend pretty freely as well, but doint have to think about putting it away all the time. At this pace by the time were 55 we should be in pretty good shape. On top of some property. Crossing my fingers. Alot can happen in 25-30 years.

best thing we did and recommend is sitting down with a finacial advisor. He helped us prioritize alot. (although he told me t hold off on a new boat....ignored that)
bassballer is offline   Reply With Quote
Old 03-20-2014, 11:58 AM   #18
FishermanTim
Registered User
iTrader: (0)
 
FishermanTim's Avatar
 
Join Date: Feb 2003
Location: Hyde Park, MA
Posts: 4,152
I've been puuting $$ in my 401k since the mid 80's.
Back in the beginning our company allowed the employees to take a portion of that year's profit sharing contribution as a cash payout.
It was usually done in December, so many people took the cash to help with Christmas. I did only ONCE, and invested all every other year.

Flash forward about 5-10 years and we were having a bull session about our profit sharing, and when I told my coworkers how much I had (we were making around the same salary) they asked me why my savings were so much higher than theirs.
I simply said "I didn't take the cash payout portion."

Now I put in 15%, company matches 50% of the first 6%, and I have it set so that my contribution rate increases by 1% every year, to coincide with our annual raises.

I've got a nice retirement nest egg and I figure on having more by the time I retire.

Oh, and I have been buying a little "precious metals" and coin proof sets as a side investment.
Remember, good investing means diversify, diversify, diversify!!!

Last edited by FishermanTim; 03-21-2014 at 10:47 AM..

I am a legend in my own mind!
FishermanTim is offline   Reply With Quote
Old 03-20-2014, 12:05 PM   #19
FishermanTim
Registered User
iTrader: (0)
 
FishermanTim's Avatar
 
Join Date: Feb 2003
Location: Hyde Park, MA
Posts: 4,152
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!!

I am a legend in my own mind!
FishermanTim is offline   Reply With Quote
Old 03-20-2014, 03:35 PM   #20
Raven
........
iTrader: (0)
 
Raven's Avatar
 
Join Date: Apr 2002
Posts: 22,805
Blog Entries: 1
Question

you could invest it into property now
and sell that later to avoid that scenario
couldn't you?
Raven is offline   Reply With Quote
Old 03-20-2014, 03:56 PM   #21
nightfighter
Seldom Seen
iTrader: (0)
 
nightfighter's Avatar
 
Join Date: May 2001
Posts: 10,378
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.
nightfighter is online now   Reply With Quote
Old 03-20-2014, 04:08 PM   #22
Nebe
Registered User
iTrader: (0)
 
Nebe's Avatar
 
Join Date: Sep 2003
Location: Libtardia
Posts: 21,553
I started with nothing and have most of it left
Nebe is offline   Reply With Quote
Old 03-23-2014, 07:36 AM   #23
piemma
Very Grumpy bay man
iTrader: (0)
 
piemma's Avatar
 
Join Date: Nov 2003
Location: Rhode Island
Posts: 10,517
Blog Entries: 2
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!!!

No boat, back in the suds.
piemma is online now   Reply With Quote
Old 03-23-2014, 08:48 AM   #24
Fly Rod
Registered User
iTrader: (0)
 
Fly Rod's Avatar
 
Join Date: Mar 2003
Location: Gloucester Massachusetts
Posts: 2,678
Quote:
Originally Posted by Swimmer View Post
Saw nbc last night too. Really a shame so many people have so little, and so little to look forward too during retirement. There is more to consider here though as well. What did people do with thier earnings during thier careers. Many people have tendencies toward unwise spending patterns; borrowing to go on vacations they can't afford, lottery, Foxwoods, and so on. Unfortunately many people in the 36% bracket just never earn much money. I would be broke if it wasn' for my wife. Corvette here, corvette there, here a corvette, there a corvette, well you know the rest. I did leave out the boat purchases.
U R so rite...people do not plan for retirement....they want to keep up with the Joneses....buy what they can not afford...boats...new cars....300 dollar cell phones...skiing whether single or married.....parents want to mortgage their home to send kids to college etc:...they love being in debt

Should have invested their money....stock market paid 17-20 percent last year....banks maybe a 1/4 to 1/2 percent...banks R terrible.....and do not be a day trader...and get a financial adviser...rule of thumb was save at least 10% of pay check
Fly Rod is offline   Reply With Quote
Old 03-23-2014, 09:06 AM   #25
Fly Rod
Registered User
iTrader: (0)
 
Fly Rod's Avatar
 
Join Date: Mar 2003
Location: Gloucester Massachusetts
Posts: 2,678
Quote:
Originally Posted by piemma View Post
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.
Fly Rod is offline   Reply With Quote
Old 03-23-2014, 06:30 PM   #26
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 8,718
Live for today
Save for tomorrow

PRO CHOICE REPUBLICAN
Sea Dangles is offline   Reply With Quote
Old 03-24-2014, 06:24 AM   #27
Raven
........
iTrader: (0)
 
Raven's Avatar
 
Join Date: Apr 2002
Posts: 22,805
Blog Entries: 1
retiring this year-for now....
so is the wife
all ducks are in a row 401 IRA
much recreation planned- we camp
traveling here and there

post and beam kit house planned
we will finish it over time
sweat equity & save 50%
Raven is offline   Reply With Quote
Old 03-24-2014, 08:02 AM   #28
Fly Rod
Registered User
iTrader: (0)
 
Fly Rod's Avatar
 
Join Date: Mar 2003
Location: Gloucester Massachusetts
Posts: 2,678
For those of U with school aged children or grand children look into a 529 instead of waiting to mortgage your home.

good read:

https://www.edwardjones.com/en_US/pr...FYyhOgodwQYAiA
Fly Rod is offline   Reply With Quote
Old 03-24-2014, 08:30 AM   #29
beamie
Registered User
iTrader: (0)
 
beamie's Avatar
 
Join Date: Mar 2004
Location: Marshfield, MA
Posts: 1,733
The only ones really making any money with 401k's and defined contribution plans are the scheysters on Wall Str. Just wait until you start taking money out. Hinden fee here hinden fee there. Oh you think you have been making an average of 8% a year......well after all the fees you never seen comin you may be at 4%. Granted it is better than 0.5% at your local bank. But still, you are getting bent over.

Jon, 24' Nauset-Green Topsides, Beamie, North River. Channel 68/69. MSBA, NIBA
beamie is offline   Reply With Quote
Old 03-24-2014, 11:12 AM   #30
justplugit
Registered Grandpa
iTrader: (0)
 
justplugit's Avatar
 
Join Date: Nov 2003
Location: east coast
Posts: 8,592
Quote:
Originally Posted by beamie View Post
Just wait until you start taking money out. Hinden fee here hinden fee there.
Yes, and after 70 and 1/2, when you are required to start withdrawing, the percent required increases every year for withdrawal. If any of the withdrawal is reinvested, it is then subject to regular income tax . Still the best plan out there, especially if you get employee matches.

" Choose Life "
justplugit is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 12:13 PM.


Powered by vBulletin. Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Please use all necessary and proper safety precautions. STAY SAFE Striper Talk Forums
Copyright 1998-20012 Striped-Bass.com